Hi Stuart,(posted 8562 days ago)The following is an extract from the Council of Mortgage Lenders Mortgage Code Statement of Practice.
"Sale of Properties in Possession
18. When selling properties which have been taken into possession lenders are under a duty to obtain the best price reasonably obtainable."
Following the Skipton Building Society -v- Stott case in the Court of Appeal, lenders should now be aware that they must ensure that when an Estate Agent markets a repossessed property, it is marketed in the same way that they market the other properties they handle.
It would be interesting to find out which lender/estate agents are involved. Please feel free to email me privately if you would prefer.
Regards,