Kensington Mortgage Company House Sale

[Jake68]

I noticed the name Kensington appearing often here and was wondering if someone could shed some light on a letter that I received yesterday from them.

Very brief background - After a long drawn out case against a builder who kept my deposit and didn't do any work, I obtained a charging order against his property back in February this year.

 

I received a letter yesterday from the Kensington Mortgage Company informing me that the property has been repossessed and that they hold a charge in my favour. This part of the letter I understand, the next paragraph gets a little bit confusing.

 

I'll quote it directly - "Kindly confirm immediately whether you intend to discharge our debt, which currently totals approximately £xxx,xxx.xx, and assume responsibility for the subsequent sale."

 

"Should this be the case a detailed redemption statement will be supplied on request."

 

What does this mean exactly? Why should I conduct the sale if they have repossessed? Why would I discharge their debt as I'm a creditor also?

Having read some of the other threads about them I'm unsure of their motives.

 

Any help gratefully accepted.

 

Jake68

[sillygirl1]

You DONT owe them money, they OWE YOU - they have repossessed a house with a charging order on and the charging order needs to be relinquished by THEM before they can resell the house.

 

I'd take their letter to a legal firm and ask for some help. They are taking the proverbial here and need to be reported ASAP to the Council of Mortgage Lenders, in fact why not ring the CML and explain the situation.

 

1. The previous owner of the property owed YOU money, you got a charging order

2. Kensington reposessed - you do not own the property, Kensington do

3. You need to contact the court which issued the charging order and let them know that the property has now been reposessed and ask for a further hearing to establish your claim.

[Jake68]

Sillygirl1 thanks for taking time to reply. I have just spoken to a friend who works for a firm of solicitors and their mortgage repossession team haven't heard of such a practice. Will phone Kensington to clarify their 'request' and then progress down the route you suggested if it still doesn't stack up.

[sillygirl1]

Pleased to be of help, perhaps you can tickle my scales....

 

Kensington stitched me up ages ago - before I knew about CAG - so I'm always happy to return the favour!

 

I bet your friend was surprised about the way they claim you OWE them when it is the other way round. It also occured to me that with a charging order on the property you surely should have been notified of any reposession of the property - again contact the court to clarify this. I'd contact the court either way as it seems Kensington don't always act or think correctly. (Being VERY polite and diplomatic here....)

[Bona]

It sounds to me that the house is negative equity and they wont get all the money they are owed ( you wont get a penny but of course if yopu pay them what is owed the house then becomes yours no doubt valued for much less than it will have cost you to get it

 

what a load of bxxxxxx'x

[mercyblue]

Would agree with bona about the negative equity. Kensington will have done their usual rush to repossess as these tossers always do. No doubt they will still be hounding the original owner for the debt but now want you to pay for them!! unbelievable.

You may be able to turn the tables on these sharks I suppose you could apply for an order of sale but you might end up with less or nothing and would cost. Alternatively

why not ask them to discharge YOUR debt after all if they are going to sell which clearly they will want to their solicitors will need to obtain free title to the property so they will be forced to pay you .

[sillygirl1]

If I were you I'd go to the Mail or the Sun with this story, I know the Mail would be interested, a major mortgage lender repossessing a property with a charging order on and not honouring the charging order, in fact trying to push the liability for the whole mortgage debt onto an innocent third party.... stinks doesn't it!