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Response to Mortgage shortfalls and the Appeal Court

from Eleanor Scott (eleanor.scott@btinternet.com)
Charles, no, it appears that the judges weren't swayed by the fact that this was business premises. Even even if they were swayed on some kind of subconscious level, the point is, to quote barrister Richard Colbey (again!), 'The Court of Appeal has ruled against the Skipton Building Society in a case which may help *homeowners* who have suffered repossession at the hands of mortgage lenders' [my emphasis]. What swayed the judges was apparently the fact that the property was not marketed in the same way as other non-repossessed properties would routinely be marketed. And the judges didn't just reduce the claim - they disallowed the Skipton's entire claim. On to another point. Are you saying that banks like, say, the Halifax and Abbey National aren't covered by the Building Societies Act? (which says that the seller is required to ensure that the price is 'the best that can reasonably be obtained'). Richard Colbey says that *anyone* being chased by a lender should rely on this case if they are not satisfied over the marketing and the sale price of their repossessed home. Anyway, it certainly seems it might be worth investigating this little-publicised judgement further. all best, Eleanor
(posted 8659 days ago)

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