Secured Loan sold on help

[Bazza]

We have a secured loan / mortgage on the property in which has now been sold on because the originally lender is no longer dealing with these type of loans anymore.

Please can someone kindly confirm what legal documentation is required to complete purchase?

What documentation / letter should be sent to the borrower?

Should there be something in the original T & C's allowing this or is there no requirement?

Thank-you

[nemesis45]

Re: Secured Loan sold on help

We have a secured loan / mortgage on the property in which has now been sold on because the originally lender is no longer dealing with these type of loans anymore.

Please can someone kindly confirm what legal documentation is required to complete purchase?

What documentation / letter should be sent to the borrower?

Should there be something in the original T & C's allowing this or is there no requirement?

Thank-you

Is this a mortgage under seal/ second mortgage/secured personal loan.

nem

[Bazza]

Re: Secured Loan sold on help

Is this a mortgage under seal/ second mortgage/secured personal loan.

nem

Thanks nem,

This was a Personal Secured loan now mortgage / 2nd charge (not Welcome but BH).

[nemesis45]

Re: Secured Loan sold on help

Thanks nem,

This was a Personal Secured loan now mortgage / 2nd charge (not Welcome but BH).

It would be an absolute assignment /sale under the provisions of the Law of Property Act 1925 as far as I know Bazza.

Unless it is a transfer of business as we have seen with insurance companies and the like.
There would have to be land registry amendments etc.

Have you had formal notice of the sale?

nem

[Bazza]

Re: Secured Loan sold on help

It would be an absolute assignment /sale under the provisions of the Law of Property Act 1925 as far as I know Bazza.

Unless it is a transfer of business as we have seen with insurance companies and the like.
There would have to be land registry amendments etc.

Have you had formal notice of the sale?

nem

Thanks again nem.

No not as such, just a letter from both parties advising transfer of loan / mortgage.

New owner on LR.

Also confirming T & C's will not change.

I requested sight of any formal agreement documentation / notice of assignment as part of my SAR.

It was refused and told it was no obligation to provide details.

I also requested where does it state in T & C's that loan can be sold / transferred? No reply.