Mortgage Meltdown

ACG

IT doesnt even sound like the build has started to me.
In all honesty I could understand a lender calling in a loan secured against a field after 3 years as thats not its intended use... but we do not know the full story so difficult to say.

You need to check your paper and put your concerns in writing asking why they are calling it in when your paperwork (according to you) states 20 years. I suspect the paperwork you have and the paperwork issued at the completion stage are very different or you have breached a condition (ie taking 3 years to use the funds to get to the next stage of the build).

The FoS will not do anything at this stage I do not think as you have not tried to get this resolved with them other than a phone call?

Has the build actually started yet? Why is it not complete after 3 years?

DandelionPatrol

Buckstopshere wrote: »

We are past the stage of writing to them. We had one call with one of their staff members who was unwilling to accept what we were saying and it was then that we realised that we were in danger of giving them a rope to hang ourselves with. Our "communication" with them has been through Buildstore. Three months ago they (the lender) sent us an email to ask us to pay £50k into the mortgage giving us 10 days. That was when we felt they were being unreasonable and reported them to the FOS. They have had every opportunity to explain their behaviour but haven't bothered.

You are setting yourself up here to lose very badly.

If you have any sense, you will write and ask under what provision in the mortgage agreement they are calling the loan back in. You need evidence of having asked the question.

If they have a valid reason you can give in gracefully. If they have not, then you can fight on and argue in court. Even if you lose in court, you will have a good argument for costs to be awarded in your favour if they produce a reason in court which they did not give you when you asked.

But if you do not start handling this the right way right now, you are digging your own hole.

amnblog

ACG wrote: »

Why is it not complete after 3 years?

We have spent a lot of time and money on architects fees, various specialists like structural engineers, wildlife surveys etc. We now have planning permission for extensive building works but it seems to no avail.

Carts and horses come to mind.

Let_Us_See

DandelionPatrol wrote: »

But if you do not start handling this the right way right now, you are digging your own hole.

Perhaps the only one they have actually dug???



I am not sure if we will hear again from the OP, and I feel if he calmed down and answered specific questions, many on this forum could provide help and advice.

Thrugelmir

Buckstopshere wrote: »

They have had every opportunity to explain their behaviour but haven't bothered.

Seems pretty obvious.

We have spent a lot of time and money on architects fees, various specialists like structural engineers, wildlife surveys etc. We now have planning permission for extensive building works but it seems to no avail.

Has the build even started?

Landofwood

This is ridiculous

King_Slayer

Doesn't make any sense, terms of mortgage must have been breached! Also the fact that OP has since refuse to acknowledge if the build has commenced/ completed may show this is the case.

Buckstopshere

I didn't want to give the entire story here as you can imagine it is a long one. The mortgage was not approved on condition that planning permission would be granted. The property was meant to be renovated. What the surveyors failed to realise is that it was in a much worse state and that having received conflicting advise over the last two years from so called professionals we have in the last 6 months found people we can trust and as such things have dragged on a bit. (We are not builders, we are not structural engineers and we are not surveyors.)

However at no stage did the lender say "Hey, you are running out of time". None of this was communicated to us. They have not acted fairly and they have certainly not even bothered to pay for a stamp to post us an official letter to explain their concerns or make us aware of the terms. I have today been informed that our best course of action is to wait for the lender's letter and to then refer this to the Financial Ombudsman. The letter was meant to be sent on Monday and it still has not arrived.

Buckstopshere

I haven't refused anything, I just haven't had the time to be back here again.

Buckstopshere

Anyway, thanks for your help and comments. I think we can sort it here. Oh wait I need a digger for that hole.