Cheshirelad Repossessed

[CheshireLad]

Hi,

 

1st Post for me.

 

If any experienced hands on here have any thoughts or advice I'm all ears.

 

here my situation:

 

repossessed on in July 2008 by Preferred Mortatages, house was on the market already just could not sell in time althought loads of interest.

 

Preferred put the house on the market about 1st August asking £50k less than us. About 2 days later they had 2 offers and a sale when thought 23rd October.

 

 

 

After dozens of phone calls to Preferred (Capstone) this last week the CML & FSA to get a redemption figure and final calculation ( this involed calls to Optima Legal the company appointed to manage the sale of the property) I have been told there is a shortfall of about £3.9k. I've seen the charges they have added as:

• Estate agents fee's for selling 2% ( a phone call to the Estate agent confirmed they charge 1.25%- the difference £1837.50)
  
• £350 change locks, drain down and clean property- we left the property immaculate (photo's taken) water off gas off and keys left for bailiffs
  
• £250 management fee
  
• £771.75 repossession insurance fee
  
• £230 incorrect calculation figure on daily interest in the month of October till date of completion
  
• £2041.00 1 x month notice charge for early repayment
  
• £190 final repayment charge
  

Total £5670

 

therefore I reckon they owe me a difference of £1770?

 

As anybody any similar experiences?

 

just trying to rebuild my live now

 

thanks

 

CheshireLad

[saintly_1]

I have moved your post to the repossessions Forum where it will receive better advice

 

 

saint

[jansus]

Can I just ask was there only one court heariing? Or did you first have a suspended order allowing you time to sell the house?

 

Were you given a clear outline of what the fees were going the be when they took the property? For example a letter or leaflet ?

 

Have you had a full written statement of your mortgage final figures or just a letter.?

 

Very clever of you to take photos of how you left the home- well done I would at least be pursuing that angle.

[jansus]

Also did they provide copies of any valuations they had done of the property?

[CheshireLad]

Also did they provide copies of any valuations they had done of the property?

 

 

 

Serveral court appearances they alway sent someone to try to persude the judge not to give us another chance.

 

They (Capstone) have continue to post letter's to the property. The one the sent after the eviction said what they would do but not any mention of charges.

 

Not seen the valution reports (Opitma legal say there file is closed and any enquiries need to go to Capstone)

 

I spoke to a woman at Capstone late Friday 31st she said put it in writing, I said how will they reply as I only have an email address as they repossessed my home. She said that would be a problem.

[CheshireLad]

it did'nt make any difference even when I told the judge I had a claim against Natwest for £7000 bank charges and that why i was in arrears and because of the test case in the high court i could'nt persue my claim

[jansus]

Unfortunately I believe that there are only guidlines on how the company should act during the possesion but if they have breached that then you may be able to appeal to the FOS

 

Unfortunately I am not an expert in this area but I would think you could still send an SAR request for all details of payments and charges and also I would be asking for maybe full terms and conditions of the mortgage.In there it should state their full complaints proceedure.

 

There is a thread on here by Tide turner I think which has some interesting info -a long thread but worth a read ( put the name in the search button at the top)

 

 

I think there is also information and websites to check on Website of the UK government : Directgov there is an arrears and possession section

 

I know you will probably want to forget all this horrible situation but you are right in that every penny counts and you need to check exactly what you owe and what you dont.

 

Hope someone comes along soon who has more knowledge than me

[jansus]

it did'nt make any difference even when I told the judge I had a claim against NatWest for £7000 bank charges and that why i was in arrears and because of the test case in the high court i could'nt persue my claim

 

 

Crickey - wish you had found this website earlier.

 

I helped with a similar case on another web site recently and outside the court system the possession was postponed and the claimant got some of the bank charges back to repay the arrears under the new hardship waiver rules.

 

I would stress this was outside the court ruling and only by intervention of the CEO of the bank but it did give the claimant some breathing space.

[gizmo111]

I have been told there is a shortfall of about £3.9k. I've seen the charges they have added as:

Estate agents fee's for selling 2% ( a phone call to the Estate agent confirmed they charge 1.25%- the difference £1837.50) Ask for the actual receipt

 

£350 change locks, drain down and clean property- we left the property immaculate (photo's taken) water off gas off and keys left for bailiffs

£250 management fee I assume by drain down that would refer to the heating system so a plumbers bill, and they would change the locks so a locksmiths bill can be asked for.£771.75 repossession insurance fee

£230 incorrect calculation figure on daily interest in the month of October till date of completion How is this incorrect?£2041.00 1 x month notice charge for early repayment What was i nthe original terms and conditions regarding ERC's

 

£190 final repayment charge - VALID

Total £5670

 

therefore I reckon they owe me a difference of £1770?

 

You need to get a final statement from them and go through it point by point.

[CheshireLad]

janus, gizmo111

 

Many thanks for your replies and info,

 

I'am drafting a letter to Capstone challeging all the charges I have mentioned as I believe the charges are excessive.

 

I further believe the property was undervalued i.e. when they instruct a valuer they know its a repo and its value accordingly. It was valued less than we paid it for it 3yrs ago and ok I know prices have dropped but we had improve and added value

 

I closely monitored the sale and even rang enquirying about the property only to be told by the estate agent ' its a repo sale'

 

So once in this position your out of control and at their mercy.

