Me and my partner hav separated.
We want to sell our property but my partner has a £15,000 secured loan on the property.
Our morgage is £90,000, the property is worth £100,000. Can we still sell the property if we give whatever money we have left over to the loan company and he carries with the repayments til it is fully paid?
2007-01-31 00:08:56 · 8 answers · asked by KeZzZza 1 in Business & Finance ➔ Personal Finance
yes you can sell it as long as when you sell, the title company cuts a check for the 15k to the loan company to satisfy it. If the loan is not satisfied, you will not be able to sell the property with the existing lien.
Your problem is you are still 5k short in what you say you can reasonably sell for. You will have to put it up in order to do it.
2007-01-31 04:25:21 · answer #1 · answered by ricks 5 · 0⤊ 0⤋
Short answer is no, you are not allowed to sell any 'security' that backs up a loan.
However the long answer is 'yes' - he will need to speak to the Loan Company (I expect they will arrange a new loan at a (much) higher rate of interest for the remaining £5000))
My suggestions is :-
'tart up' the house (clean everything - put a bit of new paint on some walls - flowers in a vase - fresh coffee when they come round to view == you see the tricks on the TV all the time) and stick another 10,000 on the asking price.
NB. some-one will say 'go ahead = how will they ever find out ?' - answer is, the Loan Company will have 'Registered' an Interest in the property at the Land Registry - when you try to sell, the Loan Company will be informed by the Land Registry ...
2007-01-31 00:20:49 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
Hi Maybe you can try this link:
http://www.gotoinfolink.com
They have a lot of link about loan and credit, plus they have some info about making a budget.
Hope that help ;-)
Jeff
2007-01-31 00:13:51 · answer #3 · answered by jeffl27 2 · 0⤊ 0⤋
You MUST discuss with the loan company first. This situation can be an absolute minefield and most lenders are happy to come to a mutually agreed way forward.
2007-02-02 21:09:36 · answer #4 · answered by fred35 6 · 0⤊ 0⤋
free info about quick loans visit http://www.freewebs.com/getyourloan
2007-01-31 01:46:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The mortgagee has the priority over the other creditors, and you have to pay them first,but I can only suggest that you contact the other secure creditor and obtain their agreement in principle, that you will pay them as soon as the property is sold. As the charge is already registered without their consent you will not be able to sell the property.
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2016-09-28 05:35:07 · answer #7 · answered by duktig 4 · 0⤊ 0⤋
I found this http://sivu.at/ffde article it should answer your question it has some good information on loans and good deals etc.
2007-02-03 08:02:26 · answer #8 · answered by Tom l 2 · 0⤊ 0⤋
talk to citizens advice, they are good for it
2007-02-02 06:19:58 · answer #9 · answered by surfer_ade_uk 2 · 0⤊ 0⤋