I owned a commercial property that was reprocessed and on 6th January 2009 the judge gave them an interim charge as they would need to sell the property off before knowing what I had outstanding. On 28th September 2015 they registered with the land registry and I have a court date on the 9th November. I had found a buyer and was looking to sell to release capital for my business but this mortgage company is after £600k plus my original mortgage of 500k. I owe friends and family money and need the cash for my business. What can I do?
No my commercial mortgage was 70% loan to value at the time. I think i borrowed around £650,000 and they sold it for less than £200,000 with all the charges etc they still want to come after me for £595,???.08
around July 2011
Tuesday 12th July 2011 was the date we went to court for them to gain permission to enforce the judgement contained within the order for possession dated 6th January 2009. I think I gave them the keys the following week
I must be able to do something. The property was valued at £850,000 when they loaned me £650,000. For them to sell it for under 300k and then come after my personal home seems very unfair. The property was back on the market for more than £700k shortly after they sold it so I believe something under hand was going on. Surely I can go to court on the 9th November and have a good case for why this charge shouldn't be added. Do you know or recommend a no win no fee solicitors?
At the time of the court case they had not sold the property, so i must be able to dispute the amount they had sold this property for. It was 70% loan to value, they must of given the property away. Surely I can ask the courts to put this aside and go for another court case to put my point across.
Refer to my case....
I did go to court and I guess I must of done ok as the Judge deferred the case for another day 3rd February 2016.
My question is I have a sale of my property they wish to finalize the charge on going through on the 1st March. I have given notice to all my tenants and agreed terms with the buyer.
Purchase price is for £660,000 I have a mortgage of around £505,000 a "Deed of Trust" in my brothers name for a 1/3 of the sale price and a second charge by a credit card for around 22k. Commercial First whom will try and secure a final order for £607,642.00 on the 3rd February.
My question is can I ask the judge that there is no point giving Commercial First a final order but to remove the order as there will be no financial benefit to them. Commercial First solicitors acknowledge the Deed of Trust.... They even valued my property at £500,000 to £550,000 while I sold it cheap for £660,000 reduced from £750,000.
I have attached the letter from their solicitors. I would like to prepare my defend today as i will not have any time afterward due to commitments else where.
I would also like to know what I can do to prove they under sold the property... I have an email from them saying it was valued at £757,000 and not the £240,000 they sold it for. I was never informed of the sale plus I had a buyer lined up for £550,000 but they refused to accept his offer. Plus I had a tenant whom was happy to take a lease but wasn't prepared to sign a personal guarantees.
I am not saying I dont owe anything but for sure not 600k is way TOO much.