Developers Bank Want My Property.

Very_Very_Worried

His Bank Want My Property
In November 2007 i had a deal with a property developer, in exchange for a plot of land i owned he would build 18 apartments and i would have 6 of them.
His bank (Nat West ,RBS) would not let me take a joint priority charge over the developement site nor would they or the developer give personal gaurantee. They said for me to protect my interest i should take out 6 seperate charges over the said numberd apartments off plan. This is what i did. and are registerd with the land registry

The apartments are now 99% complete, the developer has gone into receivership and is trying to buy back the development. I contacted the receiver, they said if the charges do not stand they will sell off the site.

The Developers Bankers say as they have the priority charge the site could be sold including my apartments and they get the money, nothing will be left for me becuse of the ammount now owing.

What can do, i now stand a chance of loosing everything i have worked for including my family home.
To say i am Very Worried is an understatement

Currently looking for specialist in this field Any advice apreciated.

Debt_Monkey_3

Go see a insolvency lawyer asap, if you want me to recommend one, PM me

Out of interest, who is the insolvency practitioner?

spuds_2

Sorry to hear that you are in such a worrying position. This sounds like a complicated and unusual case, so sadly I doubt that there are MSEer's with enough experience to give you a comprehensive answer. I think you need to see a specialist solicitor or post on a legal forum. Best wishes.

PasturesNew

There are some good legal people here, who will be able to give their input. You'll be able to spot their coherent postings. Keep coming back, I'm sure there will be over 30 GOOD responses here in the next 24 hours .... maybe more!

socrates

No disrespect to anyone on here but take a look at Landlordzone.com and post the same question there - they have a couple of legal guys there as well.

ILW

From the brief details given, it appears the OP "bought" into a speculative venture using his piece of land as the payment.
I would guess as it has now failed he will become a creditor and be entitled to a share of any net assets (if there are any).
I wonder what advice was taken before this all started as being given 1/3rd of the entire development for a piece of land seems very generous, if not too good to be true.

SouthCoast

Have you spoken to the solicitor who advised you about the deal?

silvercar

ILW wrote: »

From the brief details given, it appears the OP "bought" into a speculative venture using his piece of land as the payment.
I would guess as it has now failed he will become a creditor and be entitled to a share of any net assets (if there are any).
I wonder what advice was taken before this all started as being given 1/3rd of the entire development for a piece of land seems very generous, if not too good to be true.

Generally speaking, a development is a third land costs, a third build costs and a third profit. So a third of the development for the land is reasonable.

Very_Very_Worried

SouthCoast wrote: »

Have you spoken to the solicitor who advised you about the deal?

Yes we have a meeting with him and the liquidator next week