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JGM, Solicitor
Category: Property Law
Satisfied Customers: 12199
Experience:  30 years experience in property law.
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just a one of question please... We are still paying mortgage

Customer Question

just a one of question please... We are still paying mortgage on our property but the loan term has come to an end.. we have tried to extend this but the bank want to repossess the house and have not offered any alternative.. they have issued a court order for a warrant to take the house... how do we stand please!
Submitted: 3 years ago.
Category: Property Law
Expert:  JGM replied 3 years ago.
Thanks for your question. If the term has come to an end the bank are entitled to demand repayment. That can call up the loan and sell the house in the event that they go through the relevant procedures.
If this bank isn't prepared to extend the loan your options are to get a loan elsewhere or to sell the house, I'm afraid.
Happy to discuss further.
Customer: replied 3 years ago.

It actually states in the letter received from the court that if you are a property owner and still paying your mortgage we have different rights! I have looked everywhere I can for a copy of the different rights but can't find.. what does this actually mean

Expert:  JGM replied 3 years ago.
It might mean that the court would possibly grant a suspended possession order to allow you time to sell the house to repay the capital as long as you continue to make payment of interest.
You would have to let me see the court papers. You can scan and email them as a single pdf document to***@******.*** and ask the moderator to send the scan toCustomer
Customer: replied 3 years ago.

OK thank you.. I only have the letter from the court saying they have asked for a warrant so the baliffs can take the house.. but it just states at the bottom that if you are the owner and still paying the mortgage then we have different rights... I have to wait at least 4 weeks for the warrant apparently as the court is busy as you can imagine.. but just wondered what these rights were! I assume as you say the judge could rule in our favour until the house is sold. The house has been up for sale anyway since April 2014 and have had 3 offers well under the asking price and were advised by the said agents not to take it... we need a certain amount to clear the loan anyway. I have also spoken to an auction house who viewed the property on Right Move and also they advised that we sell with agent as the house was too nice for auction and would not get the required amount to clear the loan... thanks

Expert:  JGM replied 3 years ago.
Please let me see the letter.