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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a mortgage with arrears, following a recent valuation

Customer Question

I have a mortgage with arrears, following a recent valuation by an estate agent my Ltv is now about 57%. I bought it as holiday lets at 5.29% for 312k in Dec 2006. My balance is 213k arrears 6500. I now only use it for res lets. The recent valuation is based on 3 years res let accounts / recent favourable changes in planning regs / outline planning permission I have and came in at 375000. The arrears have built up piecemeal . My current repayments are 940 basic plus150 overpayment. I would like to remortgage as a Btl at a higher Ltv/lower rate. They are refusing and refusing to acknowledge the increase in value , pressuring me to sell or get repossessed. Are they likely to succeed in court action ? Is there any way I can pressure the renegotiate my mortgage using this info? It is not a hol let anymore or residential home so those type of mortgages are not appropriate. Are there rules governing valuation they must accept or get find themselves ? Thank you
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.On what basis do they refuse please?
Customer: replied 1 year ago.
I assume because of arrears. I have not done hol lets or lived in the property myself in years. I bought it in a hol let mortgage with higher deposit and higher rate. Now they will not acknowledge anything but a bricks and mortar 90 day sale value. They have been in direct communication with a previous estate agent I was using and then have tried to pressure me to stop the price by 50k plus to get rid of it and repeatedly ask for authorisation to direct contact my current one.
Customer: replied 1 year ago.
I have averaged 850 pcm payments over last 4 years my basic at 5.29% is 940 . I have 5 sets of tenants on ast leases filling property.
Customer: replied 1 year ago.
If I could remortgage at 65% Btl I could clear all debts and my monthly would probably be lower
Expert:  Ash replied 1 year ago.
Ok - sadly its a commercial decision for them, you can't make them change it or agree with valuations etc. However what you can do is write and make a formal complaint. This will be investigated and you will receive a response.If you are unhappy with that, then and only then can you complain to the Financial Ombudsman. They are a free, independent service and can investigate your complaint for free. They may recommend that you get that mortgage. Their website is: www.financial-ombudsman.org.ukCan I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
if I pay them directly to get a valuation done they will accept is there a set of compulsory criteria ? or way I can make sure it is done by an independent valuer acceptable to both parties ? their valuation is £300k which and the one an estate agent has been happy to put it up for sale for is 375000
Customer: replied 1 year ago.
what source for a market valuation are they obliged to accept?
Expert:  Ash replied 1 year ago.
They dont have to accept the valuation - its a commercial decision for them. There is nothing in law that says they must change your product or lend to you.I am sorry. Alex
Customer: replied 1 year ago.
Are they likely to succeed in court action to repossess based in this situation
Customer: replied 1 year ago.
Also is there nothing that says they ha e to change from a hol let based mortgage now it is a standard buy to let thx
Expert:  Ash replied 1 year ago.
As it stands yes but ONLY if you are in arrears. Even then a Judge can suspend a possession order on terms you can repay the arrears over time.Can I clarify anything for you about this today please?ALex
Customer: replied 1 year ago.
Only if there is something that says it is not appropriate to have s hol let mortgage at higher deposit and interest rate anymore
Customer: replied 1 year ago.
Otherwise thank you
Expert:  Ash replied 1 year ago.
No, nothing in law. That is why you need to go to the Ombudsman.Can I clarify anything else for you?Alex
Customer: replied 1 year ago.
No that's find thx
Expert:  Ash replied 1 year ago.
Great. If I could ask you to rate my service before you go today please, otherwise the site doesnt credit me for the time spent with you. Good luck and thanks. Alex
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Hi have rAted thank you . I had a previous closed question that wasn't answered are you able to access and respond or is there a way i can send direct throug just answer to you
Expert:  Ash replied 1 year ago.
Do you have the link for it? Alex
Customer: replied 1 year ago.
http://my.justanswer.co.uk/question/index/6eb02e461f134c0091db753ef6f116cb?continueTheConversation=False&comingFromAdservEmail=False&ratedThroughEmail=False&rating=0&fromPayPal=False
Expert:  Ash replied 1 year ago.
Ok, let me take a look and if I can answer it I will do so.
Customer: replied 1 year ago.
Thanks . I have outline permission and would like to know if I get full permission do I have 4 separate flats I can get deeds on finance on before doing building regs work . So just paperwork and refinance if possible . Further payment to you not a problem
Expert:  Ash replied 1 year ago.
Ah its planning - not my area I am sorry. Alex
Customer: replied 1 year ago.
Ok would you be able to recommend someone . My direct email is***@******.*** . No one here could answer thx
Expert:  Ash replied 1 year ago.
I dont know what areas other experts specialise in, but the Moderator should be able to find someone to assist you.

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