Morning All
Hope someone can help with this query, that its not too long winded and i've posted in the right place!
We are currently on a DMP via Stepchange for the last 4 years.
HFC via Restons obtained a CCJ and subsequent interim charging order against myself only - mortgage is in joint names.
We are trying to do a remortgage via our current lender the Halifax just to reduce the monthly payment and hopefully use the saving to pay more to our creditors. We are not looking to borrow any additional money.
Optima Legal who are looking after the remortgage for the Halifax have phoned and now written to say there is a problem - i've copied the letter below:
"We refer to the proposed remortgage on the above property.We enclose a copy of the official office copy entries, high lightening the restriction infavour of HFC Bank Limited by way of an Interim Charging Order.
We are unable to proceed with the remortgage as this is a third party interest and Halifaxwill not agree to proceed whilst this is registered as there is money owed under the chargeand is not being repaid. This interest will rank ahead of Halifax's charge and if theproperty was ever repossessed then HFC's interest would be repaid first and then Halifaxwould be left with the remainder and as a Mortgagee in Possession they will not proceedon this basis.
Unfortunately, a restriction cannot be postponed and we would therefore require theamount owed to be repaid on completion for us to be able to proceed with the remortgage.If HFC were to register a second charge over the above property by way of a LegalCharge, then we could approach them to see if they would agree to postponing theircharge in favour of Halifax and execute a Deed of Postponement. Please note they maynot agree to this.We have referred the matter to Halifax for further consideration".
Would appreciate any thoughts/comments.
Many Thanks
Hope someone can help with this query, that its not too long winded and i've posted in the right place!
We are currently on a DMP via Stepchange for the last 4 years.
HFC via Restons obtained a CCJ and subsequent interim charging order against myself only - mortgage is in joint names.
We are trying to do a remortgage via our current lender the Halifax just to reduce the monthly payment and hopefully use the saving to pay more to our creditors. We are not looking to borrow any additional money.
Optima Legal who are looking after the remortgage for the Halifax have phoned and now written to say there is a problem - i've copied the letter below:
"We refer to the proposed remortgage on the above property.We enclose a copy of the official office copy entries, high lightening the restriction infavour of HFC Bank Limited by way of an Interim Charging Order.
We are unable to proceed with the remortgage as this is a third party interest and Halifaxwill not agree to proceed whilst this is registered as there is money owed under the chargeand is not being repaid. This interest will rank ahead of Halifax's charge and if theproperty was ever repossessed then HFC's interest would be repaid first and then Halifaxwould be left with the remainder and as a Mortgagee in Possession they will not proceedon this basis.
Unfortunately, a restriction cannot be postponed and we would therefore require theamount owed to be repaid on completion for us to be able to proceed with the remortgage.If HFC were to register a second charge over the above property by way of a LegalCharge, then we could approach them to see if they would agree to postponing theircharge in favour of Halifax and execute a Deed of Postponement. Please note they maynot agree to this.We have referred the matter to Halifax for further consideration".
Would appreciate any thoughts/comments.
Many Thanks
Halifax Remortgage - Charging Order Problem
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