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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3613
Experience:  Solicitors 2 years plus PQE
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I have a first charge on a property with Hometrader Group,

Resolved Question:

I have a first charge on a property with Hometrader Group, they have not sold the property as agreed or returned my investment which I have had the right to since June 2014. At what point can I force the sale of the property?
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Have you made a formal demand for repayment of your investment?
Kind regards
AJ
Customer: replied 2 years ago.

Yes, a letter before action was sent with a deadline date for 18 July at 4pm.

I requested to withdraw from the agreement in line with the contact on 17th April, I signed the release form to remove the charge which is being held by a solicitor until the funds are returned, I have been waiting since to receive my funds, I also offered them a repayment option which they accepted but have not signed the agreement or made any payment. I have been contacting them for at least 3 months (at first requesting updates on the sale of the property) and very, very rarely receive any response at all.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
You can enforce the charge and seek an order for sale once they are in default.
Are there any prior charge holders?
Kind regards
AJ
Customer: replied 2 years ago.

No, I have the first charge, I have very little money now and need to find the cheapest (whilst effective) way forward, is this something I could do myself or would I need a solicitor?

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
It is quite complex because there is a set Civil Procedure Rule on the topic, however a local solicitor will be able to do it for you and it should be relatively inexpensive and you can recover your fees.
Normally the right to seek possession and force a sale is contained under S.95 of the Law of Property Act 1925. The power of sale is contained under S.101 of the LPA. I need you to confirm does the Charge contain an express power of sale of the property?
Kind regards
AJ
Customer: replied 2 years ago.

I've had a quick look and I don't think so.

Expert:  Alex J. replied 2 years ago.
Hi
Thank you.
The relevant civil procedure rule that explains the process is under Part 55.
There is a set Protocol for possession proceedings. If you get this wrong you will have cost sanctions against you.
Contact the Law Society www.lawsociety.org.uk - they will be able to recommend a solicitor local to you. Sending a letter to enforce your right and issuing the proceedings should not be expensive and you should be able to recover the cost.
I look forward to hearing from you.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3613
Experience: Solicitors 2 years plus PQE
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