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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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hi i am the second charge lender of a house that was bought

Customer Question

hi i am the second charge lender of a house that was bought for 335k, i am owed 40k which was due to be paid off by a friend in may 2012 - they are now not paying either myself or the 1st charge interest ( believed to be 256k ) assuming there is enough equity in the house
Should i push for repossession if the first charge will not disclose information about the debt?
i have told the borrower that my position is untenable and they have slowly pretended to sell the houses though the price they are seeking is clearly above the market value?
Should i just proceed with repossession?
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

If you have a charge then you can seek an Order for Sale from the Court. If the first charge is refusing to discuss anything then you have very little to lose.

Alex Watts :

In any event it may prompt payment.

Alex Watts :

As I am sure you know you have to complete form N208 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n208-eng.pdf

Alex Watts :

But yes, if the first charge refuses to play ball you can just apply for an order for sale.

Alex Watts :

Can I clarify anything for you about this today please?