Legal Advice needed - Placing a charge against a house????
03-02-2005, 12:49 PM
#1
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Legal Advice needed - Placing a charge against a house????
As title, I know bits and pieces of this from a business point of view from work, but have no idea how the law lies with a personal matter.
Anyone had any experience or know this area of the law?
Basic points are:
Mate owes me £5000, has done for some time.
Same mate has very little to her name apart from a house worth just over £200k.
Same mate decided to tell me yesterday that she is on the brink of having the house repossessed (I lent her the money to get her out of the same situation on her last house
).
She has every intention of paying the money back when she has it, which is looking less and less likely to be anytime soon.
If I can get her to agree to it, I want to place a charge against her house before it gets repossessed so I have some chance of getting the money back soon.
Trouble is I dont know where to start, local CAB is useless and keep going round and round in circles on their phone system.
Help? Anyone? Please lol
Anyone had any experience or know this area of the law?
Basic points are:
Mate owes me £5000, has done for some time.
Same mate has very little to her name apart from a house worth just over £200k.
Same mate decided to tell me yesterday that she is on the brink of having the house repossessed (I lent her the money to get her out of the same situation on her last house
).She has every intention of paying the money back when she has it, which is looking less and less likely to be anytime soon.
If I can get her to agree to it, I want to place a charge against her house before it gets repossessed so I have some chance of getting the money back soon.
Trouble is I dont know where to start, local CAB is useless and keep going round and round in circles on their phone system.
Help? Anyone? Please lol
03-02-2005, 12:53 PM
#3
just finding my feet
reposses her tv and video ect first mate as even if ya do strick ya dibs on the house for 5k your gonna be at the end of the list anyway 
get some legal advice and see if ya can take over her morgage and then rent her the place and build a nice nest egg for cheep ( ok ya mates still screwed but how much can she really owe
get some legal advice and see if ya can take over her morgage and then rent her the place and build a nice nest egg for cheep ( ok ya mates still screwed but how much can she really owe
03-02-2005, 12:58 PM
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Clare.
You have to register a "caution" with the Land Registry. That's what my mate did when his missus threw him out for another bloke. She cant sell the house until it's settled.
It registers a priority financial interest in part of the property. Whoever repossesses the house will then not be entitled to all of the collateral.
Trust me, this is what you have to do!
You have to register a "caution" with the Land Registry. That's what my mate did when his missus threw him out for another bloke. She cant sell the house until it's settled.
It registers a priority financial interest in part of the property. Whoever repossesses the house will then not be entitled to all of the collateral.
Trust me, this is what you have to do!
03-02-2005, 01:03 PM
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Originally Posted by Ian@Racetek
Clare.
You have to register a "caution" with the Land Registry. That's what my mate did when his missus threw him out for another bloke. She cant sell the house until it's settled.
It registers a priority financial interest in part of the property. Whoever repossesses the house will then not be entitled to all of the collateral.
Trust me, this is what you have to do!
You have to register a "caution" with the Land Registry. That's what my mate did when his missus threw him out for another bloke. She cant sell the house until it's settled.
It registers a priority financial interest in part of the property. Whoever repossesses the house will then not be entitled to all of the collateral.
Trust me, this is what you have to do!
Why i ask is that if the mortgage lender is going to take the house then thats different to selling privately
Not trying to confuse the issue in any way just asking
03-02-2005, 01:06 PM
#6
Do her debts total more than the value of her house?
If they do then you will never get all your money back that way, if they dont then tell her to stop being lazy and sell it herself rather than letting it be reposessed.
If they do then you will never get all your money back that way, if they dont then tell her to stop being lazy and sell it herself rather than letting it be reposessed.
03-02-2005, 01:11 PM
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would this be the same as selling a house?
Why i ask is that if the mortgage lender is going to take the house then thats different to selling privately
Why i ask is that if the mortgage lender is going to take the house then thats different to selling privately
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03-02-2005, 01:13 PM
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Ian, thank you, makes sense just gotta find out how to go about doing it! lol
Chip, her only debt is the mortgage, she doesn't have any cards etc.... im sure her mortgage is for £195k and im 95% sure she bought the house under market value.
I think she has left it too late now to sell it herself (which is the route she was forced to take on the last house before she lost it).
I asked her yesterday when it was due in court and she told me it had already been to court last week and she was granted an extension..... which she subsequently still has not paid
Chip, her only debt is the mortgage, she doesn't have any cards etc.... im sure her mortgage is for £195k and im 95% sure she bought the house under market value.
I think she has left it too late now to sell it herself (which is the route she was forced to take on the last house before she lost it).
I asked her yesterday when it was due in court and she told me it had already been to court last week and she was granted an extension..... which she subsequently still has not paid
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