Remortgage : 2nd Charge Issue

Nag777

Hoping someone can advise.

Firstly, I would state my property is located in Scotland. I am currently going through a remortgage. When the solicitors carried out a title search, my current lender’s name appears but also 2 secured loans with Picture Financial which were taken out in 2005 and settled in 2007. Picture Financial have obviously not removed these loans from the Register and then went bankrupt in 2008.

I contacted Idem (who bought out much of Picture’s secured loan portfolio) but they were unable to help obviously because the loans were paid off prior to Picture’s bankruptcy and my accounts not passed over to them.

My solicitor is trying to find out exactly what can be done but did mention potentially having to go to court to effect a removal of the 2 charges which I imagine would not be a quick process.

Is anyone able to advise on anything that can be done?

Thanks in advance.

TrickyDicky101

You will likely only have the existing lender's product retention deals open to you until you can have these charges removed - you won't be able to remortgage to an alternative lender until then.

I can't imagine this will be a fast process but maybe there are specialist solicitors out there with experience in such matters.