Any mortgage,or secured loans experts around ?
Discussion
We have a LARGE secured loan on the house,when we sell the house to move into rented for a while ( were starting to building a house,so wont have another mortgage for a while )
mortgage 210,house selling for 230,20k equity,when loan took out house valued at 250 by surveyor.
When we took out the loan the guy who done the independant valuation was 'generous'.
We're around 25 grand out after selling the house to repay the loan,but we can easily continue to pay the monthly payments no hassles,theres just no security there.
The questions are..
1.can we sell the house if theres a secured loan on it that wont be fully re-paid ?
2.will legal responsibility lie with the survey guy who over valued the house ?
3.Is there any way out possible you can think of ,and I mean ANYTHING ! ( apart from moving to tazmania,and apart from selling my car
)
mortgage 210,house selling for 230,20k equity,when loan took out house valued at 250 by surveyor.
When we took out the loan the guy who done the independant valuation was 'generous'.
We're around 25 grand out after selling the house to repay the loan,but we can easily continue to pay the monthly payments no hassles,theres just no security there.
The questions are..
1.can we sell the house if theres a secured loan on it that wont be fully re-paid ?
2.will legal responsibility lie with the survey guy who over valued the house ?
3.Is there any way out possible you can think of ,and I mean ANYTHING ! ( apart from moving to tazmania,and apart from selling my car
) You borrowed to money, you have to pay it back. It's called being a responsible adult. 
As for selling with a second charge loan, it depends on the lender. They may not want to release the title deeds until their debt is settled. This means you will need to get an unsecured loan before your sale can be finalised.
Looks like you may need to part with the 996.
>> Edited by chim girl on Sunday 26th February 13:16
As for selling with a second charge loan, it depends on the lender. They may not want to release the title deeds until their debt is settled. This means you will need to get an unsecured loan before your sale can be finalised.
Looks like you may need to part with the 996.
>> Edited by chim girl on Sunday 26th February 13:16
chim girl said:
You borrowed to money, you have to pay it back. It's called being a responsible adult.
Well..what can I say, I'm an adult,but I'm afriad I'm not a responsible one !
There isnt a problem paying the money back,its not a worry as such,but the porker is about to be upgraded and the car is the most important thing
( well after my son..),I'm sure people on this forum would agree.Buy an expensive car,everything else fits in around it ! mcfurry...I have thought of getting an unsecured loan to pay of the secured one,I think I will have to look into it,thanks for the comment.
At the end of the day,does anyone know if I can sell my house even though theres a secure loan on it ?,I know all profits from the sale will automatically go to the loan company,but what about the downfall ? , will that stop the sale ? .
rich1231 said:
So the generous valuation wasnt in your fave allowing you to take out the loan?
You signed for the money, its your repsponsibility to look after your affairs not anyone elses.
The valuation WAS in my favour,I got the loan I wanted,its easily affordable,and I still want the loan,I want to move... simple.
I didn't say 'I didn't sign for the money' .. , what are you on about ?
I know its my responsibility to look after my affairs,I'm not asking you or anyone else to look after my affairs,its just a simple technical question to people on here that have knowledgable experience in this field,obviously thats not you.
If you dont't know the answer,there wasn't any real point in your post was there...
dugless said:
2.will legal responsibility lie with the survey guy who over valued the house ?
3.Is there any way out possible you can think of ,and I mean ANYTHING ! ( apart from moving to tazmania,and apart from selling my car
Two of the things you asked focussed on escaping responsibilty for your situation.
Sell the car pay off the secured debt then move.
mybrainhurts said:
You can't sell the house with the lender's charge still attached.
Take the label offthe next master card ad priceless
Stop taking the piss...I can't help it
Yeh to be serious difficult after the odd glass of vino but mybrainhurts is correct land registry will not do anything unless charge free. Oh bugger I was serious, don't tell anyone
[quote=scott64Yeh to be serious difficult after the odd glass of vino but mybrainhurts is correct land registry will not do anything unless charge free. Oh bugger I was serious, don't tell anyone[/quote]
Not sure that's entirely correct, is it? HMLR generally isn't too concerned about the charges over property - all they do is record change of ownership and registration of charges and encumbrances against the title.
But in practice, NO buyer is going to buy the house unless you can give them free and unencumbered title. And the lender isn't going to remove their charge to allow the vendor to do that unless they have been repaid in full.....
(Not a property lawyer and it's a long time since I did any land law at university or law school, so I could be wrong about the first bit)
Not sure that's entirely correct, is it? HMLR generally isn't too concerned about the charges over property - all they do is record change of ownership and registration of charges and encumbrances against the title.
But in practice, NO buyer is going to buy the house unless you can give them free and unencumbered title. And the lender isn't going to remove their charge to allow the vendor to do that unless they have been repaid in full.....
(Not a property lawyer and it's a long time since I did any land law at university or law school, so I could be wrong about the first bit)
Having just gone through the whole house sale / buy bit, I can imagine any decent solicitor acting for a potential buyer screaming loud warnings about buying a property with a charge over it. You could do worse than pop into you local Estate Agent and ask them the question. Won't cost you anything and they are pretty clued-up these days. If there is a way to sell the property they'll help, (for the usual fee, of course, if you appoint them as your agent).
Reading between the lines it looks like you extended your mortgage and got a high valuation to enable you to get out the cash you wanted.
Assuming you did not buy the house for 250 then you haven't lost 20K as the house was probably never worth 250 on the market.
All you need is a real bank manager, explain the situation use your car as collatoral for any shortfall you may have after selling your house, difference between selling price, selling expenses and satisfying existing loan. If you have a stockbroker they are a good source of finding real bank managers, they are also excellent for a reference.
I would not try to sell your house with a 20k lien that would cost you 50 and a few smiles from the buyers brokers.
Assuming you did not buy the house for 250 then you haven't lost 20K as the house was probably never worth 250 on the market.
All you need is a real bank manager, explain the situation use your car as collatoral for any shortfall you may have after selling your house, difference between selling price, selling expenses and satisfying existing loan. If you have a stockbroker they are a good source of finding real bank managers, they are also excellent for a reference.
I would not try to sell your house with a 20k lien that would cost you 50 and a few smiles from the buyers brokers.
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