Approx how much to set up a charge on a house, IE loan to children/family.
diystarter7
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in Loans
My sister has been telling me about loaning around 100 to 15ok cash to her son who is married and has a property.
The mortgage was about 350k taken out about 4 years ago and the fix comes to an end in about 10/11 months.
The property value is approx 650k (I've done my own research and I think that is a conservative figure.
The outstanding mortgage is about 250k now
My sister was just thinking of loaning the money but I opened up her eyes and told her of the risks that may be beyond her son's control so
needs some sort of guarantee.
The loan is interest from for about 5/7 years undecided atm.
Has anyone put a charge on a family member's property nd how much did it cost?
I've warned my sister that there may be delays getting her money back even after the 5/7 years until they sold their property.
Her son intends to pay her back before the 7 by selling his property in Spain which ATM is valued at around 300k. (I've looked up the proerty and two recently sold there for just above that so atm a fair and honest valuation)
Sis is more aware of the pitfalls and I've warned her to only loan money she could withstand losing or delayed access.
Thanks.
The mortgage was about 350k taken out about 4 years ago and the fix comes to an end in about 10/11 months.
The property value is approx 650k (I've done my own research and I think that is a conservative figure.
The outstanding mortgage is about 250k now
My sister was just thinking of loaning the money but I opened up her eyes and told her of the risks that may be beyond her son's control so
needs some sort of guarantee.
The loan is interest from for about 5/7 years undecided atm.
Has anyone put a charge on a family member's property nd how much did it cost?
I've warned my sister that there may be delays getting her money back even after the 5/7 years until they sold their property.
Her son intends to pay her back before the 7 by selling his property in Spain which ATM is valued at around 300k. (I've looked up the proerty and two recently sold there for just above that so atm a fair and honest valuation)
Sis is more aware of the pitfalls and I've warned her to only loan money she could withstand losing or delayed access.
Thanks.
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Before you spend, remember the MSE Money Mantras. Ask yourself, do I need it? Can I afford it? If the answer is NO to any of those questions, DON’T buy it. (Quote from MSE 15/11/22)
Politeness & courtesy are some of the few things in life that are free. Please remember that when posting, I may ignore permanently the unpolite, tedious, unconstructive and deliberately obtuse comments. Do endeavour to follow me around the forums. Many thanks.
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Before you spend, remember the MSE Money Mantras. Ask yourself, do I need it? Can I afford it? If the answer is NO to any of those questions, DON’T buy it. (Quote from MSE 15/11/22)
Politeness & courtesy are some of the few things in life that are free. Please remember that when posting, I may ignore permanently the unpolite, tedious, unconstructive and deliberately obtuse comments. Do endeavour to follow me around the forums. Many thanks.
Before you spend, remember the MSE Money Mantras. Ask yourself, do I need it? Can I afford it? If the answer is NO to any of those questions, DON’T buy it. (Quote from MSE 15/11/22)
Politeness & courtesy are some of the few things in life that are free. Please remember that when posting, I may ignore permanently the unpolite, tedious, unconstructive and deliberately obtuse comments. Do endeavour to follow me around the forums. Many thanks.
Before you go shelling out any cash this might be a decent place to start to get an idea of the exact process to follow
Sleep well.
The land registry website gives more detail, as does the .Gov site.
Most things to do with housing/legalities etc, requires the services of a solicitor.
More than a third of IVA`s fail....fact.
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Do you think the loan is really needed?
Before you spend, remember the MSE Money Mantras. Ask yourself, do I need it? Can I afford it? If the answer is NO to any of those questions, DON’T buy it. (Quote from MSE 15/11/22)
Politeness & courtesy are some of the few things in life that are free. Please remember that when posting, I may ignore permanently the unpolite, tedious, unconstructive and deliberately obtuse comments. Do endeavour to follow me around the forums. Many thanks.
Having a second charge is utterly meaningless and I'd strongly advise against it if you want your money back.