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blueboy987

Secured Loan Repossession

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I need some help and advice as I'm being threatened with repossession over a loan that is secured against my house, no court papers yet but they are imminent.

 

The loan for £3x,xxx was taken out in 2002 and I gave the bank a 2nd charge over my property, signing a mortgage document with them. The terms for repayment were that I would cover the interest and then pay off the capital when I sold my house.

 

No time scales were stated for me to sell the house but there was a term in the agreement stating the bank could call in the debt at any time and demand payment in full, which they have now done.

 

Whether or not I'm up to date with the interest payments is subject to debate. The loan agreement states that the interest would be charged to my current account every quarter, but they stopped doing this two years ago. So at present the loan account shows just the capital being owed and my current account is in credit (I don't use it any more).

 

I am planning on selling the house, but I need to get a fair bit of work done to get it up to scratch as its pretty run down at the moment. So it will probably be 6-8 weeks before it will be on the market. Though I won't be looking for top money as I want to sell it quickly so I can put all this behind me.

 

Some time ago I got some advice from a debt help line and they said its possible the bank could not go for repossession, dependent on how the agreements were worded. They were also unsure as to how a judge would handle a situation such as this - no problems with the bank the main mortgage is with and no repayment terms in the agreement.

 

So I need some advice as to how I can buy myself the time I need to sell the house at a half decent but not stupid price. As well as some idea as to what the judge would do, given that I have no way of repaying until the house is sold.

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Hi Blueboy,

 

You haven't said but this sounds like more like a business finance or bridging facility than a normal residential mortgage, certainly the terms would be very unusual for a straightforward loan.

 

Assuming the lender is in a position to issue proceedings for possession for a breach of the terms of the loan (whether it be the non-payment of interest or due to the clause enabling the bank to call in the loan at will), as the loan is secured on residential property the pre-action protocol for possession claims should still apply even if the loan wasn't for residential or personal purposes. You can find the pre-action protocol here:-

Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property - Ministry of Justice

 

Particularly relevant to your situation would be:-

 

6.2

If a borrower can demonstrate that reasonable steps have been or will be taken to market the property at an appropriate price in accordance with reasonable professional advice, the lender should consider postponing starting a possession claim. The borrower must continue to take all reasonable steps actively to market the property where the lender has agreed to postpone starting a possession claim.

 

Unfortunately as your house is not on the market yet it would be difficult to argue they should not issue proceedings but if you get it onto the market by the time the case reaches a hearing and present evidence of this to the judge they may grant a possession order suspended for a period of time to enable you to sell the property. Factors the judge will take into account are the risk to the lender ie is there plently of equity? If equity is tight the judge is likely to be less lenient as there is a greater chance the lender will not recoup their funds.

 

Monthly payments may not be an option here as it doesn't sound like they are a requirement under the loan but if the lender brings the claim on the grounds of arrears of payments and you are in a position to resume the contractual instalments and pay something towards the arrears it would help if you prepared a financial statement to prove the position and took along any evidence of income you might have. The judge then has the discretion to grant a possession order suspended as long as you maintain the contractual payments + something towards the arrears.

 

Hope this is some assistance.

 

GG

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