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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26069
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hello I had my house repossessed two years ago with a shortfall

Resolved Question:

Hello
I had my house repossessed two years ago with a shortfall of £95k .I contested the amount to the financial ombudsman that the sale price was too low but unfortunately in december last year ombudsmans decision went in favour of the lender
Now the lender wants to put a charge on my home which has a small amount of equity , I obviously dont want to lose my home again and are willing to agree a figure (obviously lesser) which is agreeable and payable over a number of years and if we can agree afigure a charge for that amount be put on the property with the proviso that providing the payments are kept up then the property isnt sold ,is this possible or is another way possible such as IVA?
Thanks
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 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 :

May I ask if the lender is willing to negotiate a payment schedule please?

Joshua :

Did the Ombudsman determine that the full amount of shortfall was due? Did you accept the decision or did you consider whether to issue proceedings in the county court?

Customer:

hello

Customer:

thank you for your reply

Customer:

since the ombudsman said that in their opinion that the valuer who valued the property valued it at the correct value and that therefore the offer accepted was correct even though properties of the same type and similar were selling at that time for £30 to 40 thousand pounds more the ombudsman declared that i had no argument.

Customer:

that descision was at the end of december and i was waiting for north yorkshire mortgages to contact me regarding proposals but a couple of weeks ago their appointed solicitors have made a move for a charge with obviously the aim of a forcing a sale.I did not accept the decision and did not consider proceedings in court. Also since North Yorkshire Mortgages had the ombudsman rule in their favour they have not contacted me as i was expecting so i do not know if they would accept a payment schedule .

Joshua :

thank you. If they are seeking a charge against your property, they are probably not considering forcing the sale because obtaining a charge of a property does not guarantee that a court would subsequently order sale; also, there is a much easier way of guaranteeing that the sale would be forced which would be by potentially looking to make you bankrupt. seeking a charge on the property will however give them some security and therefore reassurance and of course it does not preclude them from taking further steps.

Joshua :

in order to force a sale, they would need to make a further application to the court which she would be able to defend on the basis that forcing a sale of the property is disproportionate given the size of the debt on the basis of the impact it would have upon you and your family; this can be a particularly effective approach if you have children to consider. during the same hearing, you could apply to the judge to set repayment terms for repayment of the amount in question to the lender

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