Discovered "secured loan" not actually secured to property!!!

Max7051

:shocked:

History:

Was sold a secured joint loan, secured against our home with my then partner.

Now Ex partner has gone bankrupt when we split up.

I am now trying to buy back the beneficial interest in the property from the official receiver. I have been told by them that after doing their searches thay can confirm that the "secured" loan is not actually secured against the property.

What can i do here?

Can the loan now be absorbed into my ex's bankruptcy?

Can i do anything about this???

The loan was mis sold in my book and im not happy!!! :mad:

Can anyone please help?

Many thanks

Max

Rafter

Max,

Unfortunately if the loan isn't secured then it is by definition unsecured.

A joint unsecured loan becomes to the sole responsibility of the remaining non-bankrupt partner in this case.

Poor administration on behalf of the secured loan company doesn't create a misselling claim unfortunately.

Can you afford to buy back the beneficial interest and service the mortgage, secured loan and any other joint unsecured debts that you now have in your own name?

R.

Max7051

Rafter wrote: »

Max,

Unfortunately if the loan isn't secured then it is by definition unsecured.

A joint unsecured loan becomes to the sole responsibility of the remaining non-bankrupt partner in this case.

Poor administration on behalf of the secured loan company doesn't create a misselling claim unfortunately.

Can you afford to buy back the beneficial interest and service the mortgage, secured loan and any other joint unsecured debts that you now have in your own name?

R.

I now cannot afford to buy the beneficial interest back as without the loan being secured to the property the equity is approx £12000. I believe i would need 1/2 of this, there is no way i can get it! Its a monthly struggle as it is!

Max7051

I may have a solution if the IVA company goes for it!!

Add the now unsecured loan to my IVA seeing as im struggling with it.

Sell the property and get what I can, take the risk of my Ex's Insolvency Practitioner taking at least 1/2 the profit.

Make an offer to the IVA company to settle the IVA.

???

dancingfairy

I guess you need to find out what the official receiver intends to do with the house. Can you get in touch with them?
df

Max7051

dancingfairy wrote: »

I guess you need to find out what the official receiver intends to do with the house. Can you get in touch with them?
df

Yes im in contact with their office and have built up a friendly relationship with my contact. Hopefully he will be sympathetic as i just want to clear my IVA, Im not looking to actually walk away with cash in my pocket. Surely if he sees how this will benefit me and my family he will do what he can. It is at his discretion after all.

Max7051

Ok, been incontact with Land Registry!! Tha loan was never registered to my address!!!

When the Halifax realise this can they then attach it to my home? Or is it too late for them?