Court order to force house sale query

jonesMUFCforever

ivebeenknocked wrote: »

Hello

just a quick question, if a borrower stops paying their mortgage, how much time will a lender normally give before they try and repossess the house.

There is no definite answer to that but certainly I would be surprised if it was less than 12-18 months.

ivebeenknocked

Ok, I have been told that mortgage lenders will start proceedings after only 3 months.

jonesMUFCforever

ivebeenknocked wrote: »

Ok, I have been told that mortgage lenders will start proceedings after only 3 months.

I doubt that very much - repossession will be the very last resort especially if there are kids involved.

geoffky

Again i wish you luck in your quest..keep us posted.

CKhalvashi

tell_it_how_it_is wrote: »

To be fair, if I had lent someone £40k (not that I would) who hadn't made any attempt to pay anything back in six years, and there was a possibility of proceedings helping me to get it back, I wouldn't be giving a flying f*** whether they'd potentially be left homeless or not!!

OP, I have no idea what you were thinking, though I'm sure you had your reasons, but I wish you all the best with your efforts to get your money back. A crazy thing to do imho, but it doesn't excuse the shocking way in which you've been shafted.

I’ve been in a similar situation with a business I owned from 2002 until 2009. I put money into the company for something (my own money) and then was accused of ‘cooking the books’ by a partner that had not been around from the start, as he wanted his dividends plus another £700-ish a week.

I walked away from the company, around £100k down and with a company with PG and a £14k OD after he resigned me as a director on a company that was 50.1% mine. Needless to say, the company folded and the bank chased HIM for the money, eventually bankrupting him, when he owed £100k-ish of unsecured loans he’d taken out on the company after I’d disappeared, plus the OD, which at this point was standing at £30k-ish.

At the same time, I bought the company’s successor back last week for a cool £1, again in seriously financial difficulty, however this time, it’s CERTAINLY having none of my money into it. His son was planning to do the start new company, set up under new name, until an eagle-eyed CK noticed it had gone into administration and was worth saving. In 3 weeks, there’s a surplus in the company and it’s running just above break-even. Yes, that’s correct, £196k of debt gone, with none of my own money in the company. How did I do it? I’ve utilised a lucrative contract to a £300k potential, using this to pay creditors back and replace equipment.

At the same time, 3 weeks ago, I didn’t care what happened to them. They lived a life of luxury on a company that couldn’t make the required profits, with noone to bail them out this time. Both father and son have both been charged with 2 fraud-related offences, and around 12 company-related offences as we speak.

IMO, go the full way with them OP, you’re having the same mindset as me a short time ago.

CK

ivebeenknocked

Yes I do intend to go all the way with this, no matter how long it takes. However there maybe a problem with the charge that I received from the courts which I don't understand. I checked with the Land Registry and its been noted down as a Unilateral Notice in Respect of a Charging Order etc etc, what does this mean? The man down the pub told me that my charge is now totally useless, is this correct?

jonesMUFCforever

You will need to consult a solicitor IMO.

antrobus

ivebeenknocked wrote: »

.... I checked with the Land Registry and its been noted down as a Unilateral Notice in Respect of a Charging Order etc etc, what does this mean?

3.3.1 Different types of notice

An application for entry of a notice may be for either:

• an agreed notice, or
• a unilateral notice.

There are different procedures for entering agreed notices and unilateral notices and for cancelling the entries once made. The forms of the entries in the register are also different. However, all types of notice have the effect of protecting the priority of the interest to which they relate, as discussed in section 3.1 The nature and effect of notices.

http://www1.landregistry.gov.uk/upload/documents/pg19.html

ivebeenknocked wrote: »

The man down the pub told me that my charge is now totally useless, is this correct?

Where would we be without men down pubs?

ivebeenknocked

Hahahahaha, good one

ivebeenknocked

Hello again, it's been a while.

I have a question regarding order for sale/possession. If you apply for an OFS from the courts and the courts agrees with you and you then take possession of said property, are you then obliged to actually sell the property immediately or can you hold onto it for a period of time and rent out the property to cover expenses etc.