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tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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My bank overdraft was secured by a second charge on my property.

Customer Question

My bank overdraft was secured by a second charge on my property. The o/d was called in and I agreed to consolidate it into an unsecured loan spread over 10 years, but the bank refused to cancel the charge. I am now selling the property with the sale price exactly covering the first mortgage. I need the bank to remove their charge so as not to frustrate the sale. All repayments on the loan are in order. How can I insist that the charge is removed?
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hi thanks for your question my name is Tony and I can answer your question.

tdlawyer :

This will depend on the terms of the charge. Do you know whether it covered the unsecured loan? Was it an "all monies" charge that covers all lending of any type by the bank, including (ironically) the unsecured loan? Or was this a true unsecured loan that was not covered by the second charge?