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

I am 70 years, my mortgage of interest only has come to the

Customer Question

I am 70 years, my mortgage of interest only has come to the end in July 2016, I am still paying each month.
I am a major shareholder of a company that will be floated in November, I have informed my bank of all the progress made along the way.
My Bank Manager was dealing with me, but now 1 year over and above the end of my term is up, it's now been pasted to the underwriters of the bank, valuation of my property is £4.5 million mortgage owed £1,020,00 my share sale will be £16.5 million.
My question is if they try to for close is there any delay or ask for a court to intervene to allow me until November 2016.
Your Sincerely ***** *****
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.

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

Are you currently making payments?
Alex

Customer: replied 1 year ago.
Expert:  Ash replied 1 year ago.

OK - if they wont extend the term they will need to apply to the Court for a possession order.

You can then invite the Court to stay or suspend the proceedings, pending sale.

If the Court grants the possession order you still have one last bite of the cherry by applying to stay any eviction.

That way the you have two chances to stay the proceedings or suspend them.

Can I clarify anything for you about this today please?
Alex

Customer: replied 1 year ago.
Hi Alex, did you receive my answer to your question was yes.
Expert:  Ash replied 1 year ago.

Yes. Can you see my response above about what happens at the end of term? Alex

Customer: replied 1 year ago.
Alex all you asked me was am I still making payments I answered yes, you have not answered me.
Expert:  Ash replied 1 year ago.

I will repeat my reply here:

OK - if they wont extend the term they will need to apply to the Court for a possession order.

You can then invite the Court to stay or suspend the proceedings, pending sale.

If the Court grants the possession order you still have one last bite of the cherry by applying to stay any eviction.

That way the you have two chances to stay the proceedings or suspend them.

Can I clarify anything for you about this today please?
Alex

Customer: replied 1 year ago.
Many thanks for the the advise, its the first answer I have received from you.Regards Mike
Expert:  Ash replied 1 year ago.

Ok, no problem. Can I clarify anything else for you at all today? Alex

Expert:  Ash replied 1 year ago.

If this answers your question could I invite you rate my answer 3, 4 or 5 starts before you leave today.

I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/