TSB part interest part repayment Mortgage Proceedings issued for repossession

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

So, how to think you could pay this massive amount of in the next 2-4 years say?

Alternative suggestion

Is it is a co-owner property if so, would you consider getting a court order for sale in your own right, you could then ask the court to delay possession so you or anyone else who has an interest in the property to apply for a sale under section 14, Trust of Land and Appointment of Trustees Act 1996? How this works the owner/ owners hold the land on trust for others, making the owner trustees and the others proprietary interests with rights to apply to the court in their own right.

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

As stated above, so to summarise:

The original £25k interest only ended but was officially extended by C&G until 31/12/13 but appears to have been running "unoffiicially" ever since
The further advance on a repayment basis currently of £30k expires in 2031 with approx 16yrs 9 months to run.
All monthly payments up to date

C&G nothing as the mortgate was transferred (without my permission!) to TSB when Lloyds split everything up and relaunched TSB

All the remaing balance totalling £55k including the £25k term expired amont with TSB

If the court does issue a possession order or a suspended possession order, you can still stay (temporarily delay) the order, too. So you have rights through out the process. You bank will not tell you this, of course.

[moatmeister]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

So, how to think you could pay this massive amount of in the next 2-4 years say?

Just for me to be clear, are you referring to the £25k or £55k as the massive amount to be repaid?
There is a big difference between them. But £25k is possible, £55k more difficult

As for alternative suggestion, house is solely owned by me in my name.

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

As stated above, so to summarise:

The original £25k interest only ended but was officially extended by C&G until 31/12/13 but appears to have been running "unoffiicially" ever since
The further advance on a repayment basis currently of £30k expires in 2031 with approx 16yrs 9 months to run.
All monthly payments up to date

This mortgage does not seem to present any problems.

C&G nothing as the mortgate was transferred (without my permission!) to TSB when Lloyds split everything up and relaunched TSB

All the remaing balance totalling £55k including the £25k term expired amont with TSB

So, how to you think you can pay 25k off?

[moatmeister]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Sale of other assets and earnings. Just not possible by Jan 5th!!!!

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Just for me to be clear, are you referring to the £25k or £55k as the massive amount to be repaid?
There is a big difference between them. But £25k is possible, £55k more difficult

As for alternative suggestion, house is solely owned by me in my name.

The 25k is the one am discussing as this is where the problem is. The 30k one is performing normally, which is brilliant for you.

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Sale of other assets and earnings. Just not possible by Jan 5th!!!!

Well this brilliant if you can do this. You could suggest a few years to the court - it's probably best to suggest a longer period to pay the 25k mortgage that is probably feasible rather than a shorter period that you may not be able to. It's a balancing act, i know. If you have family living with you, ie a wife the bank has to take their occupying the property into account too, which gives your a family rights to stay in the property under ToLATA (1996), as aforesaid. So there is more than one way to skin the proverbial cat. Equity regards partner/ children to have rights so the property is held on trust for them, hence ToLATA. My best advice would be to ask for an adjournment of proceedings under AJA 1973. It is not reasonable to provide an adequate defence for either you or a solicitor on your behalf where the hearing is for 5 Jan 2016.

[moatmeister]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Nem is right, I do want you to take qualified legal advice..

Been to see solicitor this morning, who basically agrees with this plan, ie go for dismissal or adjournment to buy some time. She also pointed out that Schedule A refers to "attached history for details of recent build up of arrears and details of all interest and charges applied to the mortgage accounts"


No "attached schedule" was included or has been received separately.


Also no up to date witness statement has been served. (This may or may not be the same thing,)


As I understand it, the solicitors main concern is similar to yours in that although there is precedent in law for the judge to allow arrears to be paid over the remaining term of the mortgage within the AJA 1973 and Common Law Norgan v C&G 1996, in this case the original term has expired and there are technically no arrears, so it is unlear without sight of the original mortgage documentation what the exact relationship between the two advances is, and whether the whole becomes payable because the original £25k has not been settled, ie is the TSB entitled to add together the two amounts and claim possession on the whole lot when the TSB letter 6/10/15 clearly sets out a claim for £25k. So it may not be possible for the judge to extend discretion under AJA 1973 and therefore may have no other option than to make a possession order based on the full amount. However this in its self would be unjust and tremendously unfair because the further advance is upto date and running ok with no arrears.


