barred from selling house

whatamess_2

Recently sold house with negative equity,
Had to seek permission from secured loan holder, FP :eek:

They did consent to the sale but you have to complete a soa for them then wait for consent.

Would advise getting that before selling the house so paperwork is ready for soliciter,

The second mortgage holder might say until we have a draft contract from the soliciter we will not do anything.

The soliciter will say until I have consent I will not draw up draft contracts.

It was a nightmare but sold in the finish.


A lady that doesnt post anymore had the same thing, fp forced her into repossesion because they refused to transfer second charge to unsecured borrowing. She I think ended up declaring bankruptcy.

forumman_2

Fatbelly and Whatamess,
That's what I needed. Many thanks. If I sold my mortgage would just be cleared but would still have 15k on 2nd charge with barclays and 60k 3rd charge with Picture. Also if I stopped paying them would they repossess because they would gain nothing?

whatamess_2

Barclays would possibly let you transfer their amount to unsecured but I cannot see picture allowing it.

Without consent you cannot sell as all charges must be lifted for sale to complete.

Sorry.

Have you done a soa for people to go over?

If not do one on here and the more knowledgeable ones will give some ideas and advice.