Eversheds/Nationwide Settlement Agreed

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With reference to my previous postings, Eversheds have now sent me a letter stating "We can confirm our client is prepared to accept the sum of 2000 in full and final settlement of your liability arising from the sale of......"

There is also a paragraph that I do not understand, it reads "Should there be any additional security, linked to the above mortgage and assigned to our client, our client will retain its right to such security, unless agreed otherwise by our client in writing" Could anyone please advise me what this means? They have asked me to sign the bottom of the letter in acceptance of the agreement and return to them. Thanks

-- lynharl (lynharl@zoom.co.uk), July 26, 2002

Answers

FIrstly very well done on obtaining your settlement. What they are saying in English is that if there is anything else linked to the property, i.e. a loan attached to it or you had an extension built and added it to the mortgage they retain all rights to this, also if you have bought a new property and added it to the old mortgage etc. I would suggest you get a proper full and final settlement contract drawn up by a solicitor just to make absolutely sure. Well done and all the best for the future. Chris

-- Chris (chris@anon.co.uk), July 26, 2002.

Absolutley brilliant news - well done.

I have also recently obtained a settlement and I have now received my full and final settlement document. It is now in a frame and on the living room wall!!! Sad but true!!!!

Once again well done and very best wishes/

-- d (dp99@blueyonder.co.uk), July 26, 2002.


Well done!

-- Gordon Bennet (arsenewhinger@hotmail.com), July 26, 2002.

Hi Lyn,

could you tell me what the overall shortfall they were chasing you was for. We too are at the negotiation stage and would like to know how much to offer

Thanks

-- lisa (lisajh29@hotmail.com), July 26, 2002.


Hi Lyn,

The paragraph you do not understand also means that if you had an endownment policy to repay the mortgage they also have a claim on that. It said exactly the same on mine.Oh and i nearly forgot, congrats and well done,you can now look forward to a hassle free life.

Kind Regards, Daren

-- Daren Otsay (darenotsay@blueyonder.co.uk), July 27, 2002.



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