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jason.gl
Starting Member
1 Posts |
 Posted - 16 December 2009 : 16:14:34
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I had my property repossesed last dec.it was valued at £120000 with one dept of 89000 and one of 15000 it was sold in july for 67000 what should I do.
I feel my property was under sold as property in the area are still been sold for that figure and on the market. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 December 2009 : 17:14:26
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Hi Jason
welcome to forum
would need to find out more about your circumstances before offering options.
if your only debt was this house, again this would open other alternatives
the mortgage company have a number of years to come and claim their "Loss" normally when they think that you are back on your feet !
regards Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 16 December 2009 : 18:44:28
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hello Jason,
I assume that you were not bankrupt.
Are the lenders chasing you for the debt(s)?
In some cases, (and have to say, I do not have sufficient information from your posting), the lender can pursue the debt for 12 years (Section 20 of the Limitation Act 1980)
I am not sure that there is much you can do about the price that was achieved for the property.
It would be helpful to know a little bit more about the circumstances to make any more detailed comments.
Please come back to the Forum and I am sure someone will be able to assist you.
regards, Richard
"There are no problems - only solutions..." |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 16 December 2009 : 18:54:49
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Hello again,
Just mulling this over in my head... always a worry!!
Are you saying that the property was "over valued" when you purchased it? A long shot, but you could go back to the valuer and take issue. If it was a RICS valuer then a complaint to them as the professional body. However, you may be out of time on this - when did the initial transaction take place?
On the "under value" sale - the lender would have a duty to secure as much as possible against the debt. Another longish shot, if you really had evidence that it was deliberately under valued then you may be able to make a formal complaint against the lender. You may then have recourse to make a complaint to the Financial Services Authority (FSA).
To be successful, you may require assistance from experts in valuation plus a good property lawyer - not something that is likely to be eligible for Legal Aid
I wish you well - as I said, post back and someone on the Forum may be able to assist you - I hope so, Richard
"There are no problems - only solutions..." |
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RHB
Senior Member
1159 Posts |
Posted - 17 December 2009 : 07:23:06
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| I think he's saying thhat teh property was valued right initially, but sold for a lot less. I think with repossessions tey just want to sell them asap, regardless of price. |
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I had my property repossesed last dec.
