Trying to sell property well under market value that I have a registered interest in

[jcbkabs]

Hi all
i bailed a family member out back in 2009 had contract drawn up and signed and witnessed an I was registered after the mortgage company as a proprietor in the property same wording as mortgage company.

today I’ve had a letter asking if I would provide what it would take to release my charge over the property from family members solicitors.
so I phone them to inform them I would instruct my solicitor to deal with it as they have the original agreement I ask what the sale price is to be told £65k this is well below the prices in the street and will mean I won’t have any or my money back a house on the street of same layout but smaller garden has just fetched £147k.

what can I do I’ve calculated that there’s between £55-£65k owing on mortgage I’m owed over £30k


what do I do?

Refuse the sale

or

As solicitor to say I’ll match the offer and pay the £65k and buy it out right?

[Guest]

£30 K plus sale is £ 65 === £95 K You sell for £147 I think you are able to work out what way to go.

[jcbkabs]

£30 K plus sale is £ 65 === £95 K You sell for £147 I think you are able to work out what way to go.

Yes but can I stop him from selling it. he won’t sell it to me the last time I spoke to him because I would give him more money to waste. He threatened to let it be repo’d so I’d lose my £30k

What I’m after is a plan of attack so I can pay the mortgage company off and take the property over in to my full ownership.

[Scot22]

Why not ask mortgage company as you have an interest they could deal with you.

[des8]

I would be resisting his request to lift the charge.
If you don't lift the charge. he won't be able to sell until he has paid the debt and you then lift the charge to let the sale complete

If the holders of the first charge then repossess try dealing with them directly to purchase the property
They are supposed to obtain the best price on the open market (any balance after discharging their debt goes to the owner - I don't think they have any duty to 2nd charge holder but may be wrong) } but actually they are interested in covering their debt.

You could then still pursue the debtor for repayment of the loan anyway

[jcbkabs]

I would be resisting his request to lift the charge.
If you don't lift the charge. he won't be able to sell until he has paid the debt and you then lift the charge to let the sale complete

If the holders of the first charge then repossess try dealing with them directly to purchase the property
They are supposed to obtain the best price on the open market (any balance after discharging their debt goes to the owner - I don't think they have any duty to 2nd charge holder but may be wrong) } but actually they are interested in covering their debt.

You could then still pursue the debtor for repayment of the loan anyway

I have a contract stating that I own 60% and he has 40% and that it can’t be sold with out my written consent and that he hold my percentage in trust for me

[des8]

You are now telling us you have 1) a contract which gave you a 60% share and 2) that share is held in a trust for your benefit and 3) you also have a charge on that property

I am becoming confused, and rather than muddy the waters I suggest you consult your solicitor, who you mentioned in Post 1

[des8]

Have you considered asking if the building society will sell you their charge?
Perhaps unlikely, but you never know.

[jcbkabs]

Have you considered asking if the building society will sell you their charge?
Perhaps unlikely, but you never know.

I spoke with solicitor today she has applied to add a restriction onto the title and has written to his solicitor stating I won’t allow the removal of my charge but I’m willing to pay the outstanding mortgage and take full ownership of the property.

just hope he doesn’t find a way to continue with the sale

[jcbkabs]

Hi all update mortgage company sold property in end as he handed it back to them.they sold it and paid me back 80% of what was owed and family member got nothing.

[des8]

Thanks for the update

[OscarDarwin]

Apologies for bringing back an older thread, but I'm actually looking for some insights on similar situations. It sounds like you're in a tough spot with the property sale. Have you considered exploring international investment in real estate? I came across some interesting info about it at https://www.decosta.group/. It might be worth checking out! As for your situation, it's definitely a tricky decision to make. Refusing the sale could protect your investment, but perhaps you could also consider having your solicitor negotiate and match the offer, buying it outright for £65k. Just a thought! By the way, I'm new to the forum and excited to be part of the community. Cheers!

[PallasAthena]

The international real estate investment group linked in post #12 is based in Turkey and is not authorised by the Financial Conduct Authority [FCA] to offer regulated financial products or services in the UK.