If you borrow money from a bank the chances are that they will require a First Charge against a property of some description which you own. It might be your home or a warehouse or a piece of land - anything that does not move about and has value.
This charge will be registered at the Land Registry and you cannot sell that property until the first charge is paid off. Scotland and Northern Ireland have slightly different systems but boil down to the same thing. If you fail to repay the bank the money you owe them they can take possession of the property and sell it to pay off the debt. If there is any money left after this has hapened (watch out for porcine aerobatics) they will account to you for the surplus.
Also see Mortgage on here.
Bob Cory
Modified on 12/09/2019 at 08:32:32 by ℗ Bob Cory