Bank will not allow us to sell equitable house

O

Oeano16

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Can someone please confirm to me the power our financial institutions have. We currently own two properties, one is our home the other a rental property that has had no tenants for nearly 12 months. Our financial situation has changed so we want to sell the rental property. We had a buyer but our financial institution has refused to let us sell. Instead they would rather see the property rented. But we are in financial difficulty and need to release the equity on the house to cover arrears on the home property.

HOW CAN THEY DO THIS and is it legal to keep a family struggling and in a stressful state.

Any help or information is much appreciated
 
As Brendan suggests, you would need to provide more detailed info for full advice.

Under the 2009 Conveyancing Act you can obtain a court order to compel the bank to accept market value for the property. In many cases, when a bank receives a solicitors letter threatening such court action, they agree to the sale.

Jim Stafford
 
Hi O

I think you misunderstood me. No one on askaboutmoney will be able to give you useful answers, unless you post the information in that link on askaboutmoney.

Brendan
 
Oeano16 said:
Hhi Bre

Hi Brendan
We have sent in all necessary information to the lender, explained in full about our current situation. Their worry is we will not be able to continue payments on the home house and not recognizing that the rental property is keeping us in debt.
Click to expand...

You need to tell us what you told the bank.

There must be a reason the bank won't let you sell as it seems very odd indeed.
 
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