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 Buachaill Your Own Question
Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10591
Experience:  Barrister 17 years experience
53108719
Type Your Law Question Here...
Buachaill is online now

Our Guest House was re-possessed by Lloyds in December 2015

Customer Question

Our Guest House was re-possessed by Lloyds in December 2015 last year and is still not sold even though there is a sold sign. I have replicated below an e-mail I sent to the Edison’s Lloyds Administration Agent for the sale and I seek advice on proceeding to litigation. Thank you in advance for any help.
Subject: The sale of 10 Evesham Place Stratford upon Avon Warwickshire CV37 6HT (hereafter referred to as (the Property 10 EP)
Dear Mr. Cummings.
I write on behalf of my wife Pranorm Crouch and myself Roger Crouch. Following our telephone conversation 7th September 2016 I confirm the Property 10 EP matters discussed with yourself.
I referred to our previous telephone conversation the last week in July 2016 in which I first broached the subject with you.
My wife Pranorm Crouch and I Roger Crouch have Consideration pursuant to the sale of the Property 10 EP and we think there is a duty on us to act reasonably and responsibly should litigation ensue and therefore advise you and thereby Eddisons of the following.
The sale of number 25 Evesham Place (six (6) bed terraced house nearby the Property 10 EP achieved a sale price of £585,000. Number 32 Evesham Place also nearby the Property 10 EP is a four (4) bed terraced house and is for sale in the sum of £559,500 as placed by John Shepard & Vaughan 27th June 2016. I have forwarded the sale details of number 32 to you separately.
As you are aware The Property 10 EP is a (six (6) bed, six (6) shower room, large cellar end of terrace house) and is unencumbered by structural, carcass, general and specific dilapidation and is also in good utility and decorative condition. We believe the Property 10 EP should be valued more than Number 32 Evesham Place and we estimate an average value between number 25 and 32 Evesham Place as £572,000.
I have attached previous selling details of the Property 10 EP being:
1. By Sheldon Bosley dated May 2015 in the sum of £550,000 to £575,000 numbered 01, 02 and 03.
2. By ***** ***** dated October 2012 in the sum of £525,000 numbered 04, 05, 06 and 07.
Web site research indicates a ten percent (10%) increase in house prices since 2015 therefore the marketable value of the Property 10 EP might be £632,500.
As you know The Property 10 EP was a Guest House for approximately thirty (30) years and is we understand presently being sold as such. However, to realise the best possible price a change of use to a residential property only requires a payment of approximately £500 and the completed submission of the appropriate forms to the Stratford upon Avon District Council.
The variance in the selling price of the Property 10 EP by Sheldon Bosley on Eddisons behalf being £420,000, to our estimated price of £572,000 and also the selling prices of the Property 10 EP in 1 and 2 above seems more than somewhat suspiciously discrepant in the light of the legal duty to sell the property for the best price that can reasonably be obtained.
I anticipate your response by return.
Yours sincerely,
Roger Crouch.
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.

1. Dear *****, be aware that a mortgagee in possession, such as Lloyd's is under an obligation in law to achieve the best price possible in the circumstances. So you should point this fact out to Edison's Lloyd's administration agent. So here, Edison's are obligated to market the guest house to attain the best price possible.

Expert:  Buachaill replied 1 year ago.

2. ULtimately, be aware that if the price achieved falls short of the price reasonable obtainable in the circumstances, you can sue Lloyd's for the shortfall and have this amount deducted from any amount you owe Lloyd's.

Expert:  Buachaill replied 1 year ago.

3. So you should put Edison's on notice of their obligation to attain the best price possible. This is what they should seek to achieve in law.

Expert:  Buachaill replied 1 year ago.

4. Please Accept or Rate the answer as unless you rate the answer your expert will receive no payment for answering your question.

Buachaill and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Trying to phone you. Could you give me a direct number? My mobile is 07740 423777 (leave a text if off please) My direct e-mail is***@******.***
Expert:  Buachaill replied 1 year ago.

5. Dear *****, I don't provide the Live Phone Service feature. You will have to get a different Expert to provide that Service for you.