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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2446
Experience:  Over 5 years in practice.
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I have a fairly complicated question I need help with but

Customer Question

I have a fairly complicated question I need help with but it's too long to fit in your chat message box. how do I ask it?
Assistant: Where are you located? It matters because laws vary by location.
Customer: England
Assistant: Has anything been filed or reported?
Customer: Our BS has applied for a possession order which was granted yesterday and we have 56 days to vacate
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: Yes there is a second charge on the property that adds a complication.
Submitted: 10 days ago.
Category: Property Law
Expert:  Clare replied 9 days ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

What would you like to know?

Customer: replied 9 days ago.
Our building society has applied to the court for a possession order due to our breach of contract, as we don't have the money to settle. Yesterday the order was granted and we have 56 days to vacate. There is also a second charge on the property and although they are not pressing us they are asking for a redemption figure that we believe is wrong. I don't mind the BS selling the property to recover their capital but I don't want the 2nd charge holder obtaining any money from the sale until I have had a chance to review the information they hold under the data protection act and how they have calculated the redemption figure. All we have is the figure and no explanation for it. Am I right to think that the conveying solicitor the BS will use, will prevent any monies from being paid to the 2nd charge if they were notified that the figure was in dispute? If so how do we find out who the solicitor is or will be and how do we need to go about notifying them? Also would this affect the BS's recovery of their capital?I understand that a Subject Access Request under the Data Protection Act could take a maximum of 40 days but some institutions don't meet the deadline and if I have to send a follow up letter that could delay things another 14 days etc. and this is my worry. They could spin it out until they get away with it.There should be money left over for us once these accounts have been discharged but I believe and it is my opinion that the 2nd charge holder is trying to pull a fast one by claiming more than their share.
Expert:  Clare replied 9 days ago.

Who holds the second charge?

Customer: replied 8 days ago.
The second charge was initially registered with HMLR by Consumer Loans who went into administration last year. The account was picked up by Manchester BS. I suspect there has been some collusion between them (1st and 2nd charges) but I have no firm evidence or at least not sufficient to make an allegation, It's just intuition. The redemption figure they have given us is £75000 and we believe the figure should be less than half that.
Customer: replied 3 days ago.
Hello Clare
I've not heard from you for several days, are you still considering this or have you dropped it?
Vic Ryder
Expert:  Clare replied 3 days ago.

My apologies for the delay

How much do you believe it should be?

Customer: replied 2 day ago.
Well their agent told me in an email that:- 'The amount you were originally expected to repay, which is calculated by simply multiplying the monthly payment by the term (in months) was £125,652.60. To date you have repaid £114,546.17, a difference of £11,106.43.'Plus we have to consider that they may have an acquisition outlay and will want a return on that. without doing any calculations I guess we expected maybe 20 to 25 000 pounds.However, through mismanagement by consumer Loans and by myself to some degree the balance has compounded its way to £130 000 and the Manchester BS could claim to be doing us a favour by reducing it to $75 000. Hence my SAR for more info. It will need delicate handling if I'm going to negotiate without upsetting them. But I also need an element of control so they don't get paid until the dispute is settled. Hence my original questions.Vic Ryder

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