 

I'm have already made a complaint regarding the time it took to obtain a redemption figure 1 week @ £61 per day interest so that was £427 included in the redemption figure

 

The whole system and certainly Capstones does not appear to deal fairly.

[jansus]

Have you kept your previous recent statements? If so you need only ask for recent ones I assume you can send an SAR request for info if they refuse?

 

Did you find the thread by tide turner - I seem to remember there was something about them having to obtain a money order to reclaim further monies after the completion of the sale . But sorry I am only speaking from memory.

[jansus]

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/34094-mortgage-creditagricole-birminghammidshires-halifa.html

 

If you have a few hours to spare:)

[CheshireLad]

Jansus

 

I stopped all mail being delivered to the house and collect from royal mail and got a my normal 12month mortatge statment up to 1st September 2008, thanks for the link to Tide turners thread, yes a fair bit to get though.

 

I intend to fight these ******ds all the way and hope in the light of the present econonic's in the country and the bad press about mortatges company's it may help

[jansus]

How are you takling your bank charges? Do you have a separate thread?

 

I do know of at least 4 or 5 successes under the new waiver guidelines outside court.

 

So for the sake of a few more letters it must be worth a try.

[jansus]

http://www.consumeractiongroup.co.uk/forum/repossessions/165261-plan-ease-repossession-rates.html

 

I know this is unfortunately a bit late for you - but at least it is a guide on how the lenders should be behaving.

[CheshireLad]

bank charges claim has been acknowledged by Natwest, but as you can imagine this last few months have been a little difficult!! so not don anything further but will do now as i need the money

 

thanks Jansus for comments and suggestions

[CheshireLad]

I would be interest to hear any thoughts about the early Redemption Penalty that has been charged in my redemption figure? and possibly making a claim? i.e I had little choice in the matter?

[Bona]

What does your agreement say re ear;ly redemption I got mine back

[CheshireLad]

Bona

 

When you say what does you agreement say, I not sure in what respect you mean? what should I be looking for?

 

basically I had a mortgage with Preferred with reducing %'s over the first 3yrs if I redeemed early, that 3yrs expired on 9th sept just gone. The property was sold following repossession and complete end October. they have charged 1% in the redemption figure.

 

I am also thinking about the amounts I've been charged over the past 12yrs on 3 other mortgages with different companies.

 

Thanks

[Bona]

in my terms My early redemption fee reduced to nothing if I gave a months notice We had a court order allowing us to sell the house they said we only gave them 21days notice as we exchnnnaged and completed within that time frame a barrister argued that they were well aware that the house was to be sold so they had notice as far as I can see the house was sold after 3 tears you should not have had to pay

you can apply under the possession proceedings for the Mortgage company to provide you with an account of what they have done with the mneys theres a special way of doing it they then have to account to the court for what they have done with every penny it might be worth threatening this if they dont answer you

[CheshireLad]

in my terms My early redemption fee reduced to nothing if I gave a months notice We had a court order allowing us to sell the house they said we only gave them 21days notice as we exchnnnaged and completed within that time frame a barrister argued that they were well aware that the house was to be sold so they had notice as far as I can see the house was sold after 3 tears you should not have had to pay

you can apply under the possession proceedings for the Mortgage company to provide you with an account of what they have done with the mneys theres a special way of doing it they then have to account to the court for what they have done with every penny it might be worth threatening this if they dont answer you

 

Bona

 

thanks for your reply, using the court order they obtained against me to obtain information about the charges they have applied, thats something I was aware of and could be useful.

 

I wrote to Capstone via there website on Monday detailing my complaint regarding the charges they have applied to the sale part of the property. but have not had an acknowlegment, so with be phoning today.

[CheshireLad]

Have spoken to the OFT, they say mortgage charges regarding arrears penalties etc, are covered under the same test case as the banks.

 

So will get my claims with interest in with the companies concerned and just have to wait

 

Just trying to get confirmation on 6yrs or 12yrs?

 

Can anyone confirm?

 

thanks

[jansus]

sorry I dont know the answer to this - just bumping you up

[CheshireLad]

sorry I dont know the answer to this - just bumping you up

 

no worry's Jansus, i have found a fair bit out this last week, seems you can claim back against mortgage co's, not covered under the test case but it apparently depends on on some of the wording against the charges, still just 6yrs, the 12years is for redemption/exit charges.

 

Got a bit of response from Cap, not very happy with there inital approach i.e. they telephoned to discuss (want a written reply) and they did'nt even have my letter in front of them. They picked up on the eatate agent cost and told me it did'nt matter what agent charged as Cap had their own fee rate, this definatly can't be right in fairness terms.

[wellmeantadvice]

You should be able to recover the early redemption fee (given that it was not your choice to redeem early. Unfortunately there is no case law on this, as far as I'm aware & different judges take different views on this, but it is certainly an arguable case. Effectively the early redemption means that the bank is protected against losing profits by your repaying early. However, if it goes to repossession, it is no longer a question of safeguarding profits, the security only covers the amount actually owed to the mortgage company, so they don't incur any actual loss- that's why they will give the outstanding balance in court hearings, rather than the redemption figure).

 

As far as the remaining costs are concerned, they are probably entitled to them- apart from errors, of course. So there the ball is in your court to show where they miscalculated.