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Thomas
Thomas, Solicitor
Category: UK Family Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I am have been asked to finance the purchase of a house. Financialy,

Resolved Question:

I am have been asked to finance the purchase of a house. Financialy, its not a problem but is it possible for me to become the mortgage provider, the same as any other mortgage company or do i need to have some sort of accreditiation or permission before i become a lender?
Submitted: 1 year ago.
Category: UK Family Law
Expert:  Thomas replied 1 year ago.
Hi,

Thanks for your question.

If this is a one-off transaction and you won't be doing this in the course of your business then it's fine.

You should instruct a solicitor to draw up a Charge before you provide the finance. The charge would be effecetively the same thing as a mortgage. it would state the money being lent, the terms of repauyment, interest, early repayment and triggers for powers of sale.

The Buyer should instruct a separate solicitor to deal with the conveyancing and advising them on the implications of the charge. It will be registered agianst the legal title of the property, whcih means that they property will not be able to be sold or remortgaged without your consent, which you would obviously not give unless the terms of the charge had been complied with.

It should cost around £150-200+VAT for a soliciotor to draw this up for you. I would add the cost to the loan amount.


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Kind regards,


Tom


Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6290
Experience: BA (Hons), PgDip, Practising Solicitor
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