welcome stopping my house sale

[henrib]

Re: welcome stopping my house sale

Do they have a charge on the property?bit confusing here ?
If the OP wants all this info from welcome is a SAR the correct way to do this problem they are allowed 40 days to comply.
Without a legal charge over the property do they have the right to stop the sale the Solicitor must know this

After speaking with both the solicitor handling the sale and Welcome this morning (getting all the recorded figures etc) I am afraid that they can stop the sale, which they are sticking to. I spoke with the Head Office who confirmed the original loan amount (which was over £4000 more than the Birmingham branch are stating).
I spoke with the Birmingham branch who told me how much was left to pay and what the redemption value today was. Interestingly enough, the redemption value is higher than the total amount still owing.They said they would not negotiate on this for early settlement either. I said I would be sending in a SAR request, to which the guy said 'whats that'. I have also been told that by the time this is finally settled I would have paid back £82,989 on a £22,000 loan (using the HQ loan figure).
I am now ready to just give up and throw the keys to the house at them.

[enquirer]

Re: welcome stopping my house sale

He said that if they can prove there is money owing they can stop the sale and there is not anything I can do about it. He said I would be better off 'getting hold' of the outstanding amount to pay them off and in doing so the sale can proceed. If I don't then the sale falls through.

He may have a point - as a business proposition, it might be better to borrow elsewhere (obviously, somewhere reputable), pay them off, sell, and then repay the new lender.

If you were to offer Welcome immediate settlement and they didn't take it, this would suggest that what they are really after is the house.

[IanM]

Re: welcome stopping my house sale

He may have a point - as a business proposition, it might be better to borrow elsewhere (obviously, somewhere reputable), pay them off, sell, and then repay the new lender.

If you were to offer Welcome immediate settlement and they didn't take it, this would suggest that what they are really after is the house.

The only problem is they won't get the house. The first charge holder will have first claim and if they sell it for less than what is totally owed on both charges then Welcome won't get anything at all from the sale.

The best bet is to challenge the amount Welcome are claiming. If they do not have a legal charge then they cannot stop the sale just because money is owed whether they can prove it is owed or not.

[Crazy council]

Re: welcome stopping my house sale

Do that immediately, if memory serves me correctly welc0me were known for way over charging fees/charges when rolling loans into another.

did you get them details, focus on requesting them, welcome will understand what your looking for.

SAR request is good and gets you everything, but loan contracts and figures should be supplied within 14 days of a reqest if i remember correctly, I use the DPA and FOI act a lot, SAR can sometimes sloww things down, I would be looking at what interest i have paid on any charges, and why the loan was not rolled up properly. Ask for both contracts, the accounts for each, an explanation of the charges imposed for rolling your loan into another. Ask for an unedited account list, not a produced account statment.

[enquirer]

Re: welcome stopping my house sale

The only problem is they won't get the house. The first charge holder will have first claim and if they sell it for less than what is totally owed on both charges then Welcome won't get anything at all from the sale.

The best bet is to challenge the amount Welcome are claiming. If they do not have a legal charge then they cannot stop the sale just because money is owed whether they can prove it is owed or not.

I read the OP as saying that the 1st charge (from the 2004 loan), is now dead as the loan has been paid off.

A 2nd secured loan was taken out in 2007, but Welcome blundered and failed to put a charge on the property. I assume that would make the balance (which is itself disputed), of the 2007 loan the only thing that the OP need satisfy. Welcome is (or will be), the only charge, in which case they could go for the house.

Or have I got lost somewhere in this bowl of spaghetti?

[henrib]

Re: welcome stopping my house sale

No, that just about sums it up.

[IanM]

Re: welcome stopping my house sale

I read the OP as saying that the 1st charge (from the 2004 loan), is now dead as the loan has been paid off.

A 2nd secured loan was taken out in 2007, but Welcome blundered and failed to put a charge on the property. I assume that would make the balance (which is itself disputed), of the 2007 loan the only thing that the OP need satisfy. Welcome is (or will be), the only charge, in which case they could go for the house.

Or have I got lost somewhere in this bowl of spaghetti?

If Welcome failed to put a charge on the property then they cannot stop the sale.

I had a similar situation a few years back where a bent solicitor had a loan agreement and a charge deed signed but not registered at the land registry. The solicitor I instructed to sell my houses proceeded to sell the houses and didn't pay the amount claimed by the other solicitor as the charge was not registered. There was nothing the bent solicitor could do to stop the sale, although he did pull a fast one and registered the 2nd charge before the new owners registered their interest in the property so the buyers solicitor had to pay the money to get the charge removed before they could register the new owners.

If there is no other charge on the property and Welcome haven't registered the charge for the loan in 2007 then they have screwed up and the loan will be unsecured whether the amount is disputed or not.

The first charge was paid off in 2004 so the charge will have been removed so unless Welcome registered a new charge for the new loan then the OP needs to check with the Land Registry themselves to see whether there is any charge registered to Welcome.

If there is no charge registered they cannot repossess.

Another thing to check is whether the loan of 2007 allowed the original charge to be continued in respect of the new loan or did the OP sign a new charge deed that wasn't registered at the time and still hasn't been?

[henrib]

Re: welcome stopping my house sale

Another thing to check is whether the loan of 2007 allowed the original charge to be continued in respect of the new loan or did the OP sign a new charge deed that wasn't registered at the time and still hasn't been?[/QUOTE]

A new charge was signed in 2007 that was not registered.

[IanM]

Re: welcome stopping my house sale

Another thing to check is whether the loan of 2007 allowed the original charge to be continued in respect of the new loan or did the OP sign a new charge deed that wasn't registered at the time and still hasn't been?

A new charge was signed in 2007 that was not registered.[/QUOTE]


If the new charge was not registered then they cannot do anything.

Instruct your solicitor in writing to proceed with the sale and pay any legally registered charges due to be paid but do not mention Welcome in the letter at all.

Have Welcome taken you to court to stop the sale or are they just threatening to stop the sale?

If they haven't already taken steps to stop the sale then I doubt if they will have the time to apply for an order to stop the sale and if they do and the charge isn't registered then the court would not allow the sale to be stopped, especially if the amount claimed is disputed or there are discrepancies in the loan agreement.

Your solicitor doesn't work for Welcome they work for you and have to follow your instructions, if they don't and you cannot complete the sale you may be able to claim any losses against your solicitor if it is later proved Welcome had no legal right to stop the sale because they didn't have a legally registered charge.

I believe that signing a charge deed alone does not make it legally binding until it is registered with the land registry but you will need to double check this.