Goodbye letter from Mortgage Express?

by Readers Question

8:57 AM, 15th October 2019
About a month ago

Goodbye letter from Mortgage Express?

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Goodbye letter from Mortgage Express?

Mortgage Express didn’t provide me with a Notice of Assignment of my portfolio mortgage to Jasper Mortgages pursuant to s136 (1) of the Law of Property Act 1925 in February 2018.

When I asked them for a copy of the Goodbye letter, they have stated that they do not have one on file and have only provided me with an undated generic letter which did not have my details on it.

Have any other Jasper Mortgages borrowers not received a Goodbye letter/Notice of Assignment from Mortgage Express?

Many thanks

Sam

Editors Note:

>> http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/136

136Legal assignments of things in action.

(1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—

(a)the legal right to such debt or thing in action;

(b)all legal and other remedies for the same; and

(c)the power to give a good discharge for the same without the concurrence of the assignor:

Provided that, if the debtor, trustee or other person liable in respect of such debt or thing in action has notice—

(a)that the assignment is disputed by the assignor or any person claiming under him; or

(b)of any other opposing or conflicting claims to such debt or thing in action;he may, if he thinks fit, either call upon the persons making claim thereto to interplead concerning the same, or pay the debt or other thing in action into court under the provisions of the M1Trustee Act, 1925.



Comments

David Dorset

13:24 PM, 16th October 2019
About a month ago

I had my mortgage bought from Mortgage Express by Rosinca Mortgages. I think Rosinca and Jasper are one and the same. I am applying to have the lease extended on one of the properties and the lawyer says i will need to apply for AND Pay for a Notice of Assignment from the new lender. Additionally Mortgage Express would have considered further borrowing for a lease extension but Rosinca say they do not lend further finance under any circumstances. It should not be correct that my loan is sold to another company and i am left in a less preferential position than i was previously. Any advice would be welcomed.

Sam

14:02 PM, 16th October 2019
About a month ago

Reply to the comment left by David Dorset at 16/10/2019 - 13:24
Hi, cannot offer any legal advice, but the loan offer and loan conditions set out the contractual rights and obligations of the parties subject to the mortgage. A party does not abandon any right or obligation because of a transfer/sale, unless expressly agreed. A new owner may be in breach of a contractual term if he fails to perform under it.

Did Mortgage Express send you a Goodbye letter?

David Dorset

16:09 PM, 16th October 2019
About a month ago

Reply to the comment left by Sam at 16/10/2019 - 14:02
Thanks for the reply. I did not get a goodbye letter from ME only a hello letter from Rosinca which i thought was some kind of a scam at first. I then called ME to confirm the loan had been transferred. I also had trouble with Rosinca taking a direct debit twice and was a bit of a nightmare to get the money returned. On asking for further funds to assist with getting a lease extension Rosinca told me they are not a mortgage company and do not lend money. I am therefore raising quite a large sum of money to pay for the lease extension myself so i can start selling off properties and exiting the rental market.

Puzzler

10:42 AM, 19th October 2019
About 4 weeks ago

I have an MX mortgage taken over by Rosinca I believe part of the Jasper group. I have not had any problems (received letters from both) and I know that they have not undertaken any further lending since they were bailed out by the government in 2008 - I don't know if they would have made an exception for a lease extension but why would you need a lease extension unless you were remortgaging?

Luke P

21:04 PM, 23rd October 2019
About 3 weeks ago

I’ve just (partially) lost a Court case -not MX- with the Judge accepting the terms themselves, suggesting any future *possibility* of the debt being assigned to a named third-party (although further reserved it might also *not* be the named third-party), actually as the Deed/Notice of Assignment (‘Goodbye’ letter)…even though I argued I had not received a stand-alone separate letter.

It wasn’t just a petty technicality, I didn’t know whom to pay, from when, how much or any other pertinent details, but the Judge was having none of it (and the opposition didn’t turn up)!

David Dorset

8:17 AM, 24th October 2019
About 3 weeks ago

Reply to the comment left by Puzzler at 19/10/2019 - 10:42
Thanks for comment. I need a lease extension because i only have a few years left on an interest only mortgage. I want to re mortgage the property, ideally in my partners name, and thus cannot do this with Rosinca and need a lease extension in order to be able to re mortgage with anyone else. I would have probably been able to remortgage with ME under my own name so i do feel that i have been left in a less preferential position. My policy now is to start selling off properties and pay down mortgages so i am left with just a few properties but all mortgage paid. Once i have done this i may decide to sell the remaining properties and buy abroad instead and free myself from the governments war on landlords here.

Puzzler

11:57 AM, 27th October 2019
About 3 weeks ago

Hi David/Sam

MX have not been doing any further lending for 10 years plus when they were nationalised so you wouldn't have been able remortgage with them, I am not sure why you think so or why you are therefore in a less preferential position as the terms are the same (or indeed why you don't appear to know this as they have sent enough letters about it). You can look at their website for more information. A lot of lenders are not doing any further lending, not just this one.

So you have to remortgage regardless of into whose name and the simplest and cheapest way to do the lease extension is at the same time so make sure your solicitor knows about and can do it (the new lender will probably require it). I have just done one and it was quite straightforward.


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