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Nicola-mod
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Category: Law
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Experience:  Moderator
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My bank lent me money to buy a property and a separate amount

Customer Question

My bank lent me money to buy a property and a separate amount to develop it. Because of an issue concerning its listed building status we failed to get planning permission within the three months stipulated in the loan documentation. The bank pulled the development budget of £300,000 leaving me with a derelict property and a £250,000 debt to service with no hope of generating any income to pay. Do I have any grounds to claim that the mortgage was mis-sold to me. I would never have agreed to buy the property if I had thought that there was no chance of funding its development.
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.

Max Lowry :

Hi, welcome to Just Answer. I will help you with your question.

Max Lowry :

The issue here is whether the bank was entitled to withdraw its assistance in relation to the funding.

Max Lowry :

If it required planning consent to be obtained within 3 months, but was not, then it was likely to be able to withdraw funding due to the failure.

Max Lowry :

However, if under any doubt as to whether the contract permits this, I would recommend you consider referring the matter to the Financial Ombudsman Service, who will consider the contract for you and advise whether the bank was entitled to do as it did. If not, it can order it to honour the agreement and/ot pay to you compensation accordingly for breach and for any poor customer service.

Max Lowry :

The ombudsman website and contact details are here: http://www.financial-ombudsman.org.uk

Customer :

Max - Your answer is disappointing and frankly a bit obvious. I don't think that being given the web address of the banking ombudsman is what I was looking for. My question really relates to whether is is legal to sell a mortgage on the basis of the promise of extra funding and then remove it. I would not have entered into the mortgage contract without the security of the development funding. There is no doubt that in the terms of the contract for the development monies they could revoke the offer if planning were not gained in a timely fashion. I don't think that is the point. Would appreciate you scratch your head a little bit harder for my £47 please. Have a good weekend.

Expert:  Nicola-mod replied 3 years ago.
Hello,

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.

Well it depends on the answer you can get. I don't need a lawyer to give me the contact details of the ombudsman but I appreciate that some people might think that was a great response. I am interested in the detail of whether I could claim that the mortgage was miss-sold. I think it was obviously.


 


I would be pleased if you could get someone else to give me a more detailed answer than Max.

Expert:  Nicola-mod replied 3 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 years ago.

Hello,

I apologize as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

Thank you for your patience,
Nicola
Customer: replied 3 years ago.

I have got advice from elsewhere now. Please can you refund the money. I would consider using this service for personal issues again but it appears to me that it isn't set up for corporate legal questions so am unlikely to use it for business.

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