Technology1 min ago
Charge on property against personal loan
Several years ago I transferred a large amount of money from my bank to my Son's bank to look after for me in the event anything happening to me. He has since lost his job and having a family and mortgage to pay I gave him permission to draw from the money on the understanding that it would be paid back. However he has now asked me to take out a charge on the property against the amount I gave him. How do I proceed with this as an OAP I am not au fait with this type of procedure. Many thanks to those who will be able to advise me.
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For more on marking an answer as the "Best Answer", please visit our FAQ.Not a nice family matter, his he saying all of the money has gone or he just wants to hang on too whats left ? I think a charge on a property means that if the property is sold you usually have to be paid first, but if there are other charges on such, before you then they will be paid first, you really need to see if you can get some free initial advice from a professional, because it seems he is saying you will never see your money again. try the finance topic in answerbank.
Essie -- don't want to be all doom and gloom , but--is there recorded evidence of this money transfer or did you just do it?I do not know either you or your son , and would not wish to think badly of him in any way, but think you are going to need legal advice here to protect your cash.Consult a solicitor as soon as you can or you may lose all. V.Good luck Brenda.
Hi Brenda, trust my Son totally. It's just that as he hasn't got a job at the moment and no money coming in it was agreed that he use my money as a loan. Yes I have official bank statement transfering the money to his account. As he has quite a bit of equity on their house, it was his suggestions that I place a charge on the house before they put it up for sale.
seek the advice of a lawyer ,
check if they charge for a first consultation " many will do inicial consultaions free "
i think there maybe a charge for the actual service of placing a charge against the property. however you will be adviced of this .
if i understand it correctly and i could be wrong ,
placing a charge against the property is like saying
there are debts against the property which have to be settled first from any proceeds.
if it is this would show on any search done against the property and could put potencial buyers off buying the property.
as stated im not entirely sure on this , but in all cases would highly recommend seeking legal advice.
check if they charge for a first consultation " many will do inicial consultaions free "
i think there maybe a charge for the actual service of placing a charge against the property. however you will be adviced of this .
if i understand it correctly and i could be wrong ,
placing a charge against the property is like saying
there are debts against the property which have to be settled first from any proceeds.
if it is this would show on any search done against the property and could put potencial buyers off buying the property.
as stated im not entirely sure on this , but in all cases would highly recommend seeking legal advice.