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Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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Hi I wounder if you can help me I guaranteed a loan for my

Customer Question

Hi I wounder if you can help me I guaranteed
a loan for my company 180.000 pounds the company went bust now the bank have sent in the surveyor as some sort of receiver who said he need to do a valuation on my property and put it into auction the thing is i have a mortgage of 5500.000 and the property is worth 8000.000 can they do this?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

Do they have a charge on the property?

Kind regards

AJ
Customer: replied 3 years ago.

No they don't


regards


Brian

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

So all this is is a personal guarantee, have they made a demand under the guarantee?

Does the guarantee give them a right to appoint a receiver over your property?

Normally a right of receivership is only contained in a charge? Do you have any means to repay this debt? Could you offer a lump sum or borrow the money of a relative in exchange for a charge on your property?

Kind regards

AJ
Customer: replied 3 years ago.

not as far as i know i am going to pick up some more paper work on it now so would i be able to get back to you say in 1 hour please or less


 


regards


Brian

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

No problem.

Please let me know once you have the further information.

Kind regards

AJ
Customer: replied 3 years ago.

ok thanks AJ I will get back to you asap


 


regards


 


Brian

Expert:  Alex J. replied 3 years ago.
Thank you

Kind regards

AJ