UKAR/Mortgage Express moving the goalposts!

by Readers Question

15:19 PM, 3rd October 2018
About 3 weeks ago

UKAR/Mortgage Express moving the goalposts!

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UKAR/Mortgage Express moving the goalposts!

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?

Many thanks

Mark



Comments

John Somins

19:00 PM, 3rd October 2018
About 3 weeks ago

I am in very same situation, so look forward to any pointers too.
Anyone tried and successfully taken MX to Court in similar situation?
Thanks!

Mike Amapola

20:58 PM, 3rd October 2018
About 3 weeks ago

Did they put their original agreement in writing ? ( I have mortgages with them but no immediate plans to sell but concerned non the less)

Mark Alexander

8:10 AM, 4th October 2018
About 2 weeks ago

Did you obtain permission in writing?

If not, then request a copy of the telephone conversation under DSAR legislation. Your solicitors will be able to advise you on this. It will cost you £10.

If your figures are correct they cannot do this. They have confirmed the same in writing to the Head if the FCA. A copy of that letter is available for download somewhere on this website. I am on holiday this week so no time to find it I’m afraid.

Jim Swallow

10:02 AM, 4th October 2018
About 2 weeks ago

This is interesting I have 3 mortgages with UKAR/Mortgage Express. However they transfered/sold them to Rosince Mortgages does anyone know if the same applys with Rosince and the terms as Mark,and has been forced to forclose on all if he proceeds. This was always the case in the past with UKAR/Mortgage Express on sell one we will forclose on all and take out ball home!!! This was a big talking point on the Property118 forum a while ago..I don't want to detract from Marks question but its in the same pot so to speak..

Mark Alexander

11:00 AM, 4th October 2018
About 2 weeks ago

Reply to the comment left by Jim Swallow at 04/10/2018 - 10:02
I have sold properties this year both pre and post Rosinca without and ‘right to consolidate’ issues arising.

My portfolio of mortgages with MX/Rosinca are similar in numbers and LTV to those shared by the other Mark who started this post

Chris Harris

11:54 AM, 4th October 2018
About 2 weeks ago

I too have sold , post Roscinca, with no right to consolidate issues.

Indeed, I rather naively didn't even ask about the issue.

Jim Swallow

12:18 PM, 4th October 2018
About 2 weeks ago

Reply to the comment left by Mark Alexander at 04/10/2018 - 11:00
Thanks for the clarification Mark its appreciated, I can move forward with the disposal of one property next year.

Mark Alexander

12:22 PM, 4th October 2018
About 2 weeks ago

Reply to the comment left by Jim Swallow at 04/10/2018 - 12:18
I can only comment on my personal experiences, I am not giving advice or clarifybeyond my own experiences. As we can see from the original post, not everybody is finding it as easy to deal with MX/Rosinca as I did.

Binkie

13:11 PM, 4th October 2018
About 2 weeks ago

Mark Alexander

13:14 PM, 4th October 2018
About 2 weeks ago

Reply to the comment left by Binkie at 04/10/2018 - 13:11
Yes, that’s the one.

Hopefully, this will be of great assistance to the original poster.

Thank you for finding and sharing this link.

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