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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I took out a private loan from a private individual for

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I took out a private loan from a private individual for £490k. His solicitor formulated a loan agreement and took a first charge out on 2 of my properties as security. The loan was for 2 years but had a provision to be repaid early on 2 days written notice. All the interest payments were made exactly on time with no late payments or any kind of breach from my side. 17 months into the loan I managed to sell some property and put myself in a position to repay the loan. I gave him and his solicitor written notice that I wished to repay the loan and transferred the full amount into his solicitor's account. As I'm now selling the 2 properties which had the first charge on them I obviously need the private lender to sign the charge release forms otherwise I cannot proceed with the sales. The problem is that he's REFUSING to sign the charge release forms! I'm not sure why, but it could be because he thinks the 2 properties are worth more than the loan and he might think he can somehow get his hands on them. I'm not sure. The situation is getting desperate as my sales are nearing completion. I've never come across this before. Can I FORCE him to release the charge or can I prove to the Land Registry that I've repaid the loan in full but the lender is refusing to respond?? What can I do? Can he legally do this? It's a kind of financial blackmail in my opinion. Please help!
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.What does his solicitor say please?Alex
Customer: replied 1 year ago.
All his solicitor keeps telling me is that there is nothing he can do until he gets a response from his client who (I know for a fact) is available, reachable but for some reason is not responding to the requests to sign the forms. This is crazy! What can I do to FORCE the situation as it's now extremely urgent and I might lose the sales
Expert:  Ash replied 1 year ago.
Ok. You need an injunction. You need to complete form n1http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdfAnd n16ahttp://hmctsformfinder.justice.gov.uk/courtfinder/forms/n016a-eng.pdfThe court will list it and decide whether to make him complete. If the court does and he refuses this is contempt of court.But this is what you need to do.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
Thanks Alex. So is it definitely an injunction or is "specific performance" more suitable in this case? My main aim is to force him to follow through on his part of the contract which his own lawyer wrote and which I signed with no legal representation
Expert:  Ash replied 1 year ago.
It's the same thing. You need to get this done asap.Does that Clarify? Alex
Ash and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Yes. Understand. Many thanks!