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Question on UK property law.Background:I have a mortgage…

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Question on UK property law. Background: I...
Question on UK property law.
Background:
I have a mortgage (bridging loan - commercial for residential purposes) and wish to take out a second charge. The original lender (first charge) are refusing to accept a second charge, even though the total LTV would be 50%. The question is:
1 Can the mortgage provider refuse to allow a second charge and what are the remedies?
2 If so, what are the grounds for refusal?
Can you suggest any laymans general reading on the subject?
Submitted: 3 years ago.Category: UK Property Law
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Customer reply replied 3 years ago
is te email address now working?
Answered in 1 day by:
6/14/2015
Solicitor: senior partner, Solicitor replied 3 years ago
senior partner
senior partner, Solicitor
Category: UK Property Law
Satisfied Customers: 13,330
Experience: 30 years commercial law
Verified
Hi If this is a commercial loan and unregulated then the lender is entitled to enforce the terms of his loan and if that prohibits second charged ( which would be normal) then they can just refuse and you have no remedy except to refinance. I expect that is what they want if this is bridge laon.
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Solicitor: senior partner, Solicitor replied 3 years ago
Sorry there was typo last word is loan
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