House Sold near completion but repossesion hearing iminnent

[adamski]

Hi,

 

I have sold my house due to being unable to pay mortgage wife leaving me etc, but I have about £9,000 in arrears it is only a couple of weeks away from completion but the lender wont wait and has issued repossession hearing in about 6 weeks time.

 

I could exchange contracts any day now advice on stopping the hearing please and what happens if the lender is paid off before hearing?

 

Thanks in advance for any help or advice

[goodatresearch]

I seem to remember on a forum a similar case and the court told the mortgage company to jog on and let the sale go ahead. I don't know why mortgage company's act like this, they usually sell repossessions for less so lose out.

[Ell-enn]

Hi, you can defend the repossession claim by attending the hearing and showing the judge paperwork to prove the sale is going through (if it has not already completed before the hearing). Will the sale pay off the mortgage completely ?

[adamski]

Yes it will with 24k equity I'm hoping the lender will have the full sum owed before the hearing and I will defend

[goodatresearch]

If you've sold there's little they can do about it. Sounds like their being vindictive

[Ell-enn]

I think they just ignore anyone who says they have a buyer for their property as they hear it often.

[goodatresearch]

Its more about losing control. They don't like it.

[adamski]

They know full well its near completion my solicitor has written to them and they have written back, there reasoning is based on no suitable arrangement is agreed and it might fall through even though they know the buyers are first time buyers with funds in place and no chain.

[goodatresearch]

If the house is already sold, they're going to look stupid in court. Once sold, make sure you send a recorded delivery letter advising their money will be forthcoming. The if they still go to court it will look really baf for them and you can ask for waisted costs

[Desperate Daniella]

Hi there,

 

Get the exchange done as soon as possible. That puts you in a much stronger position as the completion date will be agreed when you exchange.

 

DD

[goodatresearch]

I agree. Push your solicitor to move quicker, it is possible.

[theoldrouge]

and it is possible to exchange and complete on the same day, if both sides agree

[adamski]

Thanks, I have pushed the solicitor the buyers solcitor is just finishing the final searches then we are ready to exchange I have already signed the contract and transfer deeds, now I have received court papers for the 16th june, guess I will defend and return the defences forms.

[Desperate Daniella]

Yes, do that. Even if you can't complete until the 16th June if contracts have been exchanged and you are due to complete on, say, the 25th June I can't see any judge giving them a repossession order.

 

However, as soon as your solicitor has exchanged he/she should write to them to let them know, give them the completion date, give an undertaking that they will be paid out of the proceeds of sale immediately completion has taken place, and ask them to cancel the hearing.

 

As goodatresearch says above, it won't look very good for them if they then continue to go to Court.

[BornThisWay]

When the dust settles on this, and if you feel up to it, do write to the Financial Conduct Authority and report your mortgage company.

 

 

I am guessing it is one of the sub-prime companies who don't listen to any dialogue and just push for repossession without taking other circumstances into account.

 

 

Under the terms of their regulation by The Financial Conduct Authority they are required to 'treat customers fairly'. Quite clearly they are not doing so in this case. Put in an official complaint, just defending it will cost them money (it will cost you nothing) and it will send out a message that these ignorant bully boys are acting well outside the terms of the required level of customer care.

[adamski]

Thanks born this way I shall indeed do that I shall also chase them for all the £35 charges they have put on the account.

 

I have filed my defence and I have also requested an adjournment to allow the sale to go through smoothly, I have been in contact with the sub prime mortgage lenders solicitors and sent them a letter from the buyers solcitors stating a completion date and also the memorandum of sale.

 

 

 

I think I have all the bases covered or do you guys think I have missed something?

 

Thanks for all your help so far.

Edited May 15, 2014 by adamski
typo

[goodatresearch]

Good luck at let us know the outcome.

[adamski]

Tip top, got an email from the sub prime scumbags solicitors today to say the Court have adjourned this matter generally with liberty to restore and the hearing of 16 June 2014 has been vacated. so the hearing has been cancelled wonderfull, now I can breath and sell the bloody house!!

[goodatresearch]

Well done.

[kle]

Tip top, got an email from the sub prime ******s solicitors today to say the Court have adjourned this matter generally with liberty to restore and the hearing of 16 June 2014 has been vacated. so the hearing has been cancelled wonderfull, now I can breath and sell the bloody house!!

 

Well done. I am not in a similar position although not yet passed to lender's solicitors and not yet fixed a court date. It sounds like the matter was adjourned even though you had not yet exchanged? Is that right? I have been speaking to my lender and they are basically saying that until exchange takes place and a completion date fixed for certain they basically don't care that the house is sold as might fall through.

[adamski]

Hi, yes that is correct my lender took the same stance, my house has now been sold and completion is done, when I received the court summons I asked for it to be adjourned so the sale could proceed the court agreed, so the solicitors went back under their rock for a while, it gave me the time to breath and o sell the house, hold tight and good luck.