Selling home with arrears and 2nd charge

[ronnie11]

Hi,

I'm looking for advice/help in regard to selling my home. I've got arrears of approx £2500 with my mortgage lender and also have a 2nd charge relating to previous business finance for approx £54k.

I need to move home as the current one is too small for family now and I've seen a perfect property for £185k (my current home valued at £210k - £225K).My mortgage is for £100k.

My mortgage is portable to another property but with arrears and a 2nd charge I'm struggling to find the best way to approach all this.

I know I need to approach the 2nd charge holders but how can I convince them to port(transfer) over the 2nd charge along with the mortgage - 1st charge holders.

The new property has so much potential as along with 4 bed family home it also has a self contained flat which can be let out almost immediately and also therefore bringing in extra income along with mine and my husband wage. There is potential to add a further £50k to the property within say 1 to 2 years (even in the current market). How can I convince the 2nd charge holders not to enforce their charge at this point (selling home) and wait further to enable a better return for all.

Any ideas etc would be welcomed.
Any fantastic legal bods out there that could argue a case for me to the 2nd charge holders (HSBC) in regard to porting over the charge to new property etc.

Thanks in advance.

[Bona]

Are you paying off any of the second charge

[ronnie11]

Not at current as business went into insolvency and is still being finialised by Insolv Practitioner until end of this month.

[Bona]

All you can do is explain that you would be able to start paying them back out of rent from flat as a matter of interest did you personally gaurentee your business or did you take out a personal loan with the bank for your business