Securing payment and costs for a private individual mortgagee

Dean was instructed by a private individual mortgagee, his client having loaned approximately £500,000, secured against the borrower’s commercial property.

The borrower’s business had since dissolved and he had gone through a divorce, the result of which being that the court had ordered that the property subject to the charge was to be transferred to the borrower’s now ex-wife.

Dean was instructed in respect of one of the charges to oppose the claim of the borrower’s ex-wife in which she disputed both the validity of, and sums due under the charge.

The borrower’s ex-wife’s initial application was successfully opposed and dismissed. Dean was then instructed to represent his client at a mediation appointment, at which an agreement was reached whereby the client was able to obtain payment of all sums he believed to be due under the charge at the outset, together with payment of his legal costs.