Secured loans and the Land registry

elsanto

Hello I am a newbie to this site.

I own a house against which I want to get a secured loan. I have more than enough equity in it but I need to go to the expensive lenders who will lend to the people who high street lenders will not lend to due to 'overloaded' credit.

The only problem is that somebody has gone to the Land Registry with an application to put a 'mark' on the property saying that they have a financial interest in it. The Land Registry have not granted the 'interest mark' and I could challenge it too. I am the sole owner of the house and nobody else has lived in the house.

The property is already mortgaged with a high street bank.

So the title in the Land Registry is 'frozen' while the matter is resolved.

Does anybody know if this situation matters to the secured loan people, do they go and ask for the Title or do they have any interest in it? Can it prevent me from getting the loan?

Thanks

Thrugelmir

What's the "mark" in relation to. Other debt you owe?

mikeyboy1980

Hi,

A secured loan by it's very nature needs to be 'secured' on something, i.e. Property.

The security is normally obtained via a second charge on the property, this is administered via HM Land Registry and they will put a note of the second charge on the record relating to your property.

If the land registry office have frozen your record, it is unlikely they will be able to proceed with applying for a second charge until matters are resolved.

Good luck

elsanto

I am not sure if it matters what the 'mark' that has been applied for is about.

What if I wait until the Land registry allows or dismisses the application?

If the application fails, I have no problem.
If the application succeeds, the mark is there, then the title is 'unfrozen' and they have even told me that it would not stop me selling the property, but would it still affect the loan application?

DevCoder

elsanto wrote: »

I am not sure if it matters what the 'mark' that has been applied for is about.

It does, that will dictate the advice you get.

What if I wait until the Land registry allows or dismisses the application?
If the application fails, I have no problem.
If the application succeeds, the mark is there, then the title is 'unfrozen' and they have even told me that it would not stop me selling the property, but would it still affect the loan application?

Lenders might not like having other charges on the property as it dilutes any monies the will receive if they have to sell.

elsanto

I need to find alternatives to this problem as paying the 'loan shark' costs will be less bad than not getting the loan at all.
I wonder if there is another type of lender that will offer an alternative.
I do not think they will give me an unsecured loan due to my current debts against income.
I have a fair amount of equity to cover a loan.
I could sell the house but the Land Registry mark, for now, will be a problem too.
If I sell the house I may have to make a commitment to the person who applied for the 'mark of interest' to deposit the money in a bank account and not touch the money until their claim is resolved (their claim can be invalid anyhow). Will anybody lend me money against money in an account I cannot touch? It sounds silly I know but I need to borrow the money in order to recover my money!

Any ideas, please?

elsanto

I cannot give too many details of what is going on as the other person could find out this is about them.

Puddylove

Hi
My view (which I appreciate may be unwelcome) is that someone with 'overloaded credit' should think very long and hard before borrowing further.
Is there nothing else you can do to resolve your financial problems?

Thrugelmir

elsanto wrote: »

I am not sure if it matters what the 'mark' that has been applied for is about.

Has a bearing on your options. The Land Registry will not arbitrate in disputes.

elsanto

Puddylove,

No, if I knew another way I would not be looking for this difficult way to do it. Also, that is the reason I am asking for other ideas.

I cannot come here and post an idea for me to see :-)

House.buyer.sarah

It sounds like you are in A very desperate situation , with loan sharks and secured debts , I'm actually concerned from your posts to be honest .. Hope you get sorted soon x