Charge on property - Form CH1

[Mistrale]

Hi all,

I am in the lucky position of being able to load my son the money to buy a house.

We have drafted a loan agreement but also have to complete a form CH1 to take out a charge on the property.

Most of the form is straightforward but I am stuck on what goes into boxes 8 and 9 - can anyone help?

[cashmax]

Mistrale said:

Hi all,

I am in the lucky position of being able to load my son the money to buy a house.

We have drafted a loan agreement but also have to complete a form CH1 to take out a charge on the property.

Most of the form is straightforward but I am stuck on what goes into boxes 8 and 9 - can anyone help?

In your case, nothing to tick in box 8.

Box 9 is the description of the debt - can be either a finite mount or a generic statement such as

"This Charge is intended to secure all monies, debt and
liabilities now or hereafter due, owing or incurred to
the Lender by the Borrower whether present or future,
actual or contingent, whether incurred solely or
jointly with any other person together with all
interest accruing on such monies, debts and
liabilities and all reasonable costs, charges and
expenses incurred by the Lender in enforcing this
Charge."

[98elise]

Interesting subject! I suspect I will have to loan my kids money for a house but want to protect it. How did you draw up the loan agreement?

[Mistrale]

Thanks for that - just what I needed!

I found an online form generator for a family loan and following advice on various sites, inserted actions to cover all conceivable eventualities i.e. death, divorce etc.

[98elise]

Mistrale said:

Thanks for that - just what I needed!

I found an online form generator for a family loan and following advice on various sites, inserted actions to cover all conceivable eventualities i.e. death, divorce etc.

Thanks. Will look into that.

[oldbanger]

I'm looking to do the same thing for my niece. I've tried 3 solicitors firms so far and no one ever gets back to me, so I think I'm going to have to go the DIY method.

How did it work out in the end?

[jimwilli]

I've always wondered if this method could be employed between unmarried partners? Could you "loan" your partner x% of the value of a purchase retaining x% of the value of property? Would circumvent additional sdlt

[Seansoft]

Hi,
What did you put in 7 and 10 (this one looks like it needs some specific legal speak)
Cheers