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HP Mum

hearing adjournment advice please

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Hi and hoping it will be a happy year for most people on here....

 

I wanted to ask a bit of legal advice.

Have a court hearing in 3w regarding a debt to a private lender.

Its a serious situation. ie repo hearing cos i secured loan against property.

I can't borrow/ remortgage.

This asset and contents are all I have.

There is equity. But in this bad market and if there is a repo process, who knows...

 

I have been trying for ages to sell my asset and repay debt; it just hasn't happened.

Til now.

I now in talks with 2 serious buyers. Both sorting finances (cash).

Am hoping one will confirm in next few days.

The next stage would be to proceed with legals with one of them.

But I would not have any funds before the court hearing date.

Exchange may be possible?

Completion on the asset sale will mean problem solved; oh happy days....

 

Due to these 2 options - can I ask for an adjournment? Ask for enough time to pursue them?

I don't want to go to court and incur more/ huge expenses

I can't afford a lawyer and the lender will have a top tough lawyer.

I now have medical issues caused by the stress.

 

I think I have to allow 5 days in writing before hearing to ask for adjournment?

Is there a cost?

 

I don't want to even consider either of the above options falling through....

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Of course you can ask for an adjournment and I think that if you provide the paperwork to the court then it seems unlikely that they will disagree – but have you talked to the claimant? I would have thought that if you explained everything to the claimant and asked to hang on until you could show that the necessary papers have been signed and your purchaser is committed, that they would be happy to do this.

 

Otherwise your claimant will be obliged to go through the court process, risk the very likely possibility that on the evidence that you present about the possible purchaser that they will only get a suspended repossession – also if they forced sale of the property and they may not even get the money that they are road.

 

Have you spoken to the claimant? If you haven't then I would suggest that you do so and then if they agree that you should confirm immediately in writing the fact that they have agreed and inform the court.


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thank you Bankfodder

 

I have delayed replying because I have been trying to make headway with the buyers before i called the Claimaint.

 

My position is my buyers remain on board. But so far I have nothing in writing to verify it. One - am hoping a written offer very soon. The other is still waiting for funds - they definitely want to purchase. But I see this will take time... Trying to get a firm commitment. But I can't push too hard. This buyer is the better potential of the two; albeit being slow...

 

I did speak to the claimaint - and they refuse to adjourn. They wish to proceed with the court process and to leave it to a judge to determine. They are well-funded and forceful.

Simply - They don't believe me. They say too much time passed / don't believe I have the buyers. they want control. They will place with an agent to just clear debt, no allowance for me.

 

No spare funds at all.

ie no alternative accommodation / no storage sorted

 

Trying to understand the court process.

Moving forward solo - I am listing all attempts to sell.

I assume I have to prepare a witness statement before the hearing? Everything has been handled by lawyer so I am out of touch with paperwork at the very wrong moment.

It doesn't change the fact that as of today the asset has not sold and I have not repaid lender.

In the next week a sale may get firmed up but it may not.

 

What happens if lender is granted possession?

Can I ask for a long period before execution? Like 6-8w to try to firm up sale.

Or does lender immediately step in and take over with receiver and we have no control and have to exit in hours/days...

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