How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Joshua Your Own Question

Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Law Question Here...
Joshua is online now

I had a business - five flats back in 1997 I had a loan with

Customer Question

I had a business - five flats back in 1997 I had a loan with Barclays bank I had two tenants who did not pay much rent I got one evicted. Basically Barclays put the properties up for sale in a local newspaper for £111,000. I have researched that the smallest property was sold for £59950 in 1997. I do not know who they sold the flats to at the time but the estate agents were Palmer Snell in Christchurch. Barclays did not contact me in either in writing or verbally - they sold the properties without my consent or gave me the option to sell the flats individually myself. At the time I was grieving my mother had died. I felt very vulnerable at the time. RBS has bought businesses under another name and the major fraud squad is now involved - some of those small business owners were dealing with bereavements as well. Can I now get compensation from Barclays. I have researched the value of those flats and today I would have £550,000 equity in those flats can I get compensation at todays values in view of their `sharp practice`
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

Were the flats in your own name or a limited company name please?

JACUSTOMER-a88dmbz3- : Thé flats were in my name
JACUSTOMER-a88dmbz3- : I have received no answer just à disclaimer
Joshua :

Sorry for the delay in reverting to you. I had to disappear for supper.

Joshua :

May I continue to assist you with the above?

Joshua :

The position begins with the provisions of your mortage deed that you signed. Commerical and non residential mortgages are unregulated and accordingly provide for much more favourable terms for the lender than residential mortgages that for example may be obtained for ones primary home.

Joshua :

They may include provisions that allow a lender to appoint a receiver to manage and sell the property in the event that you fall more than a certain amount into arrears, or provide that you give the bank power of attorney in respect to all matters relating to the property which can be exercised by the bank in certain events, such as if you fall into arrears, or become bankrupt and so on. The first step is to examine a copy of the mortgage deed to see what powers you granted them. As this is a non residential mortgage you will likely find that you have granted them one or both of the above and other provisions as well.

Joshua :

Therefore whilst it is important to confirm, the liklihood is that the bank had legal authority to do as they did however it does not follow that the would necessarily not be liable to you for doing so because they are obligated to act subject to the common law requirement that they should mitigate their losses and generally act reasonably in respect of any debts they claim and in respect of your property.

Joshua :

The major difficulty I see however is the amount of time that has gone by since the sales. From what you say these happend in or around 1997. The Limitation Act provides that there is a limitation period of 6 years for pursuing contractual claims, 12 years for pursuing debts under a deed and an overall limit of 15 years for pursuing claims of negligence. By all of these tests you would appear to be out of time and I cannot see how you could pursue a civil claim against the bank at this stage as a result.

Joshua :

The only approach I can see as being available to you is a complaint under the criminal law whereby you ask Trading Standards or the SFO to investigate whether the bank committed fraud. However even then it is not clear to me that you would derive any pecuiary compensation from such an investigation as compensation claims would normally have to be brought about in the civil courts as above

Joshua :

Contact with the bank initially in the form of a complaint is likely to be the first initial step though any expectation for compensation given the above limitation periods should I suggest be kept firmly under control. The Financial Ombudsman will be bound by the limitation periods above in respect of any complaint you refer to them.

Joshua :

Is there anything above I can clarify for you?

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice