I need help in taking on the UKAR Bully Boys!

by Readers Question

17:17 PM, 28th March 2018
About 9 months ago

I need help in taking on the UKAR Bully Boys!

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I need help in taking on the UKAR Bully Boys!

I am a Property Landlord, based in North West England and I have 36 mortgages, which were originally taken out with Mortgage Express and GMAC and need recommendations of any Solicitors with specific experience in dealing with UKAR’s bullying tactics.

I was forced to resign my Mortgage Deed, the main impact being repayment of all 36 mortgages, 13 years earlier than the original date.

This I am unable to do as property prices have not bounced back since the 2008 financial crisis.

I have grounds to challenge this and it is imperative that I find the right solicitor.

Any recommendations will be welcomed and appreciated.

Many thanks

Selina



Comments

Neil Patterson

17:21 PM, 28th March 2018
About 9 months ago

Hi Selina,

One of our Property118 members is a lawyer that specialises in MX LPA receivers cases.

You can see his details and make contact if you wish from his members profile >> https://www.property118.com/member/?id=10845

Dr Rosalind Beck

14:01 PM, 29th March 2018
About 9 months ago

Good luck with this Selina. May I ask why you were made to re-sign (I assume that means sign again rather than 'give up') a mortgage deed (was it just for one property)? I'm also wondering whether you could negotiate an alternative to redeeming all the mortgages (if you had the funds) of eg. paying down some mortgages to get a better LTV on them... Sorry, I'm not an expert, but think it would be helpful if landlords could help you think around this - in addition, obviously, to speaking to the expert Neil mentioned. It is clearly a very worrying situation for you and hopefully lots of people will try to help.

Gwen Davies

19:42 PM, 29th March 2018
About 9 months ago

Hi Selina, I have the same problem. It would be good to talk. I have spoken to a number of people including solicitors about this and have gathered a lot of information. Can you private message me?

Kate Mellor

20:39 PM, 29th March 2018
About 9 months ago

Good luck with this Selina, we spent 18 months going through something similar. Our properties were with Yorkshire Bank in business loans. They decided they were getting out of the business loans to property businesses market and sold our loans off to Cerberus, a US conglomerate who,according to their UK intermediary, “play hardball”. We had to refinance everything individually on a tight timeline. Very stressful but we managed. An extra challenge that you face is the new restrictions around value relative to rent that weren’t there previously meaning that the LTV options can be restricted. Recently we’ve been forced to pay off thousands in capital to get our LTVs down every time we’ve refinanced. Not something that will be easy to manage on 36 properties in short succession (we’re also based in the North West). Again I wish you every success in navigating your way through this challenge.

Selina

12:36 PM, 10th April 2018
About 8 months ago

Reply to the comment left by Neil Patterson at 28/03/2018 - 17:21
Thanks Neil.
I have been away over Easter, i will make contact with him.

Selina

13:00 PM, 10th April 2018
About 8 months ago

Reply to the comment left by Gwen Davies at 29/03/2018 - 19:42Hi Gwen,
I have been away on holiday, thanks for getting in touch.
It would be good to talk, I know of a few people in a similar situation to me.
I like to think I'm techno savvy but I can't find your email address in your profile. Can you please email me: rentahouse99@gmail.com
Look forward to hearing from you.
Best regards
Selina

Selina

13:06 PM, 10th April 2018
About 8 months ago

Reply to the comment left by Kate Mellor at 29/03/2018 - 20:39
Thank you Kate. What I need is for my original Mortgage Terms to be reinstated to the original redemption dates, so my portfolio reverts back to 25 year terms, this way, I will be able to repay them. I have a strong argument and need the right solicitor to take this on for me.

Selina

13:11 PM, 10th April 2018
About 8 months ago

Reply to the comment left by Dr Rosalind Beck at 29/03/2018 - 14:01
Thank you Rosalind. I have contacted the solicitor via his company website and on here.
My circumstances are complicated, thanks to my ex husband..... I have 36 IO mortgages, with no arrears history where I overpay a small amount of capital each month in addition, there is insufficient equity in the majority of them to repay by the deadline of 1/12/2020.
I have a good case against UKAR as I have not been treated fairly and need to find the right solicitor, to argue this.


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