Bank threatening to appoint L.P.A. receivers.

[garlok]

Re: Bank threatening to appoint L.P.A. receivers.

This really does not make any sense at all and defies all logic. Are we dealing with a thread here or are we having to work across two lots of what seem to be contradictory information, a thread here and a thread on Legal Beagles?

I have taken the time yesterday evening, whilst going through the painful process of updating our aged laptop, to review the information given here and the experience we have of reviewing our own wills in 2008 with our solicitor. My recommendations still stand. GO AND GET PROFESSIONAL LEGAL ADVICE FROM A SPECIALIST PROBATE LAWYER IT IS ESSENTIAL!
From the scrambled information we have please note the following and please be aware that I am a bank hater of the first rank and anything in their favour is very painful personally:-

1.There is NO contract with you at all and the banks have no obligation whatsoever to you only their legal obligation to their shareholders to recover what is owing to them (please read the responsibilities of a CEO, Companies Act 1984 and 2006).
2. Firstly you state that this is purely a commercial loan secured on the property but it is not "Buy to Let". Really? Please define in law what a "Buy to let" loan is then please. This loan was joint with your partner's friend.
3.You then go on to state that this was in conjunction with their "business partners". Really? Was this even a legitimate business? Was it a limited company? was it sole proprietership? Was it a partnership? was it a partnership with limited liability? how was it set up?
4.If you claim that the property and hence the assets are yours then I am very sorry but you also inherit all of the associated liability essentially in Contract Law (which by the way you do not want to get involved in) it is called equitable remedy and the banks will have every right to call in the loan against a deceased's estate. You and children have NO contract with the banks, only the liability of sorting out the mess.
5.This brings on another point from my investigations of yesterday evening. (good job the telly was rubbish LOL) Certainly at our review of wills in 2008 the ONLY watertight way of avoiding a tax liability even if it is a zero one is for the wills to be "mutually beneficial" in toto between legal spouses. Even the children of your relationship do not escape the liability for tax (or the necessary returns more correctly) as they are not legal spouses. You have stated clearly that this was not a "legal" marriage merely in law (not meant to be insulting) a partnership with no legal standing.

These are very serious issues and you should not even be discussing these matters on an internet forum, they need to be taken to a specialist legal professional and quickly. On toop of all this the very last thing you need is a problem with the Probate Court and by God you not need a compliance investigation from HMRC and by the look of things from what you have said neither do the "business partners" and "friends" of your late partner.

The banks are NOT circumventing the law in this case, they are exercising what is their enforceable right. (Much as it hurts to say so).

regards
G

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Hi Garlock.For the purpose of trying to make this easier to understand i will now refer to my late partner as my ( Wife ).

1. As Executor of my late wife's estate it is my duty to protect her estate,yes the bank has no obligation to me but surely it has to her estate where a 50% share of two flats were left in her will to myself and our two son's.
2.The money was lent to them to develop a derelict building which they turned into two flats,yes the money was lent to them, but nowhere in an agreement that I have on file doe's it mention a B.T.L. loan it only mentions commercial loan.
3.Who's business partners, the money was lent to my wife and her business partner the security for the loan is on the family home, that myself and my two sons live in, and the development project that was turned into two flats.
4.I don't claim the property is MINE I claim that estate has a 50% interest in the developed property.
5.Although we had two children together we were not married.

And finally you say it is there enforceable right,thats what i was asking if its there right then so be it,i only wanted to know how they are able to circumvent the courts when they don't have a loan agreement.

Regards Streetwise.

[MrsD]

Re: Bank threatening to appoint L.P.A. receivers.

Streetwise, do you have a solicitor for this?

if you do why haven't you asked them these questions?

It is a complicated area and really needs a probate/property solicitor, for your own and your family's future.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Streetwise, do you have a solicitor for this?

if you do why haven't you asked them these questions?

It is a complicated area and really needs a probate/property solicitor, for your own and your family's future.

1.Post 15.

2.They told me its a case of negotiating , and thats what I am trying to do hence i made them the offer.

3.Time to engage one.

Thanks regards Streetwise.

[Never-In-Doubt]

Re: Bank threatening to appoint L.P.A. receivers.

time to speak to Paul mate...... asap!

[garlok]

Re: Bank threatening to appoint L.P.A. receivers.

Right Streetwise, appreciate your comments. I still say firmly that you need to go get the advice of a legal professional. Why the reluctance to do so if this means so much to you? I am at a loss. You say in your previous post above that they have no agreement but in another breath you say that you do have an agreement?

This is my last input into this. I have literally jys put the telephone down to a retired barrister contact on a social call. He is a specialist in contract law and has a pretty good smattering of what the law is despite being out of date.

Firstly as an executor of a will you have one and one only priority and that is to EXECUTE the will and the Law requires that you do this. "Protection" as you put it is an irrelevance. You must discharge ALL of the legitimate liabilities of the estate BEFORE any beneficiary receives anything. Therefore your ;late wife has left you NOTHING until such times as this matter is discharged. NOTHING! As executor it is your responsibility to discharge this matter IN FULL. As there is a dispute you claim, it may be argued in a court of law that you have been negligent in the discharge of your duties as the executor because you did not seek advice of a professional nature. A position you do not want to be in.

Its no good trying to hide behind,with a commercial transaction which you claim this is, the fact that the bank "has no paperwork". they certainly would not have loaned the money without even it was an overdraft limit. You have the paperwork and any court action or appointment of an LPA receiver will require disclosure and the court will not be happy as failure will be treated as contempt of court.

