They acknowledge that there is no arrears owed and we are not subletting the property.
The basis i.e. the ground for the claim for possession is that we breached the buy-to-let condition states that we should not live in the property.
We re-mortgaged the property with the lender in 2007 and let it out until March 2015 when we moved in to live there. So we have lived here since March 2015.
We did not inform them before we moved in.
We informed them afterwards but in the same month.
They did not ask us to stop the breach.
The court summons is the first we knew that they felt that way about it because we had been communicating on other matters and they have been writing us at the address since we informed them that we lived there.
No I have not asked them to withdraw it. But I do not know the reason to give them for that.
The value of the property is about £500,000 and the equity is about £200,000.
No I don't intend to move out.
I already told them I would repay the mortgage by selling other properties which I mortgage with them putting the equity towards this property. They have verified and received confirmation from my conveyancer that I am doing that already with the sale of one of the properties being at an advanced stage with contracts to be exchanged as soon as vacant possession is obtained. I was in discussion with them on the timing of the redemption of the mortgage when I suddenly received the court summons. I would be able to redeem the mortgage within two to four months and I have shown them that. So I don't know what exactly the purpose of the possession claim is.
I am unable to do a re-mortgage for now and the cost of renting in the area is almost four times the cost of the current mortgage hence above my current means. All my children are in the local schools including one in a special school. The lender is Mortgage Express and do not do any more new loans not even a switch from buy-to-let to residential.
If they do not accept to drop the court claim and allow me time to redeem the mortgage, is my best bet then to seek a suspended possession order in court to allow me time to redeem the mortgage?
Well we were always going to redeem the mortgage by July 2016 and the lender was aware of this and has been shown how we intend to do it. I am also concerned about litigation costs. So if in the defence I show that I have proposed a redemption plan which they have seen to be fool proof or at least have not said is not satisfactory, and then ask for one year to redeem the mortgage, is the court likely to grant that?