Kensington repossession questions

[lia2028]

hi all

 

was wondering if someone could help or advice,

 

i was repossessed in september 2006,

my property was put on the market for £274,950 on 6th october 2006,

 

on 1st november the lender reduced the sale price to £250,000.

 

The property was sold on 7th january2007(contracts exchanged 7th december 2006).

 

The property was only advertised in the local paper twice and the notice inviting higher offers before exchange of contract had the wrong address

i.e. second part of the road name was wrong.

 

They had also only had one valuation done on the property i was also chargde for buildings cover whilst in repossession which the lender took out themselves

 

i was repossessed in september 2006, had a company look at my mortgage agreement and was told that kensington mortgages had paid my broker £2500 secret commission, that company has gone into administration the solicitor wasnt doing any more cases as it was based on no win no fee

 

The house went on sale on 6th october 2006, at a price of £274,950 and on 1st november 2006 the property was reduced down to £250,000, offer was accepted on the property shortly afterwards and contracts exchanged december 2007 and completion took place january 2008 for the sale price of £250,000.

 

Yet when on the day of repossession i had found a buyer for £260,000 kensington wouldnt allow the sale to go through unless i t was an unconditional exchange of contracts within half an hour which was impossible

 

the property was only advertised in the local press twice during this time,when the property was advertised as asking for any higher offer before contract are exchanged the address was wrong the first name of road was correct and the second part was incorrect the actual address advertised was about 2 miles down the road from my house.

 

the lender only asked for one valuation and they have put charges on that could have been avoided i.e. clearing out house done by company on the mainland so companys cost of ferry travel,they also took out a buildings insurance which they have charged me for.

 

I have all the documents relating tothis mortgage the only thing i dont have is the underwriting sheet

 

can i do sue the mortgage company for underselling my property or what could i do should i take it to county court or get a solicitor

[lia2028]

hi all

 

was wondering if someone could help or advice, i was repossessed in september 2006, my property was put on the market for £274,950 on 6th october 2006, on 1st november the lender reduced the sale price to £250,000. The property was sold on 7th january2007(contracts exchanged 7th december 2006). The property was only advertised in the local paper twice and the notice inviting higher offers before exchange of contract had the wrong address i.e. second part of the road name was wrong.They had also only had one valuation done on the property i was also chargde for buildings cover whilst in repossession which the lender took out themselves

[sillygirl1]

What help do you actually want, if it is that they didn't follow procedure then there isn't a lot we can help with, have you had a mortgage shortfall claim and have you made any payments towards the alleged shortfall.

[Killerschick]

Hi Lia,

 

Presumably your issue is that the property was sold for less than it was worth and either you didn't get as much of a surplus as you expected or there is a shortfall. Firstly I would suggest you check sale prices at the time this by looking at websites like nethouseprices for your post code area but bear in mind repo's will tend to sell for less than owner occupied properties. It might also be worth talking to local estate agents about what they think your property might have been worth as a sale in possession at the time but they may not be that helpful as there's no instruction in it for them.

 

The mortgage company would probably only obtain one full survey of the property to check for any structural issues and give guidance as to the value of the property - this would be like the survey you get done when you buy a house. However, they (or the managing agent) will usually get market valuations from more than one estate agent before deciding on the price to market at and who to place the instruction with.

 

That does seem like a dramatic price reduction between October and November but even then there could be reasons, if you haven't done so you could try making a Data Subject Access request to the lender to see what their records say. Maybe there was no interest in the property at the higher price so a dramatic reduction was needed to generate viewings, perhaps there were local conditions like a new development which was more appealing. The mortgage lender needs to balance obtaining a good price for the property with achieving a quick sale. The longer a property is on the market the less appealing it becomes, particularly when it is vacant and in the meantime the mortgage debt will be escalating with interest and costs.

 

It is normal for a lender to arrange building insurance on a repossessed property. Any insurance you had when you lived there would no longer be valid when the property became vacant and vacant properties are vulnerable to vandalism, squatters etc which might result in damage which needs to be insured against - there's also the worst case scenario of the place burning down which you would definitely want to be insured against. It's also normal for the premium to be added to the mortgage debt and you will probably find a clause in the terms and conditions which covers this (it might not specifically mention insurance but may say costs associated with enforcement or something similar).

 

Hope this helps with some of your issues.

 

KC

[lia2028]

Hi

 

thanks for that i thought the same as you re the sale of the property will look into it and see if i can find a good solicitors who can elp