Second Charge on a Property - How?

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Any experts?

How is a second charge placed on a property? Can it be done without Solicitors? How much does this generally cost to implement?

The bank lending you the money sorts out registering the charge, they'd be unlikely to agree to do it without solicitors.

A bank isn't lending any money in this inatance, i need to put a second charge in a oroperty.

You might need to involve a solicitor or even go to court.

Does someone owe you money, and you want a charge on their property? Or is it your property? Is there enough equity? I'd guess with the agreement of both prospective 2nd charge owner and property owner you could simply inform Land Registy, have a look on their website.

If it is a registered charge, the most common of which is your mortgage or a second loan secured against the property, then you and the borrower can complete form CH1 and then apply for registration using form AP1. If everything was in order then this would create a registered charge against the property.

When you apply you would also need to provide evidence of identity for each person involved using forms ID1 and pay a Scale 2 registration fee based on the amount being loaned (less than £100,000 and the fee is £40)

You can view and download the various forms online at www.landregistry.gov.uk/professional/forms

If there is a registered charge already in place, for example their mortgage, then there may be a restriction on the title requiring the mortgage lender's consent to be provided in order to register your own charge.

If the 'charge' is to be registered without the owner's or mortgage lender's consent then there are various ways of protecting the interest depending on the circumstances. Our Practice Guide 19 refers www.landregistry.gov.uk/professional/guides/practice-guide-19

As you can see it is not always straightforward and much depends on the circumstances and details involved - if you are unsure as to how to proceed then as others mention legal advice would be the best option here

Thank you all. Reasonably straight forward but I think I will ask my solicitor to handle the paper work/registering the charge for me.