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legal charge wording and restriction

  • louis23
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19 Sep 12 #356760 by louis23
Topic started by louis23

  • TBagpuss
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19 Sep 12 #356770 by TBagpuss
Reply from TBagpuss
It''s not wildly unreasonable or out of the ordinary. 5(e) is the only bit which I would have a major problem with, although some of the other parts of 5 could potentially be varied.

1-4 are fairly standard. The restriction is sometimes worded to say that his permission is not to be unreasonbaly withheld.

5 is fairly standard but 5(e) lets him chose the insurer and the amount of insurance. It''s more usual to have a provision that you keep it insured in line with the requirements of your mortgage lender and on the same terms in the event that the mortgage is discharged, or to provide that you must keep it insured, and provide to him, annually, [on request] proof that it is insured.
5(g) (h) (j) and (k) could all include provision that his consent is not to be unreasonably withheld. With redard to the provsions about further borrowing - this depends a little on how much the existing mortgaeg, and his charge are. If there is a lot of equity it is sometimes appropriate to say that you will not incur further borrowings of more than x%, with the fuigure being one which ensures that there is security for his chage (and some margin of error) e.g. if the house is worth £200K, the mortgage is £50K and his charge back is £50K, the resttrcition might be that you couldn''t increase the fisrt mortgage by more than 50% - beccause even if the first mortgage increased to £75K theer is still plenty of equity to cover his charge.

the rest looks pretty standard but I would strongly recommend that you get it checked by a solicitor before you sign it.

PS - what you have quoted sdoesn;t set out the triggers for payment - I assume that they have been included somewhere in the charge you''ve actually been sent?

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