Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
Thoughts and any advice please ref UKAR/Mortgage Express.
I have 18 Mortgages with them all around 10 years old. (out of a portfolio of approx 70) I asked them in March this year if I could sell a property without them using their right to consolidate. They said yes and sent through a redemption statement on 26th March.
Well I refurbished the house to sell, new carpers and plastered and painted throughout etc. Put it up for sale in August and received an acceptable offer.
Sale proceeding until this week when UKAR send a letter to my solicitor saying they are now going to consolidate and require the full sale price. The figures were: mortgage £154k, sale price £283k with an approx CGT liability of £30k. I was going to use the proceeds to pay off a higher rate loan.
With them wanting to keep all proceeds to offset my other debts I would be £30k out of pocket to pay the GCT. Other figures are overall debt to them today is £2.3m and property values of these 18 properties is approx £3.65 so approx 65%LTV.
I have spoken to them three times this week and they will not budge, I have said I will not therefore be selling the property or any other properties I have with them.
Question: have I got any other options, eg pay off the mortgage and delay the sale? Have they got a timescale from repayment to when you sell to reclaim any proceeds of the sale?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More