Reposessed and I still own the house?.

[Nick0]

After a failed business in 2009 I had unsecured debts attached to my property then in August 2011 the property was repossessed.

Now I have got my head out of my backside after the divorce (yes kicked me when I was down) I find some strange things are in place.

We had equity of about £35K and this is still held by the banks solicitor because although someone has moved into the house the debts have NOT been paid and as of 10:10am today I’m still with my wife the registered owner of the property. Now the debts in my name where about £20k and the ones in my ex-wife’s where about £7k (inc an interim charging order dated 26 Jan 2010).

Now I have a list of CCJ's and a list of the charging orders and I have requested what money is owed to my EX wife to be sent to her and the debts paid off but this is still not done and has been in limbo since August last year.

All the details I have are from this morning so I don’t think they would be out of date?.

Any help.

 

Nick

[Nick0]

Any Ideas?

[honeybee13]

Hello there.

 

I'm sorry you haven't had any replies yet. I've flagged your thread for the site team to see if anyone can help.

 

My best, HB

[citizenB]

Who instigated the repossession ?

[Lea_HTH]

What's not clear from your post is why the bank is holding onto the money...presumably that money is from the sale? If so, who conducted the sale? Why haven't the purchaser's solicitor carried out their work effectively? To release money and exchange contracts without proof that the charges on the house will be discharged is neglectful.

 

You have no choice but to contact the bank and ask what is going on, as if the property was subject to a possession order and sold on that basis, one presumes you had no involvement in the sale, and therefore no solicitor involved? The alternative is to instruct a solicitor and ask them to find out what is happening. Incidentally, just because you think you had 35k of equity, doesn't mean that there was 35k of equity when the property was sold after the mortgage took their share (plus costs) - this may be the reason the other debts haven't been paid.