Charge on property

[afjones1960]

HI.
Can anyone help with a little advice about placing a first charge on a property? My wife and I just lent a sum of money to our daughter so that she could buy a property outright. She is going to repay us over 15 years at 0% but she is young and single at the moment so we want to place a charge on the property so that she cant do something stupid....like marry a loser or secure a loan for a BMW etc.... without our approval.
Anyone tell me how to go about this without spending a fortune.....solicitors seem to want to charge £2500 or so just to draw up a simple mortgage agreement and place the charge on the Land Registry register.

thanks.

[PurpleMoonlight]

£750 - £1000 plus VAT & disbs would be more appropriate in my experience.

It won't stop her marrying though.

[afjones1960]

Thanks. I don't mind the marrying bit its the divorcing bit that concerns me. Just want to protect my asset until it is paid for.

[Burwood]

Bit late but wrapping it into a trust would have protected the divorce situation too.

[afjones1960]

Is it too late? We haven't exchanged contracts yet.

[cashmax]

This is a simple job for any legal practice and it involves completing a basic form and registering the charge with the LR.

I have done this several times and it's crucial for all sorts of reasons, but as mentioned by someone else, wrapping it a trust too would mean that control is maintained regardless and also has some significant long term tax flexibility, particularly in the IHT area. A little complex, but plenty of specialists out there.

[afjones1960]

I do not want control as such. just want first charge over the property such as a building society would have if they had lent on the property. I don't foresee any problems vis a vis repayment and anyway I would not foreclose so the mortgage agreement needn't be too complex. I just don't want to lose out if she marries/divorces someone or takes out a loan secured on the property.
Also what is this trust that has been mentioned?.

Thanks.

[PurpleMoonlight]

Don't worry about the trust, you would just be over complicating matters and expense.