Case Studies

Cleared Mortgage Arrears & Stopped Repossession

Chalfont St Giles – Buckinghamshire – 2020

Seller’s Situation:

  • House and farm land
  • Health issues & lost job
  • Mortgage expired
  • Mortgage arrears
  • Repossession proceedings
Cleared Mortgage Arrears & Stopped Repossession

Our Solution:

  • Cleared mortgage arrears & stopped repossession
  • Negotiated mortgage extension
  • Released funds to sellers
  • Planning permission obtained for land
  • £600,000 increase in land value to sellers

Description:

A farmer and his wife with a house and farm land in Buckinghamshire, had lost one of their jobs and fallen into mortgage arrears. On top of this, they had a 10-year interest only mortgage which had expired and they had not paid it off. The mortgage lender had commenced repossession proceedings. This caused a lot of undue stress to the couple, and it was very difficult for them to know the steps to their required solution.

Our job at Hamilton Paige, was to remove the confusion and stress from a complicated, unsettling situation and help our clients remedy their difficulties. They had a disused farm paddock beside the house which had planning potential for three new houses. Using our experience, we negotiated with the mortgage lender to stop the repossession if the arrears were paid off. We also reached agreement with the mortgage lender to extend the mortgage term by 24 months. This would buy time for planning permission to be obtained on the farm paddock.

We paid off the mortgage arrears for the owners and planning permission was obtained for 3 houses which will be valued at circa £1.75 million each. The uplift in value to the farmer and his wife from the planning gain alone is circa £600,000. At the time of writing, they are now downsizing to a smaller house. The development of the new houses is about to commence and assuming all goes to plan, the farmer and his wife will benefit further from a profit share arrangement when the new houses are sold.

Funded Legal Dispute Against Rogue Property Traders

Lewisham – London – 2016

Seller’s Situation:

  • Lost job
  • Mortgage arrears
  • Borrowed money from rogue property traders
  • Repossession proceedings
  • Rogue property traders had contract to buy property for half price
Funded Legal Dispute Against Rogue Property Traders

Our Solution:

  • Funded legal dispute against rogue property traders
  • Settled with rogue property traders
  • Cleared mortgage arrears & stopped repossession
  • Refurbished house before sale
  • £170,000 increased sale profit to seller

Description:

The property seller had lost her job, had mortgage arrears and was confused about what to do. She borrowed £30,000 from two rogue property traders who required the loan to be paid back in 6 months with £30,000 on top (so £60,000 in total). They had also exchanged a contract to buy her house for half price if the £60,000 wasn’t paid back. The seller thought there were no other options and proceeded in the hope that she would be able to repay the loan and keep her house.

The rogue property traders had used a legally binding contract which meant that if the equivalent of double the loan wasn’t paid back, they could force the sale to purchase the house for literally half price. We collaborated with the seller and employed a specialist property lawyer & barrister to defend her in court.

We were able to settle with the rogue property traders and repay their loan plus an agreed amount of interest that both parties were happy with. Next, we funded the refurbishment of the house, which was then sold. The seller made £170,000 more profit from the sale, and she downsized and invested some of her profits in other projects with Hamilton Paige as an investor.

Development Funds Provided, £75,000 Increased Profit

Denham – Buckinghamshire – 2015

Seller’s Situation:

  • Wanted to downsize to smaller home
  • House value could be increased via development
  • Didn’t have funds needed for development
  • Wanted to pay off mortgage
  • Wanted to maximise sale profit
Development Funds Provided, £75,000 Increased Profit

Our Solution:

  • Development funds provided
  • Property developed before sale
  • Funds released from sale
  • Seller paid off mortgage & downsized
  • £75,000 increased sale profit to seller

Description:

The property seller was looking to downsize as his children had grown up and moved out. He wanted to maximise the sales value in order to pay off the remaining mortgage and free up funds to downsize to a smaller home.

The seller was introduced to Hamilton Paige via his lawyer who prepared the contracts for a fixed profit share arrangement. We arranged the required funding and managed one of our builders to carry out a loft conversion and full refurbishment of the property. This was a hands off and hassle free service for the seller.

The seller made more profit via the fixed profit share development than he would have if he sold the property in its original condition. As anticipated, Hamilton Paige was able to assist the seller successfully; he paid off his mortgage and downsized to the smaller property which was bought with cash.

Funds & Expertise Provided To Remove The Covenant

Chesham – South Buckinghamshire – 2020

Seller’s Situation:

  • Growing family wanted to upsize to a bigger home
  • Side garden plot had planning permission for 2nd house
  • Restrictive covenant on title prevented building 2nd house
  • Didn’t want to take financial risk to remove covenant
  • Too risky for unsophisticated buyers
Funds & Expertise Provided To Remove The Covenant

Our Solution:

  • Price agreed for side plot if covenant could be removed
  • House sold with side agreement for the plot
  • Funds & expertise provided to remove the covenant
  • Covenant successfully removed after 18 months
  • £42,500 increased sale profit to seller

Description:

The sellers obtained planning permission to build a 2nd house on their garden side plot, without realising that a very old restrictive covenant on the title at HM Land Registry, prevented the construction of another dwelling on the property.

We agreed a price for the house which was sold on day one and a separate price for the side plot, which was subject to the removal of the covenant. After a lengthy Land Registry tribunal process, we successfully had the restrictive covenant so that the 2nd house could be built. The seller was paid for the side plot upon removal of the restrictive covenant.

Hamilton Paige collaborated successfully with investors to buy the property. a specialist property lawyer to deal with the Land Registry Tribunal and one of our builders who upon writing this, is currently building the new house. This has resulted in a win/win situation for all involved.

