• How Do I Add A Charge To My Property For A Loan From My Parents Without Incurring Legal Fees?

    By Guest on 08th Feb 2024

    How do I add a charge to my property for a loan from my parents without incurring legal fees?

  • 3 Answers

    By Guest on 09/02/2024

    You could seek the assistance of the Land Registry who have some helpful guidance documents.
    I know that it seems expensive to have a solicitor prepare the necessary documents, especially when all the parties are in agreement but in my experience, even the closest of families can fall out and money is often the cause.
    The fees that a solicitor would charge would be a fraction of the cost of rectifying or resolving issues at a later date when memories have faded or people are no longer willing or capable or recalling what was agreed.
    My advice would be to have a professional help at this stage as it would give you piece of mind, it would protect you and your parents which hopefully would lessen or eliminate the chance of any problems in the future.
    Hope that helps.

  • By Guest on 21/02/2024

    It's important to note that taking a charge over a person's only or principal home when you do not have a consumer credit licence (I'm assuming your parents don't?) is not lawful, therefore your parents would have no real protection since the courts would not enforce the charge

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