Sudden lpa receiver threat after 5 years of regular monthly payments

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

I shall write it now. The receivers letters have both come in my maiden name. Post offices are all closed half day today but shall get Mr to post tomorrow. Recorded of course. I even send recorded where there's a pre paid envelope if the letter is of any importance at all.

The sar has been sent this morning.

I found the original estate agents leaflet and the shop area is 28ft by 12.9ft. The house has 8 rooms a kitchen, bathroom and an open plan area. Can supply measurements if required.

x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Another update: Turns out my memory of figures and dates is rubbish, Just had time to sit down and actually look with clear eyes at the paperwork I have. I feel very stupid and apologise if this changes the advice or causes difficulties.

The original mortgage was £60,000 not £64,000

March 2007 I was given a Commercial Mortgage Loan Facility for £54000, that was when the charge was put on the house.

It says Purpose of facility - only to be used for restructuring existing loans.

Repayment by a single payment within 6 months (I'm amazed at myself that I signed this) Interest debited to current account. I'm quite convinced the bank manager told me I'd still be able to pay in the same way as the original across 25 years and not to worry about it. I know I would have said to him that there was no way I could raise £54,000 in 3 years.

Apparently the term is 3 years

Special conditions: Existing loan accounts (2 account numbers) will be fully repaid and closed

I've also found a letter from 2012 that calls it a Flexible commercial mortgage account.

I'll get on and write to the receivers now anyway. Apologies again for what was probably misinformation originally. I am registered to vote but my details aren't on the roll.

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

The original mortgage was £60,000 not £64,000

March 2007 I was given a Commercial Mortgage Loan Facility for £54000, that was when the charge was put on the house.

It says Purpose of facility - only to be used for restructuring existing loans.

Apparently the term is 3 years

Special conditions: Existing loan accounts (2 account numbers) will be fully repaid and closed

From what you say this means the outstanding balance of the 1999 original Commercial Mortgage of £60k (to be repaid over 25 years expiry 2024) was combined with the business overdraft in 2007 to become a new Commercial Mortgage of £54k (to be repaid over 3 years expiry 2010).

That doesn't sound like a good deal to me if it meant you had to pay off the money due under the original loan 14 years early. It may have saved you 14 years of interest payments, but if it causes you to lose your home because you couldn't keep up with the increased monthly payments then it's a bum deal.

Your SAR should reveal all but in the meantime you have a Receiver who needs to be kept onside since that consolidation loan has already expired (5 years ago).

Can you scan and email me those documents.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Next job - get the scanner working. Am on it.

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Just found a letter from the bank dated 2 April 2009 regarding interest that states maturity date of the flexible commercial mortgage is 07/07/2033 That seems good

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Just found a letter from the bank dated 2 April 2009 regarding interest that states maturity date of the flexible commercial mortgage is 07/07/2033 That seems good

What a roller coaster ride this is turning out to be

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

There is an ancient curse that I'm convinced was put on me a long time ago; I hope you have an interesting life.....

In other news, scanner/printer dead as a doornail I am going to have to get a new one. Can't find the council tax notice now either, wouldn't be surprised if Mr burned it.

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

I found the original estate agents leaflet and the shop area is 28ft by 12.9ft. The house has 8 rooms a kitchen, bathroom and an open plan area.

Which begs the question why the hell did Barclays Bank sell you a Commercial Mortgage for an eight room house (residential) with a 'broom cupboard' on the side and not offer you a Residential Mortgage which had the potential to be regulated by the CCA ?

Maybe this should have been a residential mortgage with permission (if necessary) to use the broom cupboard (previously a cafe) for business purposes.

You need to get that new scanner asap so we can take a proper look at the history of this.

You absolutely must get a letter off to the Receivers tomorrow and make/keep a photocopy of it if your printer isn't working. They need to know you and your husband are living there.

Don't let this *go legal* before you've had the chance to engage with the LPA Receiver however unpleasant they may seem (receivers are often unpleasant but they still have rules and regs to comply with). I call this my 'sleeping with the enemy' approach which may work.

Plan B x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

The 'shop' part is even less than 20% not sure it's even 15% of the whole building, if that. I'll look out particulars. The rest of the ground floor is probably twice the size and upstairs is around 3 or 4 times bigger.

. . . . there is another door to the rest of the building so we can enter/leave elsewhere. The 'shop' has a door of its own. There is a lockable wooden door between the shop area and the house area.

Yes there were separate council tax bills, which was why I did change of use to domestic. (Our council tax didn't raise after that). Business rates for the shop and domestic for the rest.

Did/does the 'shop' part of the property have separate utility suppliers such as water rates and gas and electricity?

Plan B x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

In 1999 I bought a business

When you bought the 'business' did you have any previous experience of running a business?

Did Barclays bank ask you to provide them with a Business Plan with cash-flow projections etc in order for them to consider your Commercial Loan application?

This was going to be a change of use from a cafe to a newsagents. That suggests that historical business performance may not have been relevant.

Plan B x

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

I found the original estate agents leaflet and the shop area is 28ft by 12.9ft. The house has 8 rooms a kitchen, bathroom and an open plan area.

Did the estate agent's leaflet (sales particulars) describe the property as residential or commercial ?

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Sorry, even though it was called cafe it hadn't been one since the 50's/60's, it was already a newsagent/sweet shop. I thought I'd mentioned that, apologies. Wasn't doing brilliantly at the time and I thought I'd be able to build it, but that wasn't as easy as I thought. The killer really 'though was a supermarket free bus to the nearest town starting to run through the village coupled with economic downturn (people cancel their papers when they're short) and a squeeze on margins by suppliers.

I did have to do a business plan and had some previous self employed admin work (Not what I'd call a business really, just bits and bobs) and worked at that time for a company set up by (ex) family, having been involved with it from setting it up, again though as admin. Had 2 young children age 9 and 10 at that point. I went on a council run course for start ups that taught us how to do a business plan.

No separate utilities. Everything came in on one bill for each utility (in the business name) and was apportioned to percentage for business and percentage to domestic when submitting returns.

Getting the scanner Saturday, can't get to a shop before that, and letter will be posted tomorrow as had to type it at work to copy it and work's nowhere near a Post Office. Finishing late means I can't get to the PO either. Will pay the extra and have it delivered next day delivery.

Sorry for the delays and hassle.

[PlanB]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Sorry for the delays and hassle.

^^^^ You make that sound like a Virgin Trains' announcement when there are leaves on the line

Relax, get that letter off to the LPA Receivers pronto and then we'll take it from there.

Have a good weekend.

Plan B x

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Hehehe except I was sincere. Letter has been posted.

Hope you have a lovely weekend. xx

[Disastra]

Re: Sudden lpa receiver threat after 5 years of regular monthly payments

Scans on the way.