You ask "what business partners? Well from your own words in post#7
"The properties are still in my late partners name and her business partners"

What business? Have the interests of your late wife in that business (if it is legitimate) been discharged properly? It is your responsibility to have done so as executor and to have discharged the liabilities so incurred correctly.

You claim that it is purely a commercial loan. What do think a so called Buy to Let mortgage or loan is? They are purely commercial transactions which fall under the Common Law of Contract. This is NOT consumer law at all and you do NOT have the protections that Statute provides. So your fundamental logic is completely flawed and the fact that you acknowledge the loan exists means that you will have one hell of a fight to argue the paper trail case in front of a court.

Until you have seen a probate lawyer and in my view behaved properly within the law then I withdraw completely from this thread. There are far too many ifs buts maybes and contradictions for me to take this any further. I have sought help for you but you resist any attempt to get you to do the right thing in my view.

regards
G

[garlok]

Re: Bank threatening to appoint L.P.A. receivers.

Oh and sorry having quoted some of your comments to my contact he believes that the banks depending on the size of the loan outstanding may move against you and apply to the High Court to have you removed as executor of the will. They DO have the right to apply for such removal if they come to believe that you are discharging your duties negligently or are not discharging them at all. Failure of one joint executor within our wider family to sign papers on time resulted in an action in the High Court, he was fined £500 and ordered to pay the costs of the case or face a custodial sentence for contempt. I was reminded of this event by my contact. It was his first wife's will and the executor involved was a brother of hers.

If you think I have been hard on you, think what it will be like in court with barristers.

regards
G

[SXGuy]

Re: Bank threatening to appoint L.P.A. receivers.

Garloks said it all. Quite frankly, this whole thing is very hard to follow, doesn't seem to be enough information forthcoming, massive holes in the story, have yet to hear anything about the other business partners, and really confused as to why they seem to be chasing you for something when it should also be the responsibility of any business partner to continue with commercial interests.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Garloks said it all. Quite frankly, this whole thing is very hard to follow, doesn't seem to be enough information forthcoming, massive holes in the story, have yet to hear anything about the other business partners, and really confused as to why they seem to be chasing you for something when it should also be the responsibility of any business partner to continue with commercial interests.

The bank are not chasing me the Executor for anything,all though I have asked them to let me know what's going on they don't write to me at all only to the business partner,sorry typo error when i said( partners).

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Oh and sorry having quoted some of your comments to my contact he believes that the banks depending on the size of the loan outstanding may move against you and apply to the High Court to have you removed as executor of the will. They DO have the right to apply for such removal if they come to believe that you are discharging your duties negligently or are not discharging them at all. Failure of one joint executor within our wider family to sign papers on time resulted in an action in the High Court, he was fined £500 and ordered to pay the costs of the case or face a custodial sentence for contempt. I was reminded of this event by my contact. It was his first wife's will and the executor involved was a brother of hers.

If you think I have been hard on you, think what it will be like in court with barristers.

regards
G

The only beneficiaries of the Will are myself and my two sons.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

time to speak to Paul mate...... asap!

I've emailed Andrew.

[MrsD]

Re: Bank threatening to appoint L.P.A. receivers.

thank God for that, now you can start to make some sense of this. Good Luck

[PlanB]

Re: Bank threatening to appoint L.P.A. receivers.

The only beneficiaries of the Will are myself and my two sons.

That's not what you said in this post #12 on another thread It quite clearly states that "my wife's 50% share in the flats was left to me and my 2 sons". It follows that the other 50% must still belong to her business partner who seems happy to wait for years to receive what is due to her under the Will.

http://forums.all-about-debt.co.uk/s...l=1#post270488

For what it's worth you have my utmost sympathy for losing your beloved wife and the task of bringing up your two young sons by yourself must be both daunting and emotionally exhausting I expect you were wandering around in a complete fog for at least a year after this tragedy which explains why you've found it difficult to keep on top of the paperwork.
Credit where credit is due you've held the family together and that deserves praise

[PlanB]

Re: Bank threatening to appoint L.P.A. receivers.

time to speak to Paul mate...... asap!

I agree with Niddy. Send Paul a PM with a link to this thread (he'll see the links to your other threads contained in it too).

Make him aware of any impending deadline. Has the bank actually sent a solicitor's letter naming the date they intend to take the property into receivership? If it was me I'd write direct to the bank and tell them that you are now seeking formal legal advice and intend to instruct a solicitor to deal with this problem in the next 14 days. That will give you time to get your file in order.

Most law firms have a department which will handle Wills and Probate issues as well as housing/contract law so Paul may be able to help you kill two birds with one stone

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

That's not what you said in this post #12 on another thread It quite clearly states that "my wife's 50% share in the flats was left to me and my 2 sons". It follows that the other 50% must still belong to her business partner who seems happy to wait for years to receive what is due to her under the Will.Thank you for your kind words.

http://forums.all-about-debt.co.uk/s...l=1#post270488

For what it's worth you have my utmost sympathy for losing your beloved wife and the task of bringing up your two young sons by yourself must be both daunting and emotionally exhausting I expect you were wandering around in a complete fog for at least a year after this tragedy which explains why you've found it difficult to keep on top of the paperwork.
Credit where credit is due you've held the family together and that deserves praise

Thank you for your kind words.

In my partners will it states that everything she owned was to be split between myself and our sons 40% to me and 30% to each of our sons,the flats are not directly mentioned in the will.

My understanding is that she and her business partner owned the flats between them 50/50, so myself and my boys are entitled to her share in the flats.