Tweet
In addition to my house I have a commercial property under separate title. My house is not involved. A private individual, a long-term colleague, made a short term high value loan to me so I could satisfy a serious debt issue. I agreed to sell the commercial property to repay. I am nearly 70 and was ill and under severe stress when this was done.
In a simple agreement between me as owner of the commercial property and the individual, I was obliged to agree that if after a certain date I had not secured an offer to sell, then the individual took control of the sale.
I put the property up for sale and found a buyer that offered substantially more than the money, dues and fees due on the loan. This offer was confirmed on the night of the last day I had control and in writing the following morning.
Now the individual wants to force the selection of another bidder who has offered more.
Accepting this other offer leaves me disadvantaged as my preferred offer gives me substantially more at a later date when planning permission is secured. I suspect a deal between the individual and the other offer.
As a principle in law, does a lender have the right to force an unfair agreement and accept an offer he prefers instead of the offer I have when my preferred offer is substantially in excess of the debt and all dues.
The individual did not take out a charging order, but, did register his charge against the deeds, but, did not state the amount of the debt the charge was being taken for. It simply states he has a charge.
In a simple agreement between me as owner of the commercial property and the individual, I was obliged to agree that if after a certain date I had not secured an offer to sell, then the individual took control of the sale.
I put the property up for sale and found a buyer that offered substantially more than the money, dues and fees due on the loan. This offer was confirmed on the night of the last day I had control and in writing the following morning.
Now the individual wants to force the selection of another bidder who has offered more.
Accepting this other offer leaves me disadvantaged as my preferred offer gives me substantially more at a later date when planning permission is secured. I suspect a deal between the individual and the other offer.
As a principle in law, does a lender have the right to force an unfair agreement and accept an offer he prefers instead of the offer I have when my preferred offer is substantially in excess of the debt and all dues.
The individual did not take out a charging order, but, did register his charge against the deeds, but, did not state the amount of the debt the charge was being taken for. It simply states he has a charge.
Comment