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Hi there, hope this is the correct way to post. Desperately need some advise so will try to summarise as best I can our current situation.
myself and partner own a commercial property on a mortgage with nat west. This is held in joint personal names ( we are not related ) due to a whole unfortunate series of events , local council withdrawing rate relief, local council selling off ground lease to property developer. The property has become almost impossible to sell as current landlord ( ground lease ) is proposing to increase ground rents from Aprox £900 per year to around £8000 yes £8000 !! ...we have had some arrears over the years and had overpayments in place. These had been paid in full this year aside from one missed payment. Out of the blue the bank have called in the loan and appointed liquidators. We have met with the liquidator who claims that the bank want the asset sold asap, but they are bound to accept a market value sale. Our concern of course is that their interpretation of market value with the current lease issues will leave us with the deficit...it's worth around 140,000 based on previous valuations and size , purpose etc ..mortgage outstanding at around 99,000. The main questions I guess is
can they sell it for peanuts ? And can a bank liquidate individuals ? We are not a company.
any help at all would be very much appreciated .
myself and partner own a commercial property on a mortgage with nat west. This is held in joint personal names ( we are not related ) due to a whole unfortunate series of events , local council withdrawing rate relief, local council selling off ground lease to property developer. The property has become almost impossible to sell as current landlord ( ground lease ) is proposing to increase ground rents from Aprox £900 per year to around £8000 yes £8000 !! ...we have had some arrears over the years and had overpayments in place. These had been paid in full this year aside from one missed payment. Out of the blue the bank have called in the loan and appointed liquidators. We have met with the liquidator who claims that the bank want the asset sold asap, but they are bound to accept a market value sale. Our concern of course is that their interpretation of market value with the current lease issues will leave us with the deficit...it's worth around 140,000 based on previous valuations and size , purpose etc ..mortgage outstanding at around 99,000. The main questions I guess is
can they sell it for peanuts ? And can a bank liquidate individuals ? We are not a company.
any help at all would be very much appreciated .
