Can They Take It? - Please Help Anyone>

[one20]

Hi all

 

I really need some advice on a predicament I have:

 

Last year my house got reposessed and now I am in receipt of letters from the lenders' solicitors. I have asked for details of the deficit, how they sold the house, how much it was valued at etc and they have replied after about 6 weeks of my letter.

 

They sent me a reply to the effect that they acknowledged my letter. Sent a bundle of papers which had valuations etc, detailed when the account went into arrears, when the house was reposessed and the fact that they were unable to advise if there was any mortgage protection on the account. and then just the usual, we look forward to hearing from you..

 

I have yet to respond to them. I'm employed fulltime and my ex (party to the mortgage) is not.

 

I have the option to take voluntary redundancy and the amount received would be less than the defecit the lenders have declared.

 

My question is, would the lender be able to take that money, or would it be dependant on when I receive it and when (if at all) they apply for either an attachment of earnings order or apply to make me bankrupt? If it is a matter of 'when' or 'if it is timed correctly' then I know that there is a certain amount of time litigation can take,

 

In a Nutshell - i've already lost my house and there is no point me trying to make a clean start with the VR payment if they're just going to take the whole lot!

 

any advice would be highly appreciated, i've asked friends, but no one seems to know the answer.

 

 

Ps the house was valued at roughly 40k less than what it was bought by us (2 years prior). I believe it was highly undervalued, but they sent some other valuations of 'similar' properties in the region.

[Tonka99]

Hello One 20

 

Sorry to hear your news , im not able to help you, however

i think you need to post this in the Repossessions dept as

there you will have people looking who can advise you better

and you will get a faster response than in the Legals.

Hope things turn out ok for you soon

 

Wishing you all the best

 

Tonks:)

[robcag]

Hi one20

 

Sorry, but I can't answer your questions either, however you may find this site useful for house valuations/comparisons;

 

UK property for sale, flats to rent, house prices - Zoopla!

 

Who knows, yours is probably there. I think the 'last sold' prices come from the land registry records but I doubt anybody told porkies about how much it sold for.

 

Cheers

Rob

[saintly_1]

Thread moved to the repossessions forum

[one20]

Tonka99, Robcag thanks for your responses.

 

Checked the link, and a house sold for a lot more than what they sold mine for - so that might be something to go off?

 

Saintly_1 thanks for moving the thread.

 

I have since spoke to a few 'legal advisors' and one suggested to make an offer to the solicitors for full and final settlement, and then once this is agreed to apply for VR? Problem is 2 fold:

 

a) I don't know what to offer them and if they will accept

b) the whole thing would be dependant on firstly me getting accepted for VR (as I would use part of the money to pay them), and secondly on me getting it after them agreeing to an amount - any mistiming and it could all go wrong, ie I may not have money to pay them with, or if they catch sight of it prior to agreement of an offer for f+f - they may change their mind?

 

one totally confused and desperate one20.

[Ell-enn]

Hi there, how much are they saying you owe ?

[one20]

Hi Ell-enn

 

thanks for readiing. they say I owe them 37k.

 

for reference, the house was purchased for 105k, mortgage of 95k, and outstanding mortgage of 90 something k when they took the house. Prior to me moving out, I had never missed a payment, and it was my(/our) first mortgage.

[one20]

bumpy anyone?

[Ell-enn]

Hi there, it might be a good idea to send them a subject access request - with the fee of £10 in the form of a postal order (don't send a cheque, it has your bank account number on it!). On the back of the postal order write "fee for subject access request not to be used as payment". Take a photocopy of both sides of the postal order and also keep a copy of the subject access request letter. Send by recorded delivery and get the signature receipt from the royalmail website.

 

Wait and see what comes back - you should get all the information associated with the mortgage including the "finer" details of how the sale was conducted.

[one20]

hi Ell-enn, sorry for being thick here, but do you mean to send the solicitors a SAR or the lenders?

 

I recently wrote back to the solicitors and asked for them to clarify a 'miscellaneous cost' which amounts to over 1400 pounds. Also asked them to clarify whether or not they have contact the other party to the mortgage - ie my ex. I'm considering that I may make them an offer of full and final settlement (maybe 10-12% of the toal amount they claim is owed?) I'm hoping that if they accept, I can then go ahead with the VR and carry on with my life.

[Ell-enn]

Hi there, you would SAR the lender.

[one20]

thanks for the reply Ell-enn

 

Do you think that I should do this regardless of the fact that I feel I will make them an offer for full and final settlement? or would you say that they two are unrelated and I should do it anyway?

 

Also if I do make an offer of f+f would I do it on a 'non prejudice' basis? (so they couldn't hold me to it, in case I was unable to get the monies) do I send such an offer letter to the lenders or the solicitors?

 

thanks again.

[Ell-enn]

I would do it anyway - it may throw up some info that would back up your reduced offer

[one20]

Ellen/Others,

 

after much negotiation, i've received the below from the solicitors.

 

To me the letter doesn't seem "robust" enough, can anyone advise? when I asked for them to add in "full and final settelement" I was told that they (the solicitors) had been advised by the bank, that they could not ammend the standard letter. Now they're asking me to provide what I want inserting in the letter, and they will 'run it by the bank'.

 

here is what they've sent as the pre-settlement letter:

 

We can confirm that our client is prepared to accept a payment of £x to conclude your liability in this matter. In support of this our client will provide a covenant that on receipt of this amount they will not seek further repayment of any form from you in respect of this account (by which it is meant all monies due to our client under the mortgage formerly charged to the property known as X Address).

 

Please note that the arrangement is subject to payment of the aforementioned sum being received at this office on or before X. Cheques should be made payable to XXX and quote the reference XXX on the reverse.

 

Further, the above agreement does not in any way prejudice out client's rights to seek recovery of the remaining balance from all other parties to the mortgage (including guarantors if applicable).

[Ell-enn]

Firstly - are you able to afford the amount they are asking for?