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repossessed house undervalued


birchave0
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It's a long story, so here I go!

 

3 years ago my sister and her husband split up, she stayed behind with the children in the family home, he left.

My sister didn't at that time have a job, he had a very well paid job with a local construction firm.

 

So he walked out, she was left with the mortgage to pay (£800 a month), two kids, no job and no income.

He agreed to pay her what the CSA would make him pay for the kids and that was all. So basically he paid nothing towards the mortgage, council tax, bills, etc.

 

At this time the house they lived in they had bought in 2003 for £135,000

In 2010 he built a ground floor extension which doubled the size of the kitchen.

He had also converted the loft into a bedroom although my sister has since told me the building regs did not get signed off. They lost a third bedroom downstairs when he built the staircase to the top floor, however it was a tiny box room.

 

In 2011 they had the house valued by the Halifax as her husband wanted to use the house as security for a loan to buy a property elsewhere for him to live in. He had been renting

Halifax valued the house at 185,000 and her husband got his loan.

 

My sister struggled to pay the mortgage on her own, got a part time job, her kids are school age so she had to fit in a job around school. The halifax were very unhelpful, they allowed her to pay only the interest on the mortgage for around 12 months, then told her she had to return to full payments.

She couldn't afford to pay in full so continued to pay the interest only, husband being no help what so ever, and not paying towards the mortgage. In May of this year they threatened to take her to court for the arrears.

I even phoned them on her behalf, they refused to allow her to return to interest only, they refused to consider extending the mortgage to reduce the monthly payment, basically they said full monthly payments of nothing.

 

So in August the bank went to court and she lost the house.

She's since been given a small council house which is great but now we have the problem of the original house.

 

The mortgage owed was around 113,000

The Halifax put the house up for sale last week for 114,000!

She is devastated, she also can't understand how in 3 years it's gone down over 60k in value!

Even I thought it would go up at around 150,000....

They've also got it advertised as a 2 bedroom, saying it has a "loft room" but no mention of a planning application which just needs signed off.

 

Am I correct in thinking it's against the law to undervalue a property just to get a quick sale? According to Shelter's website you can appeal against the price.

 

Any advice people?

 

I've asked her to ring the bank today, to ask for a statement of account for the past 3 years and also a copy of the valuation for the property. Also to ask how 3 years ago they valued the house at 185,000....

 

It just seems a a bit odd to me and she's been through a lot this last year :|

9-1-07 S.A.R - (Subject Access Request) sent:o !! Lloyds and Halifax!

20-1-07 S.A.R - (Subject Access Request) sent Capital One

20-1-07 S.A.R - (Subject Access Request) sent Halifax Card Services

20-1-07 S.A.R - (Subject Access Request) sent Marbles

20-1-07 S.A.R - (Subject Access Request) sent Halifax (Birchave0's sis)

8-3-07 PPI refund Lloyds TSB Loan £1200 + £2900 off loan balance

22-5-07 Halifax *Won* £1025

23-9-07 Goldfish 8k balance written off, £2300 PPI + charges returned, no agreement

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anyone????

9-1-07 S.A.R - (Subject Access Request) sent:o !! Lloyds and Halifax!

20-1-07 S.A.R - (Subject Access Request) sent Capital One

20-1-07 S.A.R - (Subject Access Request) sent Halifax Card Services

20-1-07 S.A.R - (Subject Access Request) sent Marbles

20-1-07 S.A.R - (Subject Access Request) sent Halifax (Birchave0's sis)

8-3-07 PPI refund Lloyds TSB Loan £1200 + £2900 off loan balance

22-5-07 Halifax *Won* £1025

23-9-07 Goldfish 8k balance written off, £2300 PPI + charges returned, no agreement

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