Fixed Price Profit Share Agreed

Tottenham – London – 2015

Seller’s Situation:

  • Property was previously rented
  • Tenants grew cannabis in house & damaged structure
  • Property had been vacant for number of years
  • Wanted to help children buy properties in other areas
  • No available funds to refurbish property
Fixed Price Profit Share Agreed

Our Solution:

  • Fixed price profit share agreed
  • Funds & expertise provided to develop property
  • Property sold for maximum value
  • Seller helped children onto property ladder

Description:

The seller used to live in the property with her family. She moved out after divorcing her husband and rented the house to tenants. The tenants unfortunately grew cannabis in the property and damaged it to the extent that it couldn’t be rented. Due to bad memories associated with the property which led to discontentment for the seller, it was left vacant for a number of years.

The seller was introduced to Hamilton Paige via an intermediary who realized that the seller needed help to deal with her property.

Hamilton Paige firstly agreed a fixed price profit share sale with the seller, then arranged builders – together with the required funding – to refurbish and develop the property. The property was refurbished and sold as planned. The seller was very happy to see her property brought back to life so that another family could make it their home. She was also very satisfied to finally help her children onto the property ladder in other areas.

Arranged Sale On A Rent-To-Buy Basis

Kensington – London – 2010

Seller’s Situation:

  • Second property used for work premises
  • Change in work situation
  • Could no longer work from property
  • Sale price had dropped after global financial crisis
  • Didn’t want hassle of renting
Arranged Sale On A Rent-To-Buy Basis

Our Solution:

  • Arranged sale on a rent-to-buy basis
  • No normal tenant or rental issues to manage
  • Seller achieved higher sale price over period of time
  • Large sale deposit paid to seller on day one
  • £120,000 increased sale profit to seller

Description:

A health professional used to work from her flat in Kensington and a change in work situation meant she could no longer work from the property. She was a busy person with running her business and didn’t want the hassle of renting or managing her property. This was in 2010 after the global financial crisis and the seller was not prepared to sell at the going market value.

The seller was introduced to Hamilton Paige via an intermediary property professional who knew that the situation required an innovative company to solve the problem for the seller. The Hamilton Paige team realised that the seller wanted a higher price for the property than the market was prepared to offer at the time but didn’t want the hassle involved with renting.

Hamilton Paige found an overseas buyer who could afford the monthly payments to buy a property and could put down a large deposit, but they were unable to obtain a mortgage in the UK at the time. We arranged a rent-to-buy sale whereby the buyer exchanged contracts to buy with a large deposit and then paid monthly instalments to the seller calculated on the outstanding balance. The buyer completed after 4 years at a sale price higher than the seller would have achieved in 2010.

Arranged With Bankruptcy Trustees To Pay Off Creditors

Leytonstone – London – 2015

Seller’s Situation:

  • Had been made bankrupt
  • Wife had health problems
  • Became wife’s carer and lost income
  • Trustees in bankruptcy were about to sell property
  • No control over financial situation

Our Solution:

  • Arranged with bankruptcy trustees to pay off creditors
  • Reversed seller’s bankruptcy
  • Arranged funds & team to develop property
  • Property sold and profit maximised to seller
  • Seller paid off all debts & made surplus profit

Description:

The seller became the primary carer for his wife after she became ill with cancer. He lost his income and his financial situation spiraled out of control due to borrowing money and maxing out his credit cards. One of his credit card holders filed for bankruptcy against the seller and he was made bankrupt, causing a huge amount of turmoil to our client.

To assist the seller, we liaised with the trustees in bankruptcy on the seller’s behalf and agreed to pay off the creditors. We also helped the seller through a formal court process which resulted in reversing his bankruptcy which is called a bankruptcy annulment. We then arranged funding for the development of the house. Upon the house being sold, the seller was able to downsize and buy a house abroad to retire to when he reaches retirement age.

Hamilton Paige found an overseas buyer who could afford the monthly payments to buy a property and could put down a large deposit, but they were unable to obtain a mortgage in the UK at the time. We arranged a rent-to-buy sale whereby the buyer exchanged contracts to buy with a large deposit and then paid monthly instalments to the seller calculated on the outstanding balance. The buyer completed after 4 years at a sale price higher than the seller would have achieved in 2010.

We Help Property Owners By;

Solving Financial Difficulties

Resolving Legal Issues

Maximising Value Via Property Development

Stop Your Repossession of your home

MORTGAGE ARREARS: If you have an urgent financial situation which may lead to the sale or repossession of your property, we will work with you to solve or contain the problem, as this buys you time to consider your options. Our primary goal is to keep you and your family at home. READ MORE.

MAXIMISE YOUR PROPERTY VALUE: If you have a property which is in need of renovation or you want to develop your land or property to maximise profit for sale or refinance, we can help. We have a number of packages available to property owners who would like assistance in obtaining planning permission and/or developing their property. READ MORE.

Maximise property value, property development finance, development finance, develop you land

Which Solution Works For You?

Property mortgage debt solutions and financial help

If you have an urgent financial crisis – we provide immediate debt solutions in regards to your property.

Maximise property value, property development finance, bridging loan refinance, develop you land

If you want to maximise the value of your property or land – we can provide funds for development.

Stop the repossession of your home after receiving eviction order

Have you received an eviction order? Are you facing the repossession of your home? We can help.

Meeting Your Financial Commitments

Expired Bridging Loan; If your bridging loan term is about to end or it has already expired, we work on your behalf to liaise with receivers, trustees or administrators to agree terms to prevent a forced sale of your property at auction or via estate agents.

Contact Details

telephone 020 8175 6977

email info@hamiltonpaige.com

pointer London

Address: Hamilton Paige Ltd,

483 Green Lanes, London, N13 4BS

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