Old Repossession Queries

[xboxer]

Hi everyone.

Was hoping someone might be able to shed some light on my situation.

Ok my house was repossessed in late 2005 and sold it early 2006. The amount owing on the mortgage was just under £35,000. Fortunately it was sold for more than this so I didn’t owe anything on it!

Last November I decided to check my credit report (the first time since this happened) and noticed the repossession had not been listed! I posted this query last year and was told I was lucky. I have since checked all with all 3 CRAs and it's not recorded with any. It shows my mortgage, 9 months of missed payments and then satisfied. Not even a default!

Now if it turns out that I'm lucky than fair enough BUT I thinking of SARing my old mortgage company as I no longer have any paperwork relating to this.

I was charged about £5000 in fees excluding arrears and estate agent fees, was this excessive?

Also checking on zoopla and upmystreet the sale isn't listed! Again is this normal?

Thanks as usual in advance!

[Killerschick]

Hi Xboxer,

 

Mortgage defaults are generally reported by lenders when a property it taken into possession. A default is supposed to represent the point at which the relationship between the lender and borrower has broken down and in the case of mortgages (NOT second or subsequent charge loans) this is generally deemed to be when a property is taken into possession because until that point the arrears can be remedied. A default would usually be reported automatically in the lender's usual update does the credit report show a default date and amount in relation to the mortgage?

 

If a default is reported against the mortgage this is the indicator to anyone viewing your credit reference report that the property was taken into possession even though the default is now satisfied as the sale realised sufficient funds to clear the balance.

 

You won't normally see a repossession on a credit report but they used to recorded by the CML on a register in conjunction with Experian and Equifax. Have just checked the CML website, apparently this no longer happens - the register was withdrawn in June 2010 and the data destroyed:-

 

http://www.cml.org.uk/cml/policy/issues/47

 

When it comes to records of sales I find nethouseprices.com and mouseprice.com the most reliable although you need to register to use mouseprice. If the sale is not recorded there that would be unusual and it might be worth obtaining a copy of the register from the land registry if you want to verify any details, you can do this via their website:-

 

https://www.landregistry.gov.uk/wps/portal/Property_Search

 

but it costs £4 to view the register.

 

As for the fees it's hard to say whether the amount is excessive just from the figure. It depends what the fees were for and on the conduct of the account. As an example, if possession proceedings were defended or there was a problem with the conveyancing of the property on a sale this would rack up legal fees which the lender would add to the mortgage. If you can get a breakdown of the fees this would help.

 

Hope this is useful.

 

KC

[xboxer]

Hi KC, thanks for the reply.

 

There are no default or delinquent marks recorded, just nine late payments then a satisfied mark.

 

I have checked nethouseprices and the sale doesn't show! Then checked with land registry and that shows the sale and the new registered owner.

 

With regards to the fees, I hadn't been in contact with them until I realised it had been repossessed (locks changed) as I had been staying at my OH's house and my house was sitting empty. I was actually in the middle of selling the house to my friend at the time of the repossession. Once I knew what had happened I was in almost daily contact with them to ensure my friend still got the house (he did) but never received a full or partial breakdown of the fees hence the reason why I'm thinking of a SAR.

 

Realise in hindsight I should of done things differently but was just relieved to make sure things turned out ok at the time.

[xboxer]

Morning all,

 

 

It's been a while since I last posted on this thread. Having now got my SOC and claims in against BlackHorse for PPI & charges Prudential is now my next intended target

 

 

So a couple of questions;

 

 

1 What is the up to date address for sending a SAR?

 

 

2 I remember hearing about the endowment mortgage mis-selling years ago but did anyone ever challenge PEP/ISA mortgages?

 

 

Thanks as always in advance.