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Response to Mortgage shortfalls and the Appeal Court

from Eleanor Scott (eleanor.scott@btinternet.com)
The good thing about the Skipton v Stott case is that in instances where stuff like 'vandalism' is claimed as an excuse for a low sale price the lender will probably now need to prove this properly. Ex-borrowers should also bear in mind that many of their properties will still be covered by buildings insurance, e.g. because their property was leasehold and there's a blanket insurance policy. Whatever, always check the 'statement of account' to see if your lender made an insurance claim, and insist on further and full details anyway. Ask questions - how serious was the vandalism? Was it properly recorded? How? (A couple of broken windows shouldn't necessarily affect the sale price dramatically, for instance. E.
(posted 8652 days ago)

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