Mr & Mrs Lloyd had a mortgage with The Woolwich (Barclays) which had expired 1 year previously. Despite many failed attempts to negotiate an extension and refinance the property, Mr & Mrs Lloyd accepted that they need to sell the property to try and avoid being repossessed.
The Woolwich had given 6 months previously to repay the mortgage, which was eroded with Mr & Mrs Lloyds complaint to the Financial Ombudsman Service. The complaint was unsuccessful and so was Mr & Mrs Lloyds attempts to secure a remortgage. Mr & Mrs Lloyd has significant equity in the property, the majority of which would have been lost if the property was sold under forced sale by The Woolwich.
Mr & Mrs Lloyd put the property on the market, but were refused by The Woolwich to have sufficient time to enable a sale on the property. The Woolwich instead applied to the court, obtained a 28 day possession order and had applied for eviction.
We had to get Mr & Mrs Lloyd into court to defend the eviction order, for which we used an N244 application, and we secured a hearing to put a defence across to a District Judge.
The case was successful and we gained Mr & Mrs Lloyd a period of a further 5 months in which to find a buyer and complete on the sale of the property.
Mr & Mrs Lloyd found a buyer 3 weeks later and the sale was complete within 3 months us preventing them from being evicted.
The law that supports the sale of the property is very different from the law that supports affordability on a mortgage, and needs to be thoroughly understood before making an application to the court. If you are having trouble with your lender, please get in touch with us immediately.