I have requested copies of the original mortgage agreements from C&G but it is unlikely whether we will receive these before Tuesday 5th. I have also requested a letter from TSB confirming that there are no outstanding arrears and should receive this by fax on Monday.


She thinks best strategy would be to


1) Propose an installment strategy to Judge (unlikely to be accepted)
2) Push for 28 day adjournment - TSB would not be predjudiced because of plenty of equity in the house
3) If a possession order is necessary, push for a 56 day one - not ideal because would probably have to be made on the full £56k, but there is no reason why there should be an order made in respect of the £30k repayment element which is still running


Please let me know your further thoughts
PS HAPPY NEW YEAR TO ALL OUR READERS!!!

[Debt Camel]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

I am pleased you have seen a local solicitor - I hope both you and the solicitor will be turning up to the hearing in the 5th.

You haven't been clear about exactly how you will repay the 25k. You mentioned sale of assets - how large are these and why can this not happen immediately? If there is some term deposit which is coming to an end, then you could produce evidence of this to the court and ask for a suspended repossession order on the condition you keep making the usual monthly payments AND pay in the set sum in x months time.

If you can repay the 25k, then I would expect the bank to drop the repossession.

I assume you have looked at remortgaging with a different lender?

[nemesis45]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Good moring Moat.

Happy New Year.

Good decision seeking local advice, which looks very good to me.

You really must attend the hearing, otherwise the claimant gets a " free punt" at the judge.

nem

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Suspending a possession order = possession order issued and then bank at the slightest issue could take possession without any further court action. So, this is not a good solution except a worse case scenario. At best, the OP will only be able to stay (delay) an eviction as equity will terminate once the order is live, as it will be were a possession order to apply.

[moatmeister]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Good decision seeking local advice, which looks very good to me.

nem

Happy new year to you too!

Given what the solicitor said about maybe the judges hands will be tied because of the no arrears and expired term of the orig loan, and the fact that the relationship between the two is currently unclear could we ask for adjournement for time to receive the original mortgage documentation?
Do you think that would be sufficient grounds?

[nemesis45]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Happy new year to you too!

Given what the solicitor said about maybe the judges hands will be tied because of the no arrears and expired term of the orig loan, and the fact that the relationship between the two is currently unclear could we ask for adjournement for time to receive the original mortgage documentation?
Do you think that would be sufficient grounds?

Good morning yes the simple fact is you do need to have the original documents to hand.
It is as good a reason for adjournment as any.

nem

[Openlaw15]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

Happy new year to you too!

Given what the solicitor said about maybe the judges hands will be tied because of the no arrears and expired term of the orig loan, and the fact that the relationship between the two is currently unclear could we ask for adjournement for time to receive the original mortgage documentation?
Do you think that would be sufficient grounds?

An adjournment is best all round to give you a chance to submit an adequate defence and the 14 days you had was just entirely inadequate. Well you need an adjournment because your situation is complex with one of the mortgages being beyond its original redemption date. The mortgage docs are material too as you simply do not know or cannot remember the mortgage terms/ details. The bank's material claim is possession of its security, ie your home so this should be your first priority, for example explain about the property's current equity. You could do this by saying there is no immediate risk now or will be in the near future to the mortgagee (or lender, bank) that would require a possession order. The next thing say, even a suspended possession order is just as bad as my remedy is trivial, ie stay (delay) an eviction which will be costly as they could be several fold and repetitiously at that, as the bank could threaten me with the bailiffs to take possession without any further court hearing for trivial reasons, which will require many stay of evictions, to my serious detriment.

[NWHC]

Re: TSB part interest part repayment Mortgage Proceedings issued for repossession

With all due respect, if completing a BA in Law made you an expert there would be no need for further training

A law degree may give you insight but does not make you an expert , in addition law changes frequently and may not be publicised