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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33311
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My so called boyfriend persuaded me under duress to remortgage

Customer Question

Hi,my so called boyfriend persuaded me under duress to remortgage my paid up mortgage so that he could take advantage of low interest rates to help his business he guaranteed to make my mortgage payments but after 2 months stopped. He then told me (signed a guaranteed letter) to me that he would be happy to sign a charge against his property but now he wants more money (30k) he says that if i wont pay it he will go bankrupt and his home will be repossessed and will not sign any charge unless i give him more money.His home has approximately 100k equity and he will owe me (if i pay) 115k. He has to pay his debt by the 23 June 2015 and wants the money immediately i have asked him to clear the house to be sold before that date so that it can be sold he says he has not got time but will do it later. I fear if i loan him the money he will stop paying the mortgage as he cannot really afford it and the house will be repossessed and I will lose the money I have put in. I want the money returned but the house is in his name. What can i do time is clearly of the essence? I do not want to carry on the relationship as i feel this is extortion.I feel that if i dont show willing he will stop paying the mortgage on his property as " technically" he does not own it I do with the bank but my name is ***** ***** the title deeds.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Is he willing to sign a Second Charge on the property to protect your interest?
Clare
Customer: replied 1 year ago.

Er.. I dont think you understand, he owes me 85.5k and wrote me a letter to say that he would sign a charge on the property ( he already has 2 charges for mortgages ) so this would be a third, now he refuses to sign the charge order unless i give him an extra 30k as he has more debts to pay, there is not enough equity in the property.I have told him this but his answer is for me to pay more on top of the 30k to make the house more profitable. He has to have the money by the 23rd or he says he will go bankrupt and then cannot pay the mortgage on the property so in fact i have lost my money.

Please read the above i am really sorry to sound rude and appreciate that you are trying to help but this was explained in the first paragrapgh and I am sorry but I am desperately worried.

He is trying clearly to extort more money from me.

Please help me.

Expert:  Clare replied 1 year ago.
Hi
He is indeed trying to exhort money from you - the question is whether it is worth lending him the extra £30,000 to try and secure the Charge on the property
This was what was behind my question
At the moment you do NOT have a charge on the property to protect the £85,500 - and it could be difficult to get one signed - unless you give him the extra money.
The other option is to cut your losses (which could be substantial) end the relationship and sue him for the monies owed.
Once you have the Judgement you can then apply for a Charging Order against the house - and once you have that you can force the sale
I am sorry - neither choice is good - on balance I do have to say that throwing good money after bad is never a good idea
Please ask if you need further details
Clare
Customer: replied 1 year ago.

Hi,

Thank you for your reply he is so desperate for money that he has agreed to sign the charge for 85.5k but he is convinced that I will not let him go under and is prepared to sign an extra charge on yet another form for the extra 30k.This is a dreadful situation as I am happy to let him sign the extra charge for 30k BUT i have no intention of sending that charge (30K) to the land registry as he a) does not have the equity in his property and b) I have no intention of loaning yet another 30k that I will never see again! I will however send the charge of 85.5k to the land registry as that is the exact amount that he owes me.

I feel very underhand doing this but he has extorted money from me and will continue to do so if I allow him to.

Could i get in trouble for doing this...as I am only charging the exact amount of money that he owes me not the further advances that he " expects" to get from me?

I look forward to a swift reply I am panic stricken dealing with this man.

Expert:  Clare replied 1 year ago.
Hi
No there is no legal risk to you in doing this - after all the first tranche of money was owed and the first charge covers this.
You received the second charge - but changed your mind on the loan and will return the signed document to him...
He could try and argue that there is a contract - but he will struggle to do it in these circumstances
Clare

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