Term expired mortgage, CHL obtained Possession Order

[Supermidas]

Hi all,

my mortgage term expired 12 months ago(interest only)

I got a DIP for a bridging loan to pay the mortgage off, which is 50% of the house value about 6 months before the mortgage expired.

I didn’t use the bridging loan because my daughter and partner both said they would help us.

they contacted the broker who had recently arranged their mortgage, to do a BTL mortgage, but with a discount in lieu of a deposit. They were advised to wait 6 months as they hadn’t had a residential mortgage for long.

months later and after applying etc, the broker asked for the deposit, and due to the misunderstanding about the deposit, it turned out that we couldn’t proceed because a monetary deposit was required.

we went to another broker, who didn’t see any problems, and suggested we went down the JBSP mortgage or an unregulated BTL mortgage route because we were related.

Unfortunately, after doing a fact find and getting all the information required the broker we were using was away for a few weeks, then ill, hospitalised and said he couldn’t help us any further. He was very confident that we would be able to find a mortgage product and passed us to a colleague, who was also ill for a few weeks.

in the meantime CHL obtained a possession order just as we were put in touch with someone who could help us.

As soon as they heard about the possession order they said that nobody would be able to help us now. Apparently it’s too late to do anything.

Sorry this is a bit long….

Mortgage is in joint names (mr&mrs)

we have 2 daughters at home:

1 dependent adult daughter (we get full PIP and Carer’s Allowance for her)

1 daughter who is doing a nursing degree 

I work part time as does my wife (who was a driving instructor but had to stop for medical reasons which she doesn’t claim anything for) so income is not great.

Any suggestions gratefully received….

 

 

 

 

 

[Supermidas]

Hi…

Got an eviction notice this morning, giving me 2 weeks to vacate the property.

I’ve been told by a broker that I can’t get a bridging loan to pay CHL due to a pending restriction making the property unmortgageable. I have to ask for this to be lifted first. (This is for fees for repossession advice, instead of paying upfront).

also, 
I was also told I would have to get permission from Mortimer Clark who have another restriction before I can proceed; if they say ‘no’ then I can’t get bridging finance.

I have someone who is willing to pay market value but I’m being told I can only sell to a cash buyer… is this correct?

 

 

[dx100uk]

is the home jointly owned but the restrictions are in a sole name not joint debts too?
dx

 

[Supermidas]

Hi,

yes home jointly owned.

the pending restriction (for advice) is in joint names.

the Mortimer Clarke restriction is in just one name. 

thanks for the quick reply 

[dx100uk]

mortimer one does not need paying before a sale-  its a restriction k. READ the land registry entry CAREFULLY. 

the joint charging order one will sadly need paying.

6 minutes ago, Supermidas said:

the pending restriction (for advice) is in joint names.

please expand whats on the land registry site (.gov.uk one ONLY!!) exact wording ?

never heard of a 'pending restriction'?
dx

 

 

[Supermidas]

The mortgage broker told me about the pending restriction over the phone. I’ll try and get a copy when I get home later and let you know what it says.

I don’t understand why that would make a property unmortgageable though. Saying that, they also told me the all restrictions need to be paid at the time of the sale, which is wrong.

thanks

[dx100uk]

i wouldnt trust any broker as far as i could spit.

all they are after is more fees or to refer you to a sub prime lender they get commission from for selling you a product, because you have 'bad entries' and a prime lender won't touch you with a barge pole...WRONG.

there is no such thing as a pending restriction....

he probably means an interim charging order not yet a full charging order.

the bottom line here is

a joint restriction, naming both parties (joint owners) on your deeds, needs paying.

a restriction K , whereby only ONE owner is named on the debt) does NOT need paying.

i will guess by unmortgage able, he means you wont get a mortgage restrictions are not paid FIRST...

as you've just realised that is WRONG.

you do realise theres nothing stopping you going directly to a prime lender, cut out his commission and fees.

he doesn't know what he is talking about or he is a fee scammer.

dx

 

 

[dx100uk]

1 hour ago, Supermidas said:

I was also told I would have to get permission from Mortimer Clark

which means this debt has been sold on whatever it was and a DCA (mortimer clarks stated client) 

 

 

[Supermidas]

Hi…

This is what is on the land registry title document, apart from the mortgage:

 

 RESTRICTION: No disposition of the registered estate, other than a disposition by the proprietor of any registered charge registered before the entry of this restriction, is to be registered without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition was given to Cabot Financial (UK) Limited (Co.Regn.No: 03757424) at care of Mortimer Clarke Solicitors, 16 Grafton RoadWorthing West Sussex BN11 1QP, under reference Xxxxxx, being the person with the benefit of an Interim charging order on the beneficial interest of A Person Name made by the County Court Money Claims Centre on xx date 2019 (Court reference xxxxxx).

I noticed on the Stepchange website that it says an ‘ interim charging order prevents you from selling your property until the final order hearing’

there is no mention of the pending restriction the broker mentioned, unless she is seeing different information 

 

 

[dx100uk]

as i said she doesn't know what shes talking about.

my last post explains it all.

the above is a restriction k debt, and what the text really means is that if its a debt by only ONE of joint owner,

it does not need to be paid upon sale all that needs to be done is the buyers conveyancer write to cabot stating the property is now owned by xxxx, though as it it automatically falls off once land registry are updated so most buyers conveyancers never bother to write.

if its a joint debt, with the joint owner, it sadly has to be paid.

as for step change, national dent line, payplan CAB etc etc .... well they will say that, they are funded by the banks and the DCA/debt buyers... 

and the other charge?

 

 

[Supermidas]

There’s no mention of the other charge at all.

The one I uploaded is a one owner debt though.

It’s surprising how much misinformation there is going around. I’m glad I did some reading on this website. 
Thanks for your help 

 

[dx100uk]

disgusting tactics then by this broker!

for want of clarity, the one above does NOT NEED PAYING.

there is nothing there that wont stop you getting a prime 

6 hours ago, Supermidas said:

without a certificate signed by the applicant for registration or their conveyancer that written notice of the disposition

is the key wording, which in english means a letter saying the property has sold

on behalf of the buyer to cabot..., but as i said that doesnt need to happen as land registry simply lets it fall off when the property gets re registered...

 

12 hours ago, Supermidas said:

I have someone who is willing to pay market value but I’m being told I can only sell to a cash buyer… is this correct?

no it's NOT!!

if you wish to sell it then do so approach the buyer yourself directly stating go ahead.

if you want to stay in the home, goto a prime lender directly and go get that bridging loan