What should happen after repossession

[Catty54]

We sadly had our home repossessed nearly 2 years ago after a long fight.  We had built up a good case but as it had been an All Monies Charge loan repossession was immediately awarded in court. 

My question is this.  I know that our house has now been sold as we still live nearby.  However, we have heard nothing at all from the bank confirming the sale or informing us of any shortfall, or indeed if there are any funds left over.  I am concerned that if there is a shortfall the bank will be continuing to add interest and we will have no idea what the amount is. 

We have sought advice from our Local Authority and CAB and more or less been advised that if we raise the issue with the Bank they will probably say that they didn't have any contact details for us. We did notify the Bank's solicitors once we had settled into our new accommodation (sadly we did not send recorded - my mistake) and I know they have email and phone contact details. 

 Can anyone advise what the Bank are legally obligated to do.  Surely we are entitled to know exactly what they say the end figures are and what they say their costs were.  Should we contact the Bank or are we opening a can of worms.  I wouldn't think there were any funds left over (if there are it would be minimal) but we need to know where we stand. 

Also can anyone advise what the time scale is for the Bank to pursue any shortfall.  I believe it is 12 years but read somewhere that this time starts from the first time the account went into arrears - not sure if that's true.

 

 

[Andyorch]

Hi and Welcome to CAG

have you considered sending s D SAR  Data subject access request, this will provide all the information with regards to the mortgage and property sale.

Time limits on shortfalls is 12 years...interest/charges on arrears/capital 6 years.

Regards

Andy

[Catty54]

We received all the paperwork prior to repossession after sending a DSAR.  We know the house has been sold and for the amount it sold for but only through our own investigations.  Just wanted to know if the bank should be informing us officially.  Do they have an obligation to let us know if there is a shortfall and not just keep us in the dark for 12 years.

[Andyorch]

Not really because you no longer hold a Mortgage agreement with them...just a shorfall debt which  in most cases is sold off to a DCA at a fraction of its face value.You may eventually hear from a DCA if they ever manage to trace you...but they only have 12 years in which to complete this.

https://www.thisismoney.co.uk/money/mortgageshome/article-1564054/Scandal-as-lenders-claim-old-debts.html

[GlasowGuy]

We have been through this :(

 

We lost our home ten years ago, although we handed the keys back we were 6 months away from loosing the home anyway.

I think they are supposed to get the best possible price for your house. We googled our address at the time and found it online and asking for best offers.

I think they have 6 years were they can add charges but 12 to recover the amount. Apologies if i am wrong on this.

We were told they will be in no rush to chase you as they want you to financially recover so that they can come after you when you have some money/assets

Hope this helps

 

[ericsbrother]

land registry will have the record of who bought it and how much they paid. As it was 2 years ago just go to "rightmove" website, enter the address into the box after you click though the "sold house prices" tab and you will find yours by address, postcode, street name or any other search criteria they have.

If sold at auction the amount will be a very odd amount like £124, 358 as it will include the auctioneers slice. If sold by highest offer or private treaty it will be a more rounded number like £124,500