I have recently agreed terms with the Trustee to buy back the BI & part of the terms were for me to pay a lump sum to the Tstte each month which covers the mort, the int on Business loan & small capital payment on same Bus.Loan. Tstee has possession order should I default. However the Bank with whom the Bus.Loan are now calling in the loan & are taking us to court for possession, case has been adjouned for 1 month due to more legal advice required plus we have not reached a suitable agreement with Lloyds. In the main as we are not paying the whole monthly inst, but we were until recently in process of agreeing terms. The Tstee is concerned as if possession granted then will get considerably less under the terms recently agreed. I am of course concerned as had set up an agremment whereby in 2 years time I am in a position to buy the BI, remain in the house in the meantime & still be on the housing ladder, just. Can the bank simply force the sale? As I understand it Bus Loan can be repayable on demand without consideration. If I am willing to pay over 5 or 10 years can the Bank refuse to accept & still force sale? Many thanks
In general terms, any chargeholder that has not been paid money that is due to them can ask for a repossession and sale. Anything other than that is at the judges discretion
Can the bank force the sale of house ?
Posted - 27 April 2011 : 08:24:49
