Repossesion 8th April 2014

[Peter pistoe]

Hi all,
My house after a long fight to keep hold of it is finally being repo'd in a few days.
After 4 months on the market trying to sell it I have 2 offers and am going to except the highest one.
I have a redemption figure of £125,600 approx, there will be a few more hundred I think in agents commission and convayacing fees.
The offer is £125,000 and after 4 months, know that I will not achieve anymore than this, fact.
Now, I've notified the lender of this and they have said they won't except this offer of £125,000. They told me once in possession they will again put it on the open market and achieve the best price.

Regulations state that lenders must market repossessed properties ‘as soon as possible’ and sell them ‘for the best price that may reasonably be paid’.

My concern is, it will now go under that price and the shortfall will be £1000s
Your thoughts and any help and advice would be most welcome over the next few days.
Thanks

[lookingforward]

Re: Repossesion 8th April 2014

Hi Peter,
I can't help with with your query but just wanted to wish you well.

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi, thanks, good luck with your situation too.....

[cymruambyth]

Re: Repossesion 8th April 2014

Hi and welcome. Sorry to hear of your situation, our housing expert is PlanB. I am sure she will find your thread tomorrow, but will send her a message to make sure she finds it.
Good luck

[PlanB]

Re: Repossesion 8th April 2014

Hello Peter and to AAD.

Can you tell me whether your lender already has a possession order on your property and what that court Order says? Orders can be varied. If you have an Order is it a Suspended Possession Order?

Or do you have a hearing in a few days?

Please don't give up without a fight and I will do everything in my power to help you fight this

[PlanB]

Re: Repossesion 8th April 2014

our housing expert is PlanB. I am sure she will find your thread tomorrow, but will send her a message to make sure she finds it.

I've got your message Cym and I'll do what I can to rescue this situation

[PlanB]

Re: Repossesion 8th April 2014

After 4 months on the market trying to sell it I have 2 offers and am going to except the highest one.
I have a redemption figure of £125,600 approx, there will be a few more hundred I think in agents commission and convayacing fees.
The offer is £125,000 and after 4 months, know that I will not achieve anymore than this, fact.
Now, I've notified the lender of this and they have said they won't except this offer of £125,000. They told me once in possession they will again put it on the open market and achieve the best price.

My concern is, it will now go under that price and the shortfall will be £1000s

I haven't heard back from you so I'm going to do some guesswork. Please correct me if I've guessed wrong.

It's possible that you have an Order for Possession which has been suspended to give you time to sell your home because you convinced the court that the property was being actively marketed. The only other possibility is your lender has adjourned a possession hearing to give you time to sell. Either way you have been made an offer which is more or less sufficient to cover the outstanding loan and arrears. Your lender has refused to co-operate with the sale because they want to take possession and sell it themselves. This is disgraceful behaviour by your lender.

I'm not alone in taking that view. As you will see from this link the Financial Ombudsman Services forced a lender to pay a homeowner the difference between the offer they had received and the price achieved by the lender following repossession. The circumstances are almost identical. Check out No 103/11 here:

http://www.financial-ombudsman.org.u...ears.html#cs11

If it was me I'd make an urgent formal complaint to your lender. I would then contact the FOS by phone and register your complaint. Tell them that you can't wait eight weeks for the lender to provide you with a Final Response before registering your complaint because that will be too late. The FOS wont investigate your complaint until you've had a Final Response but they will immediately contact the lender and ask them consider holding off the repossession until they have investigated. Make it clear to your lender that you have contacted the FOS at the same time as you make your complaint to them.

Call the FOS to register your complaint on 0800 023 4567 option 2

I also have a direct line of a manager which I will PM you. There is a special team within the FOS looking into mortgage repossessions and once we (you and I) make contact I will be able to flag up your case to her.

[PlanB]

Re: Repossesion 8th April 2014

My house after a long fight to keep hold of it is finally being repo'd in a few days.

Please tell me the amount of the arrears and how much is left on the mortgage term (how many years before it expires?).

You are convinced that you should sell your property to avoid repossession and eviction, but I would like to know whether that is necessary or whether you have been bullied into this situation by your lender when there may be a way to resolve this problem.

I can't do anything until you get back to me with some more details.

Can you name and shame the lender on here so I can get a better understanding of who we are dealing with.

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi planB,
I did reply this morn? For some reason it's not here?
Anyway, I had a SRO put in place last June. Since Xmas the payment on the mortgage became a struggle again.
So in the end they applied for possession.
I've instructed a conveying solicitor today and proceeding with the sale.
I'm going to send this letter today to the lender and acting solicitor...
..........
We have excepted an offer of £125,000
On our property ...........Street, S......, ........
I have rang you twice in last few days to discuss the 2 offers I had at this late stage. It was made clear to me in the conversations that the offers will not be excepted by you as it doesn't redeem the mortgage and you will be repossessing on the set date.

Regulations state that lenders must market repossessed properties as soon as possible and sell them ‘for the best price that may reasonably be paid’.

The property has been on the open market for 4 months.
We had 3 estate agents come and give a market appraisal.

P....... -£140-145 with the view to use the valuation to achieve a realistic selling price of around £125-£130

W........- £140 and was told it was a realistic £120-£125 sale.

