galway1986
Registered User
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- 1
Hi all ,
I'm new to this forum and looking for some advice.
Three years ago my fiancée and I took out a mortgage for 220K.
Due to the ill health of my fiancée after an accident the property was no longer suitable for her needs and we decided to sell it. We placed it for sale with a local auctioneer and received great interest. The house went sale agreed for 380K.
The issue arose when we went to our solicitor to issue contracts to the purchasers. Our solicitor informed us we could not sell the house due to an ''enurement clause'' on the planning permission which stated we had to live in the house for a period of 10 years. He advised us to go to the Council and explain our situation.
The Council wrote to us a week later and stated they would not lift/waive the clause. They stated that the would only consent to the sale of the house where a bank/lending institution were trying to realise the value of their security and disposing of it as mortgagee in possession.
Our solicitor then advised us to hire a financial consultant to talk to our bank. We met with him and he advised us that the only way the bank would agree to dispose the house as a mortgagee in possession was if we were unable to pay our mortgage. So we entered the MARPS process and filled in a SFS and basically wrote a load of rubbish in it as to how broke we were.
The bank agreed to sell it as mortgagee in possession and the deal is currently concluding. Luckily the purchaser was in no rush for the sale to go through or we would have lost him.
The problem now that arises is we will be getting back circa €150K of our equity from the sale but our credit rating is destroyed by going 7 months in arrears. The bank in question is issuing us a letter that the mortgage was cleared in full and that the arrears were accumulated due to a technicality in the sale of the property.
But now we need to raise a new mortgage of 170K for a house we want to buy for €350K. I rang a lady in KBC and explained our situation and she contacted her underwriters who stated they would only look at our ICB report and basically ''arrears were arrears '' no matter what the reason was.
Would greatly love some advice on how approach this situation regarding a new mortgage.
I would also like to point out that we always kept our current a/c's (which a with a different bank) perfect.
All advice / questions welcome!!
I'm new to this forum and looking for some advice.
Three years ago my fiancée and I took out a mortgage for 220K.
Due to the ill health of my fiancée after an accident the property was no longer suitable for her needs and we decided to sell it. We placed it for sale with a local auctioneer and received great interest. The house went sale agreed for 380K.
The issue arose when we went to our solicitor to issue contracts to the purchasers. Our solicitor informed us we could not sell the house due to an ''enurement clause'' on the planning permission which stated we had to live in the house for a period of 10 years. He advised us to go to the Council and explain our situation.
The Council wrote to us a week later and stated they would not lift/waive the clause. They stated that the would only consent to the sale of the house where a bank/lending institution were trying to realise the value of their security and disposing of it as mortgagee in possession.
Our solicitor then advised us to hire a financial consultant to talk to our bank. We met with him and he advised us that the only way the bank would agree to dispose the house as a mortgagee in possession was if we were unable to pay our mortgage. So we entered the MARPS process and filled in a SFS and basically wrote a load of rubbish in it as to how broke we were.
The bank agreed to sell it as mortgagee in possession and the deal is currently concluding. Luckily the purchaser was in no rush for the sale to go through or we would have lost him.
The problem now that arises is we will be getting back circa €150K of our equity from the sale but our credit rating is destroyed by going 7 months in arrears. The bank in question is issuing us a letter that the mortgage was cleared in full and that the arrears were accumulated due to a technicality in the sale of the property.
But now we need to raise a new mortgage of 170K for a house we want to buy for €350K. I rang a lady in KBC and explained our situation and she contacted her underwriters who stated they would only look at our ICB report and basically ''arrears were arrears '' no matter what the reason was.
Would greatly love some advice on how approach this situation regarding a new mortgage.
I would also like to point out that we always kept our current a/c's (which a with a different bank) perfect.
All advice / questions welcome!!
