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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hello and Good evening About 20 years ago I started a business

Resolved Question:

Hello and Good evening
About 20 years ago I started a business self employed, my wife and i signed for a overdraft against my house of 5,000..my wife never signed again but I did has the Bank manager kept putting my overdraft up its now at 25,000. I became ill and they have now closed it and want the money back.. Can they make me sell the property..its our Family home and we love it..
Any help much appreciated
Terry
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know if you own your house? Do they have a charge on it please?

Customer:

Hello Alex

Customer:

Hello allex

Alex Watts :

Hello

Alex Watts :

I may be on/offline as I have my dinner!

Customer:

Hello Alex,Yes we own it just a small morgage, they have a charge on the house number 24, but since the charge over it we also own number 22 which was ajoined to us,,we knocked through to create one large house..Hope that makes sense..

Alex Watts :

Do they have a charge on 22 as well or just 24?

Customer:

just 24, there is also a building plot with the land..

Alex Watts :

OK - now 22 and 24 is one big house?

Customer:

Yes

Alex Watts :

Its bad news then I am afraid.

Alex Watts :

They can apply to the Court for an order for sale if they have a charge on the property.

Alex Watts :

Even if it is your family home the Court can award that the property is sold

Alex Watts :

Further even though your wife did not sign subsequent documents they can apply to sell the property as your share of the property in effect has a charge on it

Alex Watts :

Your wife would be able to offer to pay the £25,000 or you may be able to

Alex Watts :

But if there is a charge and you own the property or a share of it and they can apply to sell it

Alex Watts :

I am sorry if this is not the answer you are after and certainly not the one I want to give you, I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Can they do this just stop your over draft and demand full payment, it just seems so unfair I did offer to pay monthly and more when the mortgage is up next year..Any advise when I speak with them tomorrow?

Alex Watts :

Yes I agree, but overdrafts are repayable upon demand.

Alex Watts :

Complain to the Ombudsman, that is all you can do: www.financial-ombudsman.org.uk

Alex Watts :

Does that help?

Customer:

Yes thank you Alex

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