House repossession

[sheridan29]

hi guys, hope fully some one can advise me.

i had my house repossessed 4 years ago, my friend and i brought the property part ownership for £118 k so we had a mortage for 57k(with halifax). we couldnt keep up payments so the house was repossessed after 3 years. it was up for sale for £138k before it was repossessed but the buyer pulled out at the last minute.

i thought as it was repossessed that was the end of the matter.

halifax's solicitors are now chasing me for £24,500 as they are saying that s they only managed to get £98,000 for the property at auction.

2 things that sound fishy to me about this is...we were to sell the property for £40,000 more only 6 months before they sold it, so they have dropped the price a lot to recoup some money.

also we only borrowed £57,000 so if the house was sold at £98,000 and we are only eligible for the 50% ownership of this, surely we should only be owing £8000 there abouts??

please advise thanks x x

[Ell-enn]

You need to write to them asking them for a breakdown of the amount they are claiming you owe - send the letter by recorded delivery and keep a copy for yourself.

[sheridan29]

You need to write to them asking them for a breakdown of the amount they are claiming you owe - send the letter by recorded delivery and keep a copy for yourself.

Can they actually do this to me? Do I have any rights?

[Blade1987]

We first need to see a break down of how they have calculated the amount they are claiming.

 

Basically we need more information before we can advise. So as the above poster has said ask for this and send the letter recorded delivery.

[Lea_HTH]

hi guys, hope fully some one can advise me.

i had my house repossessed 4 years ago, my friend and i brought the property part ownership for £118 k so we had a mortage for 57k(with halifax). we couldnt keep up payments so the house was repossessed after 3 years. it was up for sale for £138k before it was repossessed but the buyer pulled out at the last minute.

i thought as it was repossessed that was the end of the matter.

halifax's solicitors are now chasing me for £24,500 as they are saying that s they only managed to get £98,000 for the property at auction.

2 things that sound fishy to me about this is...we were to sell the property for £40,000 more only 6 months before they sold it, so they have dropped the price a lot to recoup some money.

also we only borrowed £57,000 so if the house was sold at £98,000 and we are only eligible for the 50% ownership of this, surely we should only be owing £8000 there abouts??

please advise thanks x x

 

Shared ownership repossessions are a bit more complicated than standard rental/mortgage repossessions because they involve two aspects - a tenant and a mortgagor.

 

The clue behind what you owe will be contained in the type of mortgage you had, and a relevant clause therein that relates to what happens in the case of repossessions. In addition to this, there will be various charges connected with the repossession that have been added to your account.

 

Find out what the clause was in the mortgage - the Halifax should be able to point you in the right direction - it's called a mortgagee protection clause, or MPC. You may find that in order to be able to sell the property, the mortgagee obtained the right to staircase to 100% ownership in order to be able to sell the property outright on the open market (most shared ownership schemes are subject to the housing associations criteria for re-sales unless the property is owned 100% - leasehold or otherwise). If that is the case they'd be entitled to claim the full outstanding mortgage from you, plus their disbursements (which of course they'd be entitled to do in any case).