Paying back a loan AND REMOVING A CHARGE FROM MY HOUSE

LordLambert

Hi I borrowed money from my friend to buy my house.  Together we put a charge on my house to safe guard her.  I am now taking out a bridging loan and will pay her loan back out of this money.  The broker states She needs to provide a redemption fee letter and agreement she will remove the charge from our house.  The broker says this can only be done by a solicitor an has quoted £800 for this to be done.  Can anyone advise please

retiredbanker1

Wind back a little - if I were her I would want an undertaking from the solicitor stating that she needs funds to clear the loan to you prior to taking off any charge.
How was this done to begin with - homemade job with the relevant form submitted to Land Registry or an agreement set up by a professional?

silvercar

I’ll move this to the mortgage board, as a charge on your home is effectively a mortgage. There will be people with similar issues who have posted on that board.

user1977

Certainly correct that a solicitor needs to be involved, as nobody is going to trust the word of a random punter that they'll discharge their security

Presumably there'll be a solicitor dealing with the bridging loan? They could deal with this, provided your friend is happy to trust them with a signed discharge and only to register it at the same time as the money is sent to her. Shouldn't cost £800 anyway.