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Jamie-Law
Jamie-Law, Solicitor
Category: Property Law
Satisfied Customers: 6757
Experience:  Solicitor
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I had 5 flats and mortgage express reposed them in 2012 and

Customer Question

hi. I had 5 flats and mortgage express reposed them in 2012 and sold 3 flats for 15k to 20k below value at 120k with a mortgage of 170k. and in 2015 mortgage express sold 4th flat for 200k with a mortgage of 170k. and the 5th one is still with mortgage express and the mortgage on that is 135k with a value of 235k.(hence 100k equity)
mortgage express put the amounts owing (152k) on to my credit file so cant get any loans.
received a letter from mortgage express relationship manager last week demanding the 152k and they didn't deduct the profit made from the 4th property that sold for 200k , profit of 30k . and there still is another flat which mortgage express is looking after and is on rent(mortgage is 350.00pcm and rent they must be getting is 1000.00pcm) too, which has 100k equity in the 5th flat. I have other properties with equity and im scared they might put a charge on them. Please advise how I can get out of this 152k debt without paying the ridicules amount . 152k minus 30k profit and minus 100k which leaves 22k to pay . then like to negotiate to 10k . please let me know what can be done , as im having nightmares regarding this and is affecting my heath and is affecting my family too.
regards
shakeel
Submitted: 15 days ago.
Category: Property Law
Expert:  Jamie-Law replied 15 days ago.

Hello my name is ***** ***** I will help you with your question today. I am reviewing it, please give me a moment.

Expert:  Jamie-Law replied 15 days ago.

Were they sold at auction?
Do you have any other assets?

Customer: replied 15 days ago.
1.they where sold with a estate agent
2.yes I do
Expert:  Jamie-Law replied 15 days ago.

Ok - did the Court order they had the conduct of the sale?

Customer: replied 15 days ago.
no,there was no court order far a I remember to conduct a sale
Expert:  Jamie-Law replied 15 days ago.

Ok - there was just a Court order for possession?
What something is worth and what something can sell for are 2 different things.

Are you saying the agent could have got higher offers but didnt?

Customer: replied 15 days ago.
there was no court order far as I can remember
no , but they could of got more.
Expert:  Jamie-Law replied 15 days ago.

So how did they get repossessed without a Court order? Did you just hand them back?
How do you KNOW they could have sold for more?

Customer: replied 15 days ago.
3k was paid to towards the monthly and they went quite I had a solicitor on board and they where not reply back for just over a month and the sent letter to solicitor that mortgage have instructed LLP to take over the flats. the solicitor let the flats go without a fight.....the value at that time was around 130k to 135k
Customer: replied 15 days ago.
3k was paid to towards the monthly arrears and they went quite I had a solicitor on board and they where not reply back for just over a month and the sent letter to solicitor that mortgage have instructed LLP to take over the flats. the solicitor let the flats go without a fight.....
Customer: replied 15 days ago.
Expert:  Jamie-Law replied 15 days ago.

Yes but did you just give them up?

Customer: replied 15 days ago.
as solicitor advised to give up
Expert:  Jamie-Law replied 15 days ago.

Ok - were they regulated loans?

Customer: replied 15 days ago.
I don’t know what that means . Sorry
Expert:  Jamie-Law replied 15 days ago.

Were they regulated by the Consumer Credit Act 1974?

Customer: replied 15 days ago.
Got mortgage from mortgage express. So don’t know .
and won’t they have indemnity insurance
Expert:  Jamie-Law replied 15 days ago.

I don't know. You need to write and make a formal complaint.

Ask for a statement of account. You are entitled to this. You can see what they have and have not applied.

Once you have this then you can dispute it.

If if it disputed then you can complain to the Financial Ombudsman. They regulate these firms and can investigate the complaint (if its a regulated loan).

They can do this at: www.financial-ombudsman.org.uk

If that does not work then you can refuse to pay.

They can only make you pay if they issue proceedings. You can then argue the point before the Judge.

But ask for a full breakdown of costs and statement of account.

Once you have that, you know where you stand.

Can I clarify anything for you about this today please?

If not I would appreciate a 5 star rating for my answer. If you need more help, you can ask follow up questions for free and I would be delighted to assist. Thanks!

Expert:  Jamie-Law replied 10 days ago.

If this answers your question could I invite you rate my answer 3, 4 or 5 stars before you leave today.

I am only paid for my work on this question if you rate my answer, using the star system at the bottom of the screen. Please do not forget as it is an important part of the online process! If you need anything further I am available for a follow up at no extra cost. Thank you.