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| dalgreen |
Posted - 23 May 2012 : 12:58:26
Hi all
As you may be aware from my post "what do I do now" my husband and I have been having a long battle with our trustee over the benificial interest. A letter arrived from his solicitor today saying that the trustee refuses our offer and an application for possession and sale of the property has been filed with the court, we await a hearing date.
We have been advised to sell the property ourselves, not from the trustee or the solicitor but from an out side source. As the trustee has registered a restriction order on the property, does this mean we can not sell the property ourselves ?
From what I have been able to find out, it means we cant unless its a form J restriction. No where on the land registry paper work does it state it is a form J, just titles it as a RESTRICTION. As for the rest of the legal jargon on the paper work its hard to fully understand. |
| 6 L A T E S T R E P L I E S (Newest First) |
| year 2029 |
Posted - 23 May 2012 : 20:40:00
quote:
Originally posted by dalgreen
Thanks for the replys.
Not sure if you may have got a bit muddled Year 2029, but the sale and possession order has come from the trustee and not the mortgage company. We are not behind in mortgage payments as of yet.
It seems by todays letter that the trustee now wants in the region of 22k for the BI. This for us impossible, as we only have 12k to offer.
As we are only 5 years into our mortgage we have almost decided not to ask for time to sell, as it will pay back little divedend after paying all sales fees etc. So we feel they can go ahead with the application without us putting forward a petition on our behalf.
As they say in the letter that the application has already gone in, dose anyone know (even roughly) how long the process will take? Also how much notice we will get for the court hearing? I am asking this because we are considering stopping mortgage payments. We will need the time and money to find a new place to live
Fair enough, didnt realise that it had come from the Trustee.
Seems unfair they've now upped it again? |
| dalgreen |
Posted - 23 May 2012 : 19:16:04
Thanks for the replys.
Not sure if you may have got a bit muddled Year 2029, but the sale and possession order has come from the trustee and not the mortgage company. We are not behind in mortgage payments as of yet.
It seems by todays letter that the trustee now wants in the region of 22k for the BI. This for us impossible, as we only have 12k to offer.
As we are only 5 years into our mortgage we have almost decided not to ask for time to sell, as it will pay back little divedend after paying all sales fees etc. So we feel they can go ahead with the application without us putting forward a petition on our behalf.
As they say in the letter that the application has already gone in, dose anyone know (even roughly) how long the process will take? Also how much notice we will get for the court hearing? I am asking this because we are considering stopping mortgage payments. We will need the time and money to find a new place to live |
| year 2029 |
Posted - 23 May 2012 : 18:18:49
Not wishing to know every financial detail, but my personal initial thought if you wanted to keep your house, is this.
If you're with NRAM, as I was, the interest/repayments were quite large.
Mortgage companies take some time to get to court for reposession.
You are £3000 short.
How long will it take for this case to go to court?
Could you realise the shortfall between now and then, with some shrewd saving/selling some posessions, possibly only paying a contribution towards your mortgage?
Some people may frown upon the above. Only a personal idea, depending on how much you want to keep your home etc |
| debtinfo |
Posted - 23 May 2012 : 17:57:10
You cant sell it without the trustees permission as stated above. But if you cant afford to buy the beneficial interest and are resigned to moring out you could approach the trustee and gain permission to sell to make sure you get a good selling price. |
| dalgreen |
Posted - 23 May 2012 : 14:34:19
I think that may be the case, I will have to wait for the court hearing and propose my offers then. In the meantime get a couple of valuations. |
| Niobe |
Posted - 23 May 2012 : 13:49:34
I am presuming - and I could be wrong here, that the restriction may be the same as that registered by an IP with an IVA so you cannot sell the house without their permission.
As I said - I could be wrong.
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