House repossessed, proceeds still not received

[Tabbymog]

My home was repossessed by Acenden for SPML last April, and the sale completed on 28 November 2016.

 

I have still not received the residual proceeds, amounting to >£133,000.

 

Am I entitled to interest on this since the date of completion?

I'm severely disabled, in temporary accommodation and my health, already known by Acenden to be very poor, is suffering.

 

I need to buy a new home, I'm of an age where I'm eligible for an equity release mortgage, and there are much cheaper places to live than here.

I desperately need to get out of here.

 

Having read CAG Guide,

can I sue Acenden for breach of the FCA Code of Conduct?

 

It's a heavyweight document and would take me a long time to search for any pointers. Please, could someone at least point me to the section of it I need to read to find out?

 

TIA.

[AndyOrch]

Hi Tabbymog and Welcome to CAG

 

Its a little quiet at this time of year but im sure you will get some advice shortly.

 

Personally I would be considering seeing a Conveyancing Lawyer with view to issuing a claim...because of the amount involved you need good solid legal advice before taking this step and with the correct approach it may not be required.

 

Regards

 

Andy

[Tabbymog]

Hi Andy

 

Thank you for your reply.

 

 

I’ve instructed a solicitor for the future conveyancing and completed the identification procedures

– this was before Christmas.

 

 

The solicitors will also be drawing up my Will and acting as my Executors when the time comes.

We’ve agreed all this.

 

 

I have no family and all my close friends live in continental Europe, so it’s all necessary.

 

 

Do you know how difficult it is nowadays for a little greyhaired old lady off the street to find a solicitor who will act for her without an existing client able to vouch for her?

Such disrespect.

 

 

If there’s a forum for this I can name two firms of respected solicitors who gave me the bum’s rush without even bothering to consider that helping with a smaller issue could lead to further work, and that ........ people talk about their experiences.

 

 

When I was younger I had an ambition to be a cantankerous, independent old bat when I retired, a mad cat lady. I think I’ve achieved that ambition, despite being severely disabled, and I definitely have the mad cat.

 

The situation is a lot more complicated I've said so far.

Dentons, the solicitors acting for Acenden who are holding the sale proceeds, said they needed proof of my identity from a solicitor acting for me before they could release the sale proceeds.

They had this proof before Christmas and I still haven’t received the money.

 

 

I actually don’t believe that they needed this proof as they were acting for the mortgage lenders and instructions from the mortgage lenders to send the money to my bank account is all that was needed.

 

 

I have quite a lot of experience as a conveyancing secretary and although there have been some legal changes since I last worked in the field, I believe this is still true.

 

The problem is Acenden, they are incompetent and very poor communicators.

I’d better hold back my opinions of their honesty in a public forum.

 

 

They made sure they instructed Dentons to redeem their client’s mortgage, but they didn’t actually authorise Dentons on the two equitable charges on the property

– they did that after legal completion of the sale, which was on 18 November, 28th was a typo.

This is crazy and they have no excuse for letting it happen.

 

 

Dentons are also to blame for apparently not reading the office copies of the title.

Solicitors have a statutory duty of care to third parties not their client but who are directly affected by their actions in service of their client. That definitely includes me.

 

After studying the CAG Guide again, especially Chapter 4.

I listed all my complaints about Acenden’s behaviour since the repossession, their effect on my health and disabilities, did some more research on the Web, and came to the conclusion that I have a valid claim against them for breach of their statutory obligations to treat me fairly enshrined in the FCA’s Guide to Conduct Rules.

 

 

I’ve sent them a letter before action by email this morning which will be backed up by special delivery when the Post Office reopens tomorrow.

 

 

I took note of all the advice in the Guide about how to bring a claim,

thought it all through,

and was very careful,

polite and thorough in itemising all my heads of claim (five) and detailing their failures and consequences for me separately under all of them.

 

 

I was also very clear about what I want and when I want it by.

I won’t post those details in this post, probably later.

 

I’m currently reading (again) the Practice Direction for pre-Action conduct.

I’ll report back on the responses I get from Acenden and Dentons, if any.

 

 

Now that I’ve decided on a claim, I feel energised and organised, and that I have a bit of control, quite amazing. We’ll see.

 

 

Thank you for the Guide, it’s brilliant.

 

 

Having some relevant legal background helps with this, but the Guide is what made my mind up about actually doing it.

 

 

I also have litigation background too, in a different century.

I can’t file this claim online because I’m eligible for help with fees.

