UKAR/Mortgage Express moving the goalposts!

UKAR/Mortgage Express moving the goalposts!

15:19 PM, 3rd October 2018, About 3 years ago 12

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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

by Seething Landlord

14:52 PM, 4th October 2018, About 3 years ago

A further point to consider is that there is a legal principle called "promissory estoppel" under which one party to an agreement cannot renege on it if the other has "acted to their detriment" (e.g. incurred cost) in reliance on the agreement. As with most things, there can be technicalities restricitng the application of the principle but I would write to them stating that you have refurbished the property, marketed it and agreed a sale in reliance on what they told you in March and that they are therefore estopped from claiming payment of anything more than the loan outstanding on this property and see what they say. They might of course cave in anyway when referred to the UKAR letter to Andrew Tyrie.

by Mtsproperty

16:24 PM, 13th February 2019, About 3 years ago

Hi All,

I have 5 mortgages with MtXpr and I want to remortage just three. does anyone have any experience with MX when it comes to re-mortgaging.

Do I need to tell them from the start?


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