Legal Services
Project Details
Project Category : Accounting/Legal > Legal
Project ID : 4226
Project Title : Legal Services
Project Location : Remote
Project Status : Expired for Bidding
Project ID : 4226
Project Title : Legal Services
Project Location : Remote
Project Status : Expired for Bidding
Project Description
1. I want to lend money to a friend
2. I want a legal contract drawn up which will stipulate:
i) That the amount that I lend will be for a period of 5 years,
ii) Repayments will begin Feb 2009, at an agreed amount per month,
iii) The money I lend should be secured on the property of the borrower, and that if that property is sold the full amount outstanding to me should be paid to me when monies on the sale are received.
2. I want a legal contract drawn up which will stipulate:
i) That the amount that I lend will be for a period of 5 years,
ii) Repayments will begin Feb 2009, at an agreed amount per month,
iii) The money I lend should be secured on the property of the borrower, and that if that property is sold the full amount outstanding to me should be paid to me when monies on the sale are received.
Project Budget
Project Type :
Fixed Price Project
Budget Range : Less than £250
Budget Type : Fixed Fee
Budget Range : Less than £250
Budget Type : Fixed Fee
Additional Information
Approx Start Date after bid is selected :
Within one week
Attached files : None
Attached files : None
Buyer: william M
Buyer HistoryPosted : 1
Bidding Details
# of bids :2
Bidding ends :Project expired
Project posted :
05/10/2008 02:20 pm
Bidding ends :Project expired
Project posted :
05/10/2008 02:20 pm
Bid for this Project
Project is closed for Bidding
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Clarification Board
Providers can use the Clarification Board to ask the Buyer any questions prior to placing a bid. The Buyer can use the Clarification Board to provide clarifications about the project.
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Providers can use the Clarification Board to ask the Buyer any questions prior to placing a bid. The Buyer can use the Clarification Board to provide clarifications about the project.
To post a message/question you will need to be logged in as either a Provider or the Buyer that has posted this project.
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By edmund on 06/10/2008 09:58 am | Report This Message | |
| The only way that you can secure the loan is by a mortgage in your favour if you are securing it on real property, or by taking a deposit of title deeds. Even still, in the latter case, you would might not get paid before later lenders who secured their payment by a legal mortgage such as banks get. So in a word, you will need a Solicitor to do it for you. The good news is that they probably will do it for the price you are quoting but you will not get repaid before the borrowers bank or building society or if there are more than one, then all of them, except those that have a mortgage created and registered after yours. I should go to a local solicitor/ he will need to get your borrowers title deeds from the borrowers bank/building society, and create a legal mortgage and register it in your name. There should not be a problem but there could be covenants in the bank\'s mortgage that prevent the creation of later mortgages or require consent. It is actually quite simple but can take time. |
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