 

 

I have maximum award of Disability Living Allowance and don’t have a carer or claim care allowance, so I get paid Severe Disability Premium instead, which is paid as Pension Guarantee Credit.

 

 

I need to make sure I preserve that entitlement in whatever I do in the future.

 

More in a few days.

 

Cheers.

[ericsbrother]

you can then claim interest at 8% from the date the matter became actionable, which will be the day after they got the house proceeds from the buyer.

[Tabbymog]

Thank you for your reply!

 

The figure for interest used to be 4% over MLR calculated daily.

 

 

Now that MLR is so low a higher figure than 4% seems reasonable.

Thank you for the info.

 

 

I can't imagine how a commercial company should get themselves into this situation;

they don't even seem capable of instructing solicitors properly, and Dentons don't seem capable of explaining to their client what they need to do to get the job done properly and professionally.

 

 

With a registered title completion is only paperwork and electronic banking.

I used to do it myself.

The only complicated bit comes before exchange of contracts on the purchaser's side.

It's a good thing I have legal expenses insurance, with DAS.

[AndyOrch]

8% per annum, pursuant to section 69 of the County Courts Act 1984, from the date payment was due to the date of judgment...no connection with MLR. Period of interest runs “for all or any part of the period between the date that the cause of action arose” and the date of payment or the date of judgment.

[Tabbymog]

Thank you for that. I was thinking in terms of the way interest is (maybe was) calculated on conveyancing transactions that fail or stall for some reason after contracts have been exchanged. The Law Society standard contract irefers to a specific percentage over MLR, as did many commercial contracts I've seen.

[ericsbrother]

no, that is between the purchaser and Acendon (or whoever), you get what is called interest at taxation and that is what the HMRC and courts use and is currently 8% simple interest per annum. So, if they delay and you take them to court they owe you £28.49 a day from the day they should have paid you until they settle. So work out what the backdated amount is and then say £130000 capital pluse interest @8% so £3000ish interest and £28.49 per day until settled.

[Tabbymog]

Thankyou Ericsbro, I really appreciate it. I did find a page on the gov. website that showed how it was calculated and it's clear it was simple intereset, I was wondering whether it was compound or simple. Now it's wait and see until Friday.

[Tabbymog]

The sale proceeds, but no interest, arrived in my bank account today. I looked at 1pm and only saw the usual stuff. I received an email at 4.28 p.m. saying the proceeds had been sent. £134,658.85 is there. I've emailed the solicitors saying that to avoid immediate issue of legal proceedings they need to pay me the interest by the deadline of Friday 6 January. We'll see.

[Tabbymog]

Re my last post, yes I do know the solicitors don't have that money, it will have to come from Acenden, the mortgage lender's agent. They're not the actual lenders, SPML are.

[AndyOrch]

Doubt you will get any interest...section 69 is only applicable to court judgments.

[Tabbymog]

You mean they can refuse to pay a large lump sum to its rightful owner for no good reason, and not pay interest on it? Doesn't the Law of Property cover something like that?

 

It's about 10 years since I did any conveyancing work and an issue like that didn't come up in relation to this situation. I'm going to be suing Acenden for damages anyway for their breaches of the FCA's Conduct of Business Rules under several headings including severe damage to my physical, emotional and mental health - I'm severely disabled and the archetypal eggshell plaintiff.

 

I’ve been denied the opportunity to find myself a home that can be adapted to my needs for an unreasonable amount of time while being forced to live in accommodation that has features that cause further damage to my spine. I don't expect they'll agree the kind of figure I have in mind in negotiations but that figure is well researched.

 

Not paying someone money for 44 days days after it became due definitely is a breach of those FCA Rules. The FCA introduced those Rules after 2008 and take them very seriously, most especially the 'Fair Treatment' Rules which I intend claiming for breaches of. They'll pay interest one way or another.

 

So far they've refused to account to me for the payments they've made out of money that's otherwise mine and have even refused their solicitors permission to send me copies of the accounts. The ****** are going to get thoroughly sued.

 

To get me to abandon strongly held principles when I don't know yet what my physical injury amounts to although I know it's serious; when I can't quantify my losses in terms of loss of property through not being allowed back into the house after the repossession until I have unpacked in my new home, that's a very high bar for them to get over.

 

I already know that £1,100 worth of camera equipment was stolen on the day of repossession; a £300 Bluetooth streamer that pairs with my hearing aids has gone missing; the movers who brought some of my property to my present accommodation smashed a £1000 computer monitor, a £400 scanner and a £200 printer. All that has to be accounted for and repaid plus whatever I find is missing later on that I can produce receipts for, which is 95% of everything I own.

