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leanne-jones, Barrister
Category: Law
Satisfied Customers: 183
Experience:  Barrister
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I am in arrears with my mortgage of £7000 with threat repossession

Customer Question

I am in arrears with my mortgage of £7000 with threat repossession in next few weeks ive contacted a firm to seell house quick they are offering me a lower price which I expected but they have put a option to me to pay my arrears upfront so I can stay in house for couple months and pay mortgage while they do refurbishment of £9000 to increase sale price of the house to £135.000 I will get £30000 less £6000 and the mortgage and secured loan of £74000 will be paid by the solicitors does this sound legal and true
Submitted: 4 years ago.
Category: Law
Expert:  James Mather replied 4 years ago.

Hello, I am Law Denning and I am a practising solicitor in a High Street practice. I have been an expert on this website in UK law since 2008. During that time, as you appreciate, I have answered thousands of questions from satisfied users on a variety of subjects. Because we are all in practice with clients and court and other users, I might not always respond in minutes, particularly evenings and weekends. Please bear with me in that case

It is my pleasure to try and assist you with this today. Please bear with me
while I gather some further information from you in order for me to be able to
advise you fully.

Unless I have all the facts that I need, my answer would not be accurate.

Do you have somewhere to move to?
Customer: replied 4 years ago.

I will be staying at my property till it is sold the company are only paying arrears first so I don't get reprossed and they will put house up for sale then I will move out to rented accomadation

Customer: replied 4 years ago.

I will rent property

Customer: replied 4 years ago.
Relist: Incomplete answer.
Expert:  leanne-jones replied 4 years ago.
Hello - my name is Leanne and it will be my pleasure to assist you today.

I see you have relisted this.

Has a possession order been granted yet? If so has a warrant of eviction date come through?
Customer: replied 4 years ago.

the mortgage company have applied to court for reposseion no date has come through yet

Expert:  leanne-jones replied 4 years ago.
Yes this is legal.

In effect you sign a contract and this allows you to stay. Clearly their advantage is that they get a cheap property which they will either let or resell.

It is therefore in their interest to keep it occupied, which reduces the risk of having it damaged.

Of course you would get your own Solicitor to read any contract. But yes this is legal and true.

If I can be of any further assistance then please feel free to contact me.

Customer: replied 4 years ago.

if I had sold house for 90.000 I would have got 18.000 after my 1st and 2nd charge paid they are willing to pay £7.000 arrears to stop repossession keep me in house while refurbishment takes place to put house on market for £140.000 I get £31.000after my 1st and 2nd charge of £74.000 paid and a 50/50 split if it sells over £140.000 they will also help with me renting property is this too good to be true and wat are the pitfalls

Expert:  leanne-jones replied 4 years ago.
This is why you need a contract to spell out what your rights and responsibilities are.

As I say, they want to get the property ready to sell and make a profit. That is why they are doing this.

I wish you luck with this.