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Ask Clare Your Own Question
Clare, Solicitor
Category: UK Law
Satisfied Customers: 34266
Experience:  family solictor with 25 years experience
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I signed a deed of postponement when my partner took out a

Customer Question

I signed a deed of postponement when my partner took out a loan secured on our home about 8 years ago. it was in the form of an agreed overdraft facility on his account. If I had not signed it he wouldn't have been given the money which he needed for his business. He put it in as a directors loan. We had gradually paid of half of the overdraft facility but then the bank decided to convert it into a loan that we had to pay interest on. I sold a property that I owned with my ex husband and I put £50,000 into my partners account to bring the overdraft down, plus other money along the way. We had trouble recently meeting the interest payments and the court has allowed a possession order on the house. We have 3 children together and this is our family home. It looks like I have no rights as the mortgage and this loan are in his name. I signed the deed 8 years ago and in hindsight should not have signed it or put money in to pay it off but I did! Is there anything I can do?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: I am in the UK. Is that a problem?
JA: What action has been taken so far? What's your ideal outcome?
Customer: We have appealed and tried to talk to the bank. They offered us 3 more months to sell the house but wanted a payment of half of the money
JA: Anything else you want the lawyer to know before I connect you?
Customer: The bank have another charge on a property that has 5 flats that are rented out and no mortgage, but have gone for the family home
Submitted: 11 months ago.
Category: UK Law
Expert:  Clare replied 11 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much is the house worth and how much is outstanding on the loan and mortgage?

What contribution have you made to the property?

Are you married to each other?

Customer: replied 11 months ago.
We are not married but have been together for 14 years and have 3 children together aged 12, 9 and 5. The house is worth around 800,000 but with planning permission for 2 properties on the plot (which we are looking to get) would be worth about 1.2m. The mortgage is about 550,000 and the loan about 250,000. I was working until the birth of my youngest child who is 5 so contributed to all bills, plus I sold a house in 2010 and put around 70,000 towards the property and paying bills. 50,000 went on reducing the loan which was then still an overdraft facility.
Expert:  Clare replied 11 months ago.

Did you have any legal advice at the time that the document was signed?

Customer: replied 11 months ago.
I had to sign it at a solicitors, but just didn't think this would happen
Expert:  Clare replied 11 months ago.

Is the property now on the market?

Customer: replied 11 months ago.
It is about to be but we are waiting to see what the appeal says. Also the property would be worth more with planning permission which we had started trying to sort out.
Expert:  Clare replied 11 months ago.

I am sorry but selling the property is your only option at this stage.

The only chance would have been if you had not had legal advice.

I understand that you never thought that it would happen but since you signed it whatever rights you had were lost.

I am so sorry

Please ask if you need further details

Customer: replied 11 months ago.
We can't sell it if they are repossessing it. It would just go to auction where it probably won't make enough to pay the debts. Do we have no rights as a family? The debt is not in my name.
Expert:  Clare replied 11 months ago.

Sorry I thought you said you had been given three months to arrange a sale?

Customer: replied 11 months ago.
Only if we pay 100,000, but we wouldn't sell at a good price in 3 months so not sure we want to pay that if they are going to repossess anyway as they have less incentive to get a good price to cover the debt. Do we have any come back because of the young children in the house who will be made homeless?
Expert:  Clare replied 11 months ago.

I am sorry but no the fact that there are young children involved has no relevance in these circumstances