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Kensington repossession


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Hi,

 

Unfortunatly, my parents have had their home repossessed by Kensington after falling into arrears. The outstanding debt on the property is £85k. I have spoken to the property agency dealing with the repossession and they have valued the property at £165k.

 

Given that a buyer is found for this amount and Kensington take their cut from the sale, what exactly will happen to the remainder money? I am assuming that it will be paid to my parents. Am I right in this assumption?

 

Thanks in advance.

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You are correct - however as they , kensington , now have possession they will be in control of all the associated costs and the selling price.

 

Do you know what the current amount outstanding definitely is and if there are arrears charges?

 

Is there a chance of any early repayment charges?

 

I will come back to you tomorrow when I have more time.

Please note I am not an expert - I am not offering opinions or legal help - Please use all the information provided on the site in FAQ- step by step instructions and library- thanks Jansus:)

http://www.consumeractiongroup.co.uk/forum/images/icons/icon1.gif

offer from A&L 24/8/07 - after case stayed

 

"What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery

 

 

PROUD TO BE AN ORANGE

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Under the possession proceedings you can apply for the lender to account to you and the court for every penny the recieved from the sale and a judge at the hearing can deam wether it was reasonable or not .

He will then order how much they must give you back

I would recomend this once they give you a breakdown of what is left

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Thanks for the replies. The court paperwork says that Kensington are claiming 85K so I can't see how they could take any more. My parents are also getting divorced so I guess the solicitors will take control of proceedings.

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We had our property repossesed by Kensington last year. They took out approximately 8k for estate agents, asset management and legal fees and they also took an extra 24k on top of the original 111k mortgage. We have asked for a breakdown and are going to be claiming all charges back from them when the statement arrives:lol:

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  • 1 year later...

Hello

 

Its been over a year now since I last looked at this. The house was sold for 149950 about 3-4 months ago. To this date I have heard nothing as regards the remainder monies that belong to my parents.

 

As my parents have gone their seperate ways and are very difficult for me to contact, I am taking reaponsibility for the mess left over.

 

What rights do I have to help reclaim this money? I first of all need to find who has posession of it. I have contacted Kensington and they say they need my fathers authority for me to enquire (standard non-sense).

 

I am very concerned that they are potentially sitting on approx 60000.

 

Thanks in advance for any help.

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