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Mortgage Express sold my flat with 40k shortfall

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I really need some advice I am so worried about all of this


I bought a flat a few years ago jointly with my mum and we had problems with tennants not paying and refusing to leave, then i lost my job and we couldn't pay the mortgage


Mortgage was with mortgage express they appointed LPA Recievers Walker Singleton - who were useless


They said they couldnt find a tennat in almost 18 months, the arrears were building up


With the house price fall the flat was only worth 55k but I recived a letter today saying it had been sold for 40k and now I owe another 40k in shortfall


Can anyone give me any advice as to what happens next, my mum is so angry with me that she might lose her home

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  • 2 months later...

Ask WS for a completion statement, plus copies of all the invoices in respect of receivership costs and fees, etc

Patrick or Chilling will probably be able to help you better than me, Im sure they will pick up on this shortly

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Hi there



1) ensure WHO is actually responsible for the original Mortgage.


2) Ensure that the person responsible has NO TANGIBLE ASSETS.


3) Now tell them to Foxtrot Oscar -- as you DON'T have any money -- and if they want to make you Bankrupt so be it --it will actually COST THEM money since you don't have any assets they could sieze anyway.


These days Bankruptcy isn't so horrible at it wipes off the 40 grand or so you are being hassled for.





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the problem is my mum is named on the mortage as at the time my mortgage brooker said it would need to be joint so mum agreed, she has about £40k equity in her own home but thats also in joint names with my dad (who had nothing to do with the buy to let one)

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Hi Mishel,


First thing to do is a SAR on both MX and WS urgently! You will be able to find more details of how to do a SAR on the forums.


Do not acknowledge them for now and try to put it off until you gather all your information first.


With regards to bankruptcy it might be an option but is there really any gain for them or you to do this so we need to explore all opions first? If your mums mortgage is in joint and there is 40k equity, in this market it is probably not worth as much. Dont forget they will only be able to touch half of the equity if that is in joint also.


When you get the SAR you then want to establish damages and what was done during the 18 months which seems like they did nothing as usual like they have always done. They have a duty of care to ensure they minimise damages and to prevent arrears going higher etc so will need to examine the documents you get from them.


Did you ever work out what they were doing ie were they advertising for new tenants or anything as such?

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  • 8 months later...

This has happened to my mum and dad, they have sold 2 houses from mum and 2 houses from my dad. All through receivers some with less than £1000 arrears on the mortgage, my mum and dad feel helpless and they are left with debt..................

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  • 3 months later...

Things seem to be taking a turn for the worse at MEX - now even if you clear arrears you cannot get your property back from LPA Receivers without signing a new mortgage agreement - which is only 10 years!


WS must be rubbing their hands - they get their fee for running property into the ground.

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  • 11 months later...

Don't know if it helps, but I put this in my SAR.


  1. All data relating to the marketing and sale of my previously mortgaged property at 1 The Street, Anytown. This will include

    1. valuations
    2. progress reports
    3. details of any and all offers that were made on the property.
    4. Any documentation to show that you considered renting the property.
    5. The name and address of the eventual buyer.

      The idea is to gather data to see if they were fair (under MCOB) and that they looked after your interest (in common law) with the sale of your property.


      More info here:

      http://www.cml.org.uk/cml/filegrab/final-industry-guidance-october-2011.pdf?ref=8004 (Opens a PDF directly)

      An overview here:


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I agree with others that you should send a SAR to both MEx and WS. As well as what bandit put in his SAR, make sure that you say that you want all the info he has listed, and anything else they have regarding their dealings with respect to your property.


You need to find out how they've arrived at the figure that they're saying you owe. If MEx added on charges (which they undoubtedly have), they aren't allowed to charge you more than it has cost them, so you need a breakdown of what it's actually cost them when you couldn't make payments or paid late.


You need to know from WS how they marketed the property. If you search the net you can search for the sale price of similar properties in the area to see if the price they sold it for seems reasonable. If not, you want to know why not.


Did WS keep the property in a good state of repair? What did they do to try and find tenants?


Don't worry about your mum's house. As your dad is joint owner they can't repossess that.


Don't admit that you owe them anything. You need them to prove that you owe it.


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Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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