Repossesion 8th April 2014

[PlanB]

Re: Repossesion 8th April 2014

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 . . . . .

Did you mean you don't want to go to the court hearing to suspend the eviction warrant or your don't want to go from the property?

I would think your goal should be to get the eviction warrant suspended so you have time to think more clearly (i.e. not while under pressure).

There is no way a solicitor will complete on your sale before the bailiffs arrive at 10 am on Tuesday. Even a cash sale requires legal work. There's also the risk that the purchaser will drop the price agreed if they know your back is against the wall.

[PlanB]

Re: Repossesion 8th April 2014

I've sent you a PM with the contact number of a manager at the FOS

You may not be able to reply to my PM so please post on here to let me know you've seen it.

[Peter pistoe]

Re: Repossesion 8th April 2014

FOS are ringing them. They said they will ask them to suspend but have no powers to stop it as you also stated.
I don't know if I want to go to a court hearing to try and suspend anymore. All I want is the mortgage company to see this sale through if they turn it away as they have told me they will do, to me that means they have turned down the best offer and would expect them to achieve this in a sale. I've done the work for them to achieve this price.
I feel I would have a case after all this as it makes no sence to take a big loss when this is the best they will do....

[PlanB]

Re: Repossesion 8th April 2014

FOS are ringing them. They said they will ask them to suspend but have no powers to stop it as you also stated.
I don't know if I want to go to a court hearing to try and suspend anymore..

That's good news. I hope the lender will do what the FOS ask. This will give time for the sale to complete.

You won't need to go to a court hearing if the lender cancels the eviction warrant because there'll be no hearing. You would need to go to court if they don't. Or you would need to go to court if you want to vary that SPO.

I'm not going to talk you into going for a variation of the Suspended Possession Order if that's not what you want. I sense you're happy for this sale to go through on your terms. I don't know enough about the background so I can't comment on whether that's wise or not.

Let's see what happens tomorrow

[Peter pistoe]

Re: Repossesion 8th April 2014

Thanks, sent you a email as PM is not functional

[PlanB]

Re: Repossesion 8th April 2014

Thanks, sent you a email as PM is not functional

I've got your email and I will reply to it tomorrow

There's nothing any of us can do at this time of night. Let's see if the FOS get things put on hold in the morning. Keep your mobile phone battery charged up so you can receive a call from them or from your lender.

Can to confirm if you have copies of the offer letters from the two prospective purchasers to your estate agent. If not get that done asap.

[Peter pistoe]

Re: Repossesion 8th April 2014

Thanks for all your help today👍
I feel I've strengthened my position, looking forward to a call hopfully from FOS.
Again so grateful for all your help.
I will call the agent in morning and ask if they have an offer letter and get a copy

[PlanB]

Re: Repossesion 8th April 2014

Thanks for all your help today I feel I've strengthened my position, looking forward to a call hopfully from FOS.
Again so grateful for all your help.
I will call the agent in morning and ask if they have an offer letter and get a copy

A letter from the agent to confirm the offer (both offers preferably) is paramount.

[PlanB]

Re: Repossesion 8th April 2014

I will call the agent in morning and ask if they have an offer letter and get a copy

Me again

Sorry to be so annoying but did you give your mortgage lender details of your estate agent, and if so did you authorise them (the estate agent) to discuss details of the potential sale to your mortgage lender? I need to know the impartiality (or not) in this situation.

[Peter pistoe]

Re: Repossesion 8th April 2014

Morning 😃
Yes I gave the bank the details of my agent, and yes they have contacted them a couple of times.
Is it a letter from my agent to confirm the offers or a letter from the people who put the offer in?

[PlanB]

Re: Repossesion 8th April 2014

Is it a letter from my agent to confirm the offers or a letter from the people who put the offer in?

You should have been sent both by your agent. A letter from the agent to advise you of the offers and a copy of the offer from the prospective purchasers. If they haven't done that yet then ask them politely to do it.

Ask the agent to also confirm the status of each purchaser such as are they cash buyers, or do they need a mortgage (which may be refused) or do they have a MIP (Mortgage in Principle from a lender subject to survey of the property) or are they in a chain (need to sell their property in order to buy yours). You're looking for as much evidence as possible to prove the sale would have gone through.

If the agent is a member of The Property Ombudsman then they should abide by the TPO's rules which are here:

http://www.tpos.co.uk/consumer_guide_sales.htm

You need those letters to prove you had a viable offer in case the lender seizes the property on Tuesday and sells it for a lower price. I'm helping you to build a case against your lender while you still have a chance.

[PlanB]

Re: Repossesion 8th April 2014

Now let's build a case against your agent in case you need it in future. Estate agents have a reputation for not always being fair to customers when they know a property is about to be repossessed. I'm not accusing your agent of anything but it pays to be cynical at times. Some disreputable agents will pass the property to an investor contact at a lower price in preference to marketing it openly.

Once we know what's going to happen or not on Tuesday then you can ask the agent for more information. You will need a list of all the people who viewed the property and all the enquiries received even if the people didn't go ahead with a viewing. This will give you a better understanding of whether it was marketed properly.

If we find any hint of unfairness towards you (such as colluding with your lender who does not have possession at this moment in time) then you will report them (the agent) to The Property Ombudsman who can pay up to £25k in compensation if an agent is found guilty. Here's some information on that but let's hope you never need it:

http://www.tpos.co.uk/make_complaint_sales.htm

[Peter pistoe]

Re: Repossesion 8th April 2014

Thanks this is great......
There is a letter been sent out confirming the sale. Both solicitors have been instructed .
The buyer is half cash half mortgage.
I don't know if there is a mortgage in place or in principle yet.
I do know they are 2 weeks away from completing on a property.

[PlanB]

Re: Repossesion 8th April 2014

The buyer is half cash half mortgage.
I don't know if there is a mortgage in place or in principle yet.

If they only need a 50% LTV mortgage then it should be safe

You can ask the estate agent if the buyer's lender has sent a surveyor to the property yet. That will give you an indication that the mortgage application has been accepted in principle subject to survey.

[Peter pistoe]

Re: Repossesion 8th April 2014

Update
I Ring the bank to see if anything has changed since my email.
Nothing had changed, same old brick wall.....
We won't except your offer, it's to late blah blah blah..........then out of the blue put on hold!?
I've been told to get my agent to confirm the valuation and sell price and email it over (which is done now)
And I'm now waiting for a call from the bank!?
I'll let you know what's said