How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
Type Your Property Law Question Here...
Ash is online now

I took out a private loan from a private individual for

This answer was rated:

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!
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
Ok. You need an injunction. You need to complete form n1 n16a 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
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!