Charge against property.

[steve811]

In 2000 I changed jobs, and in 2001 I was struggling financially.

 

My bank (LLoyds TSB) offered me a credit card, loan and overdraft.

In short over a period of time I ran up an overdraft of £6000,

defaulted on the loan

and ran the credit card to max.

I buried my head in the sand and they obtained a CCJ for a total of £16k, which was the loan, overdraft and charges.

 

They also obtained a second CCJ for the credit card, but I negotiated and paid this back over 6 years.

They then obtained a charge (restriction ) on the family home which is jointly owned by me and my wife (the debts are all in my name), despite me explaining I was not the sole owner.

 

Since then I have not paid a penny and the debt has been waiting for the house to be sold (it wont be we will die here!) to be satisfied.

 

I have recently complained to the FOS about the tactics of Lloyds/TSB (rolling two debts into one, excessive charges when asked to freeze etc) but they will not look at it as it is over 6 years old.

 

I really want to get the restriction lifted so we can settle the mortgage and be clear, could I claim irresponsible lending?  

[AndyOrch]

Hi and Welcome to CAG steve.

 

Could you clarify what "  settle the mortgage and be clear, " means and why you think the restriction will interfere with this 

 

Andy

[steve811]

We have a shortfall on the mortgage, so we will need to re-mortgage at the end of the term. I think another lender will not be possible with the restriction in place.

[dx100uk]

It depends on how the restriction is worded.

 

If it just says "no disposition ..." Then yes you do have to clear it to re mortgage

 

but if it says "no disposition other than a charge ...." then you don't.

[steve811]

Thanks, will check the paperwork. I still feel though that there might be a valid case for IRL, I tried several times to get the bank to freeze charges or stop paying direct debits I knew would incur charges but they ignored me.

[AndyOrch]

Can you not remortgage or extend with your existing Mortgage Company ? The restriction then becomes irrelevant .

You Can extend an existing mortgage up to several years.

 

Andy

[steve811]

On 25/06/2019 at 00:00, dx100uk said:

It depends on how the restriction is worded.

 

If it just says "no disposition ..." Then yes you do have to clear it to re mortgage

 

but if it says "no disposition other than a charge ...." then you don't.

Thanks, have just checked the paperwork and it says "No disposition of the registered estate to be registered without a certificate signed by the applicant for registration or his conveyoncer that written notice of the disposition was given to Fredrickson International Limited" etc. Does that mean we have to clear it to remortgage or just inform Fredrickson?

[dx100uk]

Res k then

tell them afterwards then

 

not surprised its a freds backdoor ccj all the way then

[steve811]

What does Res K mean?

These [Edit] managed to get two debts rolled into one, then managed to get two charges against the property.

If I have any way of getting it removed I will.

 

[stu007]

I understand this may be distressing for you but please refrain from swearing on the forum as your post has been edited due to this. (be aware of our forum rules)

 

As it is the weekend please be patient

[dx100uk]

you don't need to remove them nor pay them ...if that's what each says.

to pay off the mortgage..they are irrelevant

 

[dx100uk]

 

[steve811]

10 hours ago, stu007 said:

I understand this may be distressing for you but please refrain from swearing on the forum as your post has been edited due to this. (be aware of our forum rules)

 

As it is the weekend please be patient

Apologies, my anger got the better of me!

 

Many thanks, that mirrors what I thought. If we re-mortgage it will be for less than 50% of the existing mortgage as we will have funds to pay some of it off, and we have equity in the property worth 4 times the existing mortgage, I just do not want to pay those blood suckers any money!

[dx100uk]

sorry so what does 'mirrors what you thought' mean with regard to the restriction k's??

[steve811]

I was of the opinion that we did not have to inform them prior to any sale or disposal, but nobody so far was able to confirm that!

 

I am confident we can re-mortgage with a good deal if we don't have to satisfy that first.

[dx100uk]

you do not have to inform them.

read post 6 by andyorch again

[steve811]

We do if we re-mortgage with another provider though?

[dx100uk]

OMHO no you don't have to pay the rest k's off to remortgage with another lender.

 

but let andyorch clarify what exactly that wording on your deeds really means as its none to clear in my tiny brain at present

[AndyOrch]

A restriction is an entry on the registered title deeds to a property which prevents a disposition (sale or transfer of an interest in a property or new mortgage)

The only requirement is to give Written Notice of the remortgage to Freds.

Andy