NATIONAL HOME LOANS/PARAGONgreenspun.com : LUSENET : Repossession : One Thread
After getting nowhere with National Home Loans/Paragon regarding the very low price that they sold my house for, I decided to contact some Solicitors for advice. I was basically told by the majority that the Lender could sell the repossessed property for whatever amount they wanted to!!! Is this anyone elses experience? If this is the case then why are we all bothering to fight? I have been told by several solicitors to just offer a monthly payment!!!
One other question - NHL use their own IN-HOUSE valuers - is this correct or should they have independent valuations done as well as their own?
-- deb (email@example.com), November 15, 2001
Hi Deb, The solicitors you consulted and who told you that the lenders could sell the property for any price they like are WRONG. They either don't about the requirements if the B.Soc. Act '86 which are that the lenders are required 'to obtain the best price reasonably available'. If they DO know about the Act perhaps they are 'adopting an attitude' or who knows perhaps they have at some time bought a very under- valued property and made a handsome profit from it. Either way they have not given you good advice. have you asked the Lender for details of the marketing activities they carried out? If not I suggest that you request copies of all data that they are holding relating to your case - that is your entitlement in law. This should reveal, or otherwise, details of the marketing that they carried out. If you want to e-mail me privately please free to do so. I've had all this nonsense myself so I know how you feel. Good luck, Joy.
-- Joy Harker (firstname.lastname@example.org), November 16, 2001.
I can't comment about the sale price question but I do know from personal experance that most solicitors appear to want to do nothing to upset the lenders. Maybe, just maybe, this is because the lenders are involved in property purchasing that forms a significant element of the solicitors income. If they upset the lenders then that lender can make life very difficult for them; "Don't bite the hand that feeds you?"
I've had various solictors tell me I don't have a case, or else they have dragged their feet for months doing nothing but charging me fees.
When I located a solicitor who did no property purchasing work at all I was able to obtain quality advice about my situation. Advice that has proved to be correct.
-- anon (email@example.com), November 16, 2001.
Thanks everyone for your answers - one other thing I was told was to get my own Survey done on the property - a little bit awkward if you no longer live there!!!!
Also National Home Loans/Paragon use their own surveyors and valuers!!!
-- deb (firstname.lastname@example.org), November 17, 2001.
I believe that in the recent Halifax case [where Halifax *the bank* lost]the judge noted that Halifax had failed in its duty to obtain the best price. According to the Guardian's report (by Tony Levene) Halifax declined to comment on this aspect of the court judgement. Mmmmmm. Interesting.
This was reported in the latest Home Repo Page Newsletter.
-- E Scott (email@example.com), November 17, 2001.
To "I hate abbey national" any chance of giving me your solicitors telepone number? I have been everywhere trying to find one that has nothing to do with house purchase!!!!
-- deb (firstname.lastname@example.org), November 21, 2001.