Wh..........-£145 and was told to see what happens.

We went with Wh..........as there was no up front fees and was hoping to achieve at minimum a full redemption of the mortgage.

Due to the condition of the house the full market value is not achievable and over the months this has been proven to me and my agent.
The offer of £125,000 in my opinion is the best achievable price and I have excepted this.
There will be a shortfall on the mortgage at this price £125,000 of a few hundred pounds which I will negotiate with you to repay this.
The warrant for repossesion is to be executed on the 8th April 2014 at 10:20 am.
I will not be applying to the court for a suspension at this point as I feel I have achieved the full market value and am asking you to except the £125,000 and pursue it to completion.
If you choose to not fulfill this sale and put the property back on the open market again I will expect you to achieve the price of £125,000 or more, I have proved this is achievable and will not except or acknowledge anything under £125,000.
If you undersell the property and pursue us for the shortfall, I will be presenting my case to the Financial Ombudsman Service to decide the outcome based on my efforts and achievement, which is:-
Achieving £125,000 the maximum market value of the property.
Yourself's not recognising this amount and re-marketing the property to sell at bigger loss to us.
....
We ask you to except this offer of £125,000 and enter negotiations with us on the expected shortfall as a way of settling the mortgage.

Is there anything else I should add??

Thank you so much planB

[Peter pistoe]

Re: Repossesion 8th April 2014

Also you should know....
I want the house gone now and there is no one living in it now.

I was looking at going back to court to try and suspend the repo again, I've decide not to, based on me achieving the max value of the house and having a buyer.

They have said they want the house now to sell!! And they will get the best price!

Thanks again plan b......

[Peter pistoe]

Re: Repossesion 8th April 2014

Oh.....Bank of Ireland 👍

[PlanB]

Re: Repossesion 8th April 2014

I'm going to send this letter today to the lender and acting solicitor.............

The warrant for repossesion is to be executed on the 8th April 2014 at 10:20 am.
I will not be applying to the court for a suspension at this point as

^^^^ I would change that to "I will be making an application to the court to suspend the Eviction Warrant unless you cancel it. If you don't cancel the eviction warrant then I will ask the court to order costs against you at the hearing.

Contact Shelter immediately to see if they can provide you with help to make that application. There are numerous reasons why a judge can suspend a warrant. Call the free helpline on 0808 800 4444 and read this information which explains your options:


http://england.shelter.org.uk/get_ad...y_the_bailiffs


Head your letter to the lender Formal Complaint and send it by email and/or fax as well as by post.

[PlanB]

Re: Repossesion 8th April 2014

I was looking at going back to court to try and suspend the repo again, I've decide not to.

You need to do what feels right for you. So many people get bullied by lenders into doing something which is not right for them. If you get that eviction warrant suspended then you will buy yourself some breathing space to consider your options.

If you want to reconsider the sale then you can always pull out. If you want to hang on to the property then I will help you fight for it.

Whatever happens you must get that Eviction Warrant suspended or the lender will come round with a locksmith on Tuesday and it will no longer be yours to sell. I can't see a way of you getting the property sold (completion) by next Tuesday.

[Peter pistoe]

Re: Repossesion 8th April 2014

I sent the revised letter. I've logged a complaint with the FOS.
I got a reply from the Bank of Ireland:

Dear Mr

I can confirm receipt of your below email and have forwarded your complaint to the complaints department to investigate.

Please note that we are unable to discuss any account specific information by email due to data protection and all correspondence will be by telephone or letter.

Yours Sincerely


Property Litigation
Bank of Ireland Group
Bank of Ireland | One Temple Quay | Bristol | BS1 6DX
property.litigation@boipluk.co.uk
0117 943 6944

Is applying to the courts Monday for a hearing to late?
I don't won't to go, I guess I'm thinking now with me persuing this sale knowing it won't go for more will help me fight them when it's sold for a bigger loss?
Interesting that case you sent me to look at😉 thanks

And thanks again for your input so far 😃

[PlanB]

Re: Repossesion 8th April 2014

I sent the revised letter. I've logged a complaint with the FOS.
I got a reply from the Bank of Ireland:

. . . . . Is applying to the courts Monday for a hearing to late?

I don't won't to go, I guess I'm thinking now with me persuing this sale knowing it won't go for more will help me fight them when it's sold for a bigger loss?

I'm glad you've sent that letter to the lender who has acknowledged its receipt. You now have a paper trail.

What did the FOS say when you registered your complaint. Did they say they would write to the lender to ask them to hold off the eviction? I will now PM you the details of my contact at the FOS who is expecting a call from you. I hope you catch her today because she's not in the office tomorrow. But she will be there on Monday morning. I couldn't give her your name because I don't know it. I'm going to give you my email address so you can contact me because I don't think your outward PM system is working yet.

Tomorrow we'll talk about how to make that application to suspend the eviction warrant. Monday is cutting it too fine, although we did get one suspended when the bailiffs were already on their way once!

You cannot rely on getting compensation through the FOS if the lender takes possession and sells the property below market value. It's not guaranteed. You need to be seen to make an effort to resolve this until they snatch it from you.