my Leasehold/Freehold property and its issues.

[unclebulgaria67]

Nothing likely to happen within a few years of a repossession.  All they will attempt to do, is write to the debtor, so they comply with the Council for Mortgage Lenders rules on trying to stay in contact with debtor.  The rules were introduced around 2000, as some lenders were chasing up repo debts from the early 1990's, over 6 years after the debts were created. This was after having never written to the debtor.

 

Bankrupty very unlikely due to cost and little chance of return. Mortage lender will most likely have a way they minimise cost of the debt to them, in terms of the financial risk to them.  They may see the debt as a longer term asset, they can pass on to Debt Collection Agencies, where they have an agreement to share in any amounts collected. After say 10 years a debtor may be in a much better position financially, so the opportunity to recover the debt is much greater.

 

This is one reason, one of my relatives borrowed a few thousand from family, to negotiate full and final settlement of a £30k repo debt. They were advised that in order to move on with their life, that settling the debt in this way was the best option. It really depends on your position. But someone with a young family, might want to move on and not have the worry of being chased for a debt years later.

[Will Goodfellow]

6 hours ago, HP Mum said:

And if theres no job/ no income?

 

If there is no disposable income over £20 per month, there would be no income payments agreement/order and all debts owed at the time of the bankruptcy application would be written off, the bankruptcy would be discharged after 12 months assuming there is no bankruptcy restrictions order in place.

[firstship]

Have the Mortgage Company supplied you with documents usually called "Mortgage Account History" which lists all the charges such as Repossession Costs,Solicitors Costs etc etc

FS

[HP Mum]

firstship - not yet.  But the list will be long I am sure...

 

The shortfall will potentially be too large to ever be personally recovered...

[Ell-enn]

When you start to receive demands for money - you can send them this (Special Delivery)   and see what they come up with - usually gets rid of them for a long time as they don't want to send you that info 

Subject access request

  Please supply me with all data that you hold on me. This includes in particular, but is not limited to, the following:-

1. Details of the agent(s) responsible for marketing the property,  a list of the offers received and how they were reviewed.

2. Copies of any newspaper or internet advertisements relating to the sale of the property.

3. Copies of the valuations received on the property (minimum of two is required under the CML rules).

4. Selling agent’s report on activity and any reports relating to visits to the property to ensure security of the property.

5. If the property was sold under value please provide reports and supporting evidence to prove that the best offer was obtained.  

6. If the property was sold at auction, please provide reports to support the decision to sell at auction.

7. Specific details of the fees or charges levied by any other agency in respect of this account and a detailed breakdown of said fees or charges and what each charge relates to and on what date said fees or charges were levied.

8. 8. A genuine copy of any notice of fair use of my data as required by the Data Protection Act 1998.

9. 9. A list of third party agencies to whom you have disclosed my personal data and a summary of the nature of the information you have disclosed.

 

Yours faithfully,

 

 

XXXXXX

 

 

 

 

 

 

[firstship]

The above letter is a must from Ell-enn,you will find item 7  which covers the Mortgage Account History difficult for the Mortgage Company or better still the DCA who the debt will be sold to having the ability to comply with your request for complete breakdowns of every item

FS

[HP Mum]

Thanks ell-enn.

 

Reference point 4 of the above doc to which you refer: "ensure security of the building":

 

The lender ripped out the burglar alarm and video entry system. 

They changed the locks - but now there's no other security.

The property is obviously empty.

And clearly people have noticed this.

So what happens if someone finds a way into the property

- because it is no longer alarmed (which was essential on previous insurance) ??

 

It should be noted that our family retain the Freehold of the building (not held personally/ it's protected). 

The lender only repossessed the lease. 

So the freeholder (us) still have rights over the land and the integrity of the building.

 

If squatters found a way in

- because the lender didn't secure it properly

- then does the freeholder have a separate claim against them? 

I don't even know if they've insured it?

 

It squatters got/ get in

- then the house can't be viewed or sold... 

which means the shortfall becomes bigger...

 

Any thoughts?

 

I have also double checked the figures.

I was wrong.

The almost identical neighbour property is listed 70% higher - by same agent. 

 

The agent is also marketing the property tenure incorrectly. This is provable. 

 

So should I pre-empt all problems and send in the sar now?

 

just to check - is it best to send the sar in before any sale deal is agreed?

[dx100uk]

ell-enn said...

 

When you start to receive demands for money

 

[HP Mum]

ok. thanks dx.

Demands are different from threats!!

[dx100uk]

in what way?

 

dx

[HP Mum]

I meant that lender is just threatening liability for huge shortfall - but no actual figures been demanded yet.

 

Lender lawyer advised a few potential buyers but when we asked for details lender won't disclose the exact amounts and specific terms.

 

They allege they have one offer close to their list price - but it's still super low in comparison to true market price - plus the buyer's offer is subject to having the Freehold.  The lawyer has demanded I "give away" - for free - the Freehold to help them sell the property.  It's not mine and its valuable.  

Edited May 24, 2019 by HP Mum

[BazzaS]

Is the other property (that you are using as a price comparator) freehold or leasehold?

 

if leasehold : are the terms (duration remaining) of the 2 leases identical?

[HP Mum]

It is long leasehold, comparable length (bit shorter), with mostly a corporate freeholder (not selling FH) but our family also have a small share of the freehold. 

It is a fresh nice refurb but is slightly smaller, less outside space and no views - in comparison to mine.  It's priced 70% more expensive

 

 

[HP Mum]

What redress does someone have if a real estate agent is discovered to have knowingly marketed and offered a property for sale with the wrong tenure?

 

Meaning here: instructed to market and sell a property as leasehold only; yet offering it direct to prospective buyers as fh - to the point that written offers are made to include fh?

 

Is there an Act that real estate agents have to abide by?

Grateful for replies.  Thanks

 

 

 

 

[honeybee13]

Hi.

 

Is this related to your other recent thread about the freehold/leasehold property and serving notice please?

 

HB

[HP Mum]

yes.

 

[honeybee13]

Thank you. So the property has already been sold?

 

Can you tell us what you're trying to achieve with this query please? Have you lost money?

 

HB

[honeybee13]

Who is the regulator for the agents please, are they in the ombudsman scheme or with someone else?

 

HB

[HP Mum]

The property has not been sold.

The agent confirmed in writing their instruction was only for lease.

That is all they are allowed to sell.

The lender is trying - via Notice - to purchase the fh.  But the fh is not for sale/ doesn't have to be sold - even with Notice.   Agent was advised this in writing.

Yet agent has been offering it for sale as fh.  This is obvious as an offer has been presented in writing to include fh....

The agent is a well-known brand - which i won't mention here

 

[HP Mum]

Is it the Misrepresentation Act 67?

The agent is knowingly and deliberately advising potential buyers that they can purchase a fh which is not part of their instruction.

 

Yes - they are part of the property ombudsman scheme

Edited September 27, 2019 by HP Mum

[honeybee13]

So how does this affect you please, HPMum? I got the impression it wasn't your property, I could be wrong.

 

HB

[HP Mum]

It's mine.

I would like the agent to be aware of the legal implications of trying to market a property on the wrong tenure.   surely it is misrepresentation?

to be clear - they can only market/sell the lease.  the fh is not for sale

Edited September 27, 2019 by HP Mum

[honeybee13]

So how are you involved if the property belongs to the lender, please?

 

HB

[HP Mum]

I have sent you a message

[HP Mum]

Thanks honeybee - once read my message - on the most basic level - should I just ask agent who instructed them to market/ offer the fh for sale?  and refer agent to 08 cpr and bpr?

Edited September 27, 2019 by HP Mum