How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

We ( a company )have a contract registered against

Resolved Question:

We ( a company )have a contract for sale registered against a freehold residential development property from a private seller, dated 05 August 2015 ( we are buying the property subject to planning, now granted and option also engaged ), we also hold a charge on the property which is for money since 2009, we have exchanged the contract, now we are informed the seller is under a possession order, our contract for sale and value of our third charge exceeds both the second and first charge holders combined value by some 2 times, can we take priority to the property and take voluntary possession from the owner and complete our contract, or block the possession by the first charge holder to allow our purchase to complete ?, any other advise that would allow us to, effectively overreach or similar please, this is urgent ?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will hell you.Just to be clear, is the possession order arrears being discharged by your purchase?Alex
Customer: replied 1 year ago.
Hello Alex
Thank youyes our purchase more than exceeds the debts the seller owes to the lenders, does this make a difference to our position ?
Customer: replied 1 year ago.
We have a contested second charge from 2009, with the third charge holder who says they are second charge, however, whatever position it works out to be, our purchase covers off all debts except ours in full, we are owed more than both the others put together
Expert:  Ash replied 1 year ago.
Has your solicitor given undertakings that the arrears for charges be paid off for their consent not to enforce the court orders?
Customer: replied 1 year ago.
Hi Alex,Sorry we do not owe the money, we are the purchaser, we have exchanged contracts with the seller a private individual who has a possession order against them. We have a charge on the property also, and are paying market value for the property. The price we are paying pays everyone off except us which is only part payment, but our debt exceeds the value of the other 2 combined, we wish to stop them taking possession from our position presently - can you assist with this ?
Expert:  Ash replied 1 year ago.
yes I understand that. But if you are purchasing you can discharged arrears and possession order can be removed if your solicitor gives an undertaking. Has your solicitor offered this?
Customer: replied 1 year ago.
Hi AlexNo, our lawyer is apprehensive in that he says that he would need cleared funds in his account first to give such an undertaking, and we cannot provide this amount, the sellers lender states the whole of the mortgage balance is arrears !!, this sums to some 860k, they are saying as his mortgage term has expired, he is age 76, that all is arrears.We wish to know if we can use our registered charge which sums to more than any others, and the seller is willing to give us possession as we are then able to settle all lenders he has upon completion of our purchase of the same asset, orthat we have some, overreach as we have exchanged upon the purchase and the sum being paid discharges them anyway, but we wish to have possession or control of it, hope you understand where we wish to secure our position and protect the equity for the seller as well
Expert:  Ash replied 1 year ago.
sadly not. Unless you have a possession order yourself then it can't be enforced by you.Even if it could be the creditors for any prior charge would have priority.Only if the possession order and debt can be assigned to you, would you have any say.It may be if there is possession the holder of the property would sell it based on clearance of sums due.Can I clairfy anything for you about this today please?Alex
Customer: replied 1 year ago.
Can the seller give voluntary possession to us at court on the basis of our debt far exceeds by 2 to 1 the other debts ? perhaps as part of a debt management order ?
Customer: replied 1 year ago.
The other question is as we have exchanged on the property we have a contract to purchase, can we enforce this ?
Expert:  Ash replied 1 year ago.
the seller could give you possession but you would need to deal with the possession order.If contracts are exchanged the seller is committed. The seller really needs to apply to stay any eviction.If there is no eviction then he can apply to suspend the possession order until the sale goes through
Expert:  Ash replied 1 year ago.
Does that clairfy?Alex
Customer: replied 1 year ago.
Hello AlexCan you explain if the owner gave us possession what you mean we would have to deal with the possession order ?, do you mean the existing possession order ?, they do not as yet have enforcement of that order with bailiff's, but we do know they are likely to - so, if we got possession first, as well as the purchase has exchanged for us to buy then we have occupation as well as we have exchanged along with control of the property - Am I correct in my understanding so far, if I am following you then we would have to notify them we have possession, prior to them, and then we can pay them from the purchase proceeds directly, or the sellers lawyers ?
Customer: replied 1 year ago.
We exchanged prior to end of last year
Expert:  Ash replied 1 year ago.
The seller need to apply to the court to stay the possession order. That is what they need to do. Apply pending sale.But when you purchase the creditor will be paid off and the possession order comes to an end in any event, if they own a charge.
Expert:  Ash replied 1 year ago.
Does that clairfy?Alex
Expert:  Ash replied 1 year ago.
If this answers your question could I invite you rate my answer before you leave today.If you don't rate then the site does not pay me for the time I have spent answering your question.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/
Expert:  Ash replied 1 year ago.
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Dear AlexThank you, ***** ***** back to you when we have considered matters further to see if there is another position which maybe more suitable.
Expert:  Ash replied 1 year ago.
ThanksALex

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice