Sorry, I find your story a bit confusing.(posted 7979 days ago)You say that you raised half the money by getting a remortgage, however you go on to say that the remortgage failed. I assume that you do not have half the money because you weren’t able to remortgage?
You say that the solicitor kept changing his mind and refusing to move the charge. You then go on to say that so long as the remortgage and charge happened at the same time, the solicitor saw no reason why he couldn’t advise his clients that this was acceptable. This implies that the solicitor who isn’t being reasonable is not the solicitor acting for you, but the one acting for your ex-friends.
If this is the case, what is your solicitor doing about it?
Your situation is not uncommon and if your solicitor is not helpful, then change to another firm. Before agreeing to go ahead with a new solicitor, talk to them on the phone and explain what your problem is and they’ll tell you what they can and cannot do for you.
It appears from your story, although I may be wrong, that you’ve not paid anything off your debt to your ex-friends. Are you sure that you’re going to be able to afford a 1st mortgage and 2nd mortgage? If the charge is still on the property after you have a 2nd mortgage, then what would you do if the ex-friends go for an order for sale on the remainder which is owed? Perhaps you could arrange to pay your ex-friends each month instead of a mortgage company.
You don’t say how much is involved, but if your ex-friends want all their money, then they could still go for an order of sale and I suspect that their solicitor is now thinking about this because it seems to have taken some time to sort out a remortgage.
There is no reason going for an order of sale unless there is sufficient value in the house to pay the your mortgage lender and sufficient left over to pay your ex-friends. If they do go for an order of sale, then there are no guarantees who will win. Your children will help as Courts don’t like to evict families, but if you can’t show that you are going to be able to repay the debt then having the children will not guarantee that you’ll not lose your home.
So have a word with another solicitor and see what your options are. If you really think that you might lose your home, then start talking to your local council and housing associations about your position so that you don’t end up on the streets.
If you can perhaps give a little more information, then I’m sure someone else can also give some advice.