I knew about the charge but not that it was in the name of another company, i assumed it was with the company i had the loan with. 2 years ago i out the house up for sale and had a conversation with them asking what happens to the loan. they said then they would just carry on collecting. this time around i didn't think there would be an issue given their previous response. the reason they gave is that they felt the house was worth more than what it sold for. i explained it was not and the price was fair given the work that needed doing on it. i explained it would never sell for more and also that i was moving to my new rental property next week so the house would be standing empty.
i should state it was for a secured loan
okay. i have explained to them and spoken to the mortgage company, explaining to them the situation. i explained that i will not be able to maintain payments on two properties after next week when i move so ultimately the house will be reclaimed by the mortgage company.
i should state the name of the company i took the loan with has not changed. the name listed of the 2nd charge i have never heard of before but they were apparently owned by the same parent company before they went into liquidation. if i did not have an agreement with the 2nd charge can the loan company still impose the sanction?
thank you for your help
Hi, sorry to bother you again but i have done some checking on the above and have obtained a copy of the land registry forms for the house.
the title charge on the land registry form is dated 2004 with progressive finance. the loan i have now was taken out in 2007 and part of it was used to pay that original loan off. the company did not re-register the new loan in 2007. does this mean the loan is not secured as they keep telling me?
Hi, I have checked what I have and the loan agreement I have now taken in 2007 paid off the loan listed against the property. This created a new loan agreement that has not been registered against the property at all.
The solicitor dealing with the sale just wanted to know how to contact the listed company to ask for a redemption figure against the 2nd charge. Do I just explain it was settled in 2007 and the company has been closed since? I have no proof though that is the only thing. If they contacted the company I now have the loan with and asked they would not have a current loan agreement relating to the listed one either as it technically doesn't exist anymore.
I suppose that would be the point they wake up and realise they have not listed this current loan though. I am sorry but I am really anxious and confused about how to proceed. The contracts are ready to exchange and it is only this 2nd charge issue we are waiting to rectify. I suppose it is wishful thinking the solicitor takes my word for it.
I have also checked the company out and there are literally dozens of instances where they have not registered loans on properties. They have been in the process of winding down since 2007 and are only open now to collect outstanding monies, they have not been allowed to lend since 2007.
I fully intend to look into my full dealings with them once this is settled as I have so far paid £49k from a loan of £26k. I did not ever borrow £26k but that is the figure they have on my statement.
Anyway, I don't know what happens when a registered charge is not removed when it should be. Can I get this removed at all? The land registry apparently have a copy of the 2004 agreement and that will show a different loan number/details.
following the thread already posted, what can i do if it is proved that welcome changed my agreement number to match that which was registered in 2004? for example, the agreement number on my statements does not match the reference number on my signed 2007 agreement. is this legal?
I am really sorry about the confusion, I am very worried. the land registry listing is with a company that was owned by the same parent as welcome finance is. i never had the loan with the listed company, always with welcome. therefore the current loan is not listed on the registry.
but the details such as account reference, total, etc on my signed loan agreement does not match those on my latest statement. i am wondering if they changed the reference number on the statement to match the listed loan of 2004.