Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
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can anyone help, we have got a buyer after 12 mths to buy our house but it leave a shortfall, the lender GE Money have 1st & 2nd charge and sale will leave a shortfall of around £20k.
but so far the lender has not confirmed anything regarding the shortfall and we need to exchange / complete the sale asap. can we sell the property and sort the shortfall later as the buyers are waiting, the house prices in the same street are selling for £130k and we have got a buyer at £140k great.
can the lender refuse to let us sell the property ? and if it stays on the market the interest go`s up and charges go up, thus selling now will fix the shortfall but the lender is taking their time.
we have wrote 3 times confirming that we are unable to repay the shortfall dye to myself unempolyed & BR and my wife only works partime but they are not helping and every minth costs are added.
the main question we sell asap or not and if the lender refuses and the houses remains unsold this will costs ££££££££ in charges and the shortfall will just increase, also if the house is sold at a property auction by the lender will they have to sell over the offer we have had already but again by putting the house to auction is just going to add more costs again making the shortfall even higher
we are now so fed up and not sure were to turn, any help would be great
yes the lender can refuse to allow completeion without an approved payment plan for the 20k, if you had more time, you could go to court getting an order forcing the sale, but that would take time i think!
write to them holding them resonsible for any further shortfall to their negligence here and also point out that they are failing in their "duty of care" towards you, the borrower
....Please don't bother my master 'cos my sister & I might bite you...
I DO NOT offer legal advice
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"I just say what I say because everyone is entitled to my opinion!"
We have wrote to the and sent it by recordd delivery but still no reply, did get hold of the lady tonight but she informed me the following
We signed up to the AVS selling programme with GE Money which means Countryside appointed a local agent to sell the house that was Oct 08, in feb 09 i was made BR but the OR was not looking at the house for the following 1, their is no funds within the property & 2, the house is in joint names.
GE Money called today stating they have charged their policy and if you are BR you do not / are aloud on the AVS programme ? they informed me tht they would spoken to the solicitor regarding the sale ( they appointed the solicitor as we were on the AVS programme )
Yet another month has gone and more charges just adding to the shortfall we are now £12k in arrears and its getting higher, they also informed me that if they refuse the sell and can put the property to auction, however i then informed them that they must sell the property higher than the price which we have already got a buyer is this correct, but if they refuse the sale now the shortfall may increase also the outstanding charges will increase. its madness if they refuse all it will do is increase the overall debt.
If they refuse the sale now can we stop the interest / charges ????? or take action against the lender
Selling With shortfall
go`s up and charges go up, thus selling now will fix the shortfall but the lender is taking their time.
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....Please don't bother my master 'cos my sister & I might bite you...