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Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Our house was repossessed in January, after an application

Customer Question

Our house was repossessed in January, after an application to suspend the warrant was refused. Our solicitor entered into negotiations with the lender - Acenden / SPML - which ultimately broke down as the goalposts kept moving. Initially they wanted £4,000 + to allow us back in, just after we had submitted full income and expenditure details, knowing that we could not afford that. However, when the possession had gone ahead and family offered to raise the money, the amount went up to full arrears. This was obtained but then bank statements were asked for and re-entry was refused again. A guarantor for future payments was then put forward as well, but again refused. The Property went on the market for about £10k under local values at £110k in late February and according to neighbours a continual string of people came to view. After about four weeks the price was reduced by £10k and more people came to view. Last week sometime the selling agent then posted a (undated) 7-day notice accepting a price £2k below the reduced asking price, and suddenly interest has mysteriously ended!

Is there anything we can now do
(a) to get the property back;
(b) prevent it being sold too cheaply;
(c) obtain any compensation if it is sold?

Looking forward to hearing from you.

Many thanks,

Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : I do not quite follow - did they take possession of the property please?
JACUSTOMER-ofqc0c6j- : Yes. Repossession occurred on 9/1/2014.
Alex Watts :

(a) to get the property back; - its bad news I am afraid. The property has been repossessed so you can't get it back unless the lender allows you to. This is because they formally have possession.

Alex Watts :

(b) prevent it being sold too cheaply; - They will have to market it. You can't stop it being sold below market value, ie at an auction, but they have a duty to obtain the best price possible. That may be at or below market value.

Alex Watts :

(c) obtain any compensation if it is sold? - You are not entitled to compensation. There was a Court order for possession, you applied to suspend and failed to do so. Therefore you are not entitled to possession. If there is any balance from the proceeds after the mortgage has been applied and legal costs, you are entitled to that.

Alex Watts :

I am sorry if this is not necessarily the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help:

JACUSTOMER-ofqc0c6j- : I was disappointed that there was a disclaimer stating that the response was not legal advice!
JACUSTOMER-ofqc0c6j- : in addition we have been able to ascertain elsewhere that there are steps that can be taken to get the proerty back.
JACUSTOMER-ofqc0c6j- : i there fore remain dissatisfied with the service - perhaps even more so than before.