 

Oh yes, Acenden are going to get thoroughly sued and I have DAS legal insurance cover for that. I’ve already spoken to DAS about this and am complying with their requirement for me to follow the Court’s pre-action protocols before issuing proceedings.

 

In these circumstances where my health and wellbeing are demonstrably suffering to the extent that I can no longer manage my disabilities and look after myself properly, the short deadlines I’ve given Acenden are entirely justifiable.

 

Did I say Acenden are going to get thoroughly sued? Acenden are going to get thoroughly sued, successfully.

 

Cheers.

Edited January 4, 2017 by honeybee13
Inappropriate language removed by andyorch, paras added by HB

[AndyOrch]

All very true ...but unless you ask for it legally by way of a court claim and attain judgment...they wont go out of their way to offer it.

[Tabbymog]

That is exactly what I want - justice.

 

Without you knowing what my disabilities are and the effects Acenden's multiple failures have had on me you can't know whether I probably have a case or am just blowing hot air.

 

I have a case. DAS know my situation in detail and are happy for me to go to the next stage taking action myself. The insurance will kick in when they are satisfied I've given Acenden enough time to show whether they're going to negotiate reasonably or not. DAS are happy that my situation justifies these short deadlines.

 

If the interest arrives in my account by this Friday the deadline for agreement on damages becomes 27 January, with payment five working days thereafter. If the interest doesn't arrive by Friday, I file the claim next Monday.

Edited January 4, 2017 by honeybee13
Paras.

[ericsbrother]

They dont owe any interest as there is no cause fro action by you over this matter. When suing them for the stolen/broken items you should name the shifters as co-respondents so they have the opportunity to use their insurers to settle. Wont give you the same satisfaction but that is not something that is within the court's remit anyway.

The sale proceeds, but no interest, arrived in my bank account today. I looked at 1pm and only saw the usual stuff. I received an email at 4.28 p.m. saying the proceeds had been sent. £134,658.85 is there. I've emailed the solicitors saying that to avoid immediate issue of legal proceedings they need to pay me the interest by the deadline of Friday 6 January. We'll see.

[Tabbymog]

I've laid out very carefully and completely the injuries and distress they've caused me. I have the correspondence they've refused to answer. I have the medical evidence. I don't care whether that £1200 or so is called 'interest' or not. I don't care who pays the damages, I'd expect it to be their insurers, it's not my concern. I have a cause of action, my insurers are satisfied with that. Your own Guide makes much of the power the FCA's Conduct of Business Rules gives the service user. Have you read it? I'm following its advice carefully. I'll let you know the outcome in due course. I've done a lot of litigation work, from PI to ADR construction claims as well as conveyancing so I have a good background as to process and proving a case.

[AndyOrch]

Tabbymog with the greatest respect I think you seem to be taking the advice given wrong and out of perspective.

 

We appreciate everything that you have suffered and are suffering at the hands of this outfit and we accept all the posts/points and work you have done...and quite rightly so.

 

All we are advising is that until such time a claim is issued and you get judgment and request interest within your particulars of claim...dont expect any interest being paid from them.

 

They are not subject to section 69 of the County Courts Act 1984 until you have a judgment nor is there a cause of action...and therefore not legally obliged to offer or pay it.

 

Regards

 

Andy

[AndyOrch]

Post unapproved.....please watch your attitude or you will be put you on moderation.

 

Andyorch

[Tabbymog]

There won't be any more posts from me for you to approve or unapprove. It is your attitude that is disrespectul and unacceptable and I do not associate with people like you.

[aburobert]

Having read the unapproved posting I was surprised the OP came to a self help Forum!

 

If you are not prepared to consider advice given here by people freely and unbiased why bother. Even if you do not heed what is posted it very often gives one a different perspective to ones own which has been very helpful to me asking for advice on here.

[CosmosBipinnatus]

Tell your solicitor that, since being bought out of administration in January 2015 by part of the giant equity group BlackRock, Acenden ceased to have locus standii (no longer had "skin in the game") to instruct solicitors in possession proceedings against anyone with an SPML-originated mortgage. That they continued to do so is, I believe, contempt of court and worse.

 

Edited to add: and their solicitors are in contempt for accepting Acenden's instruction in possession proceedings after January 2015 against borrowers with SPML-originated mortgages.