Duty of Caregreenspun.com : LUSENET : Repossession : One Thread
Can anyone tel me if there is any act which states that B/S have a duty of care in the selling of repo properties. Thanx in advance.
-- Adam (email@example.com), January 29, 2003
Under the terms of the B.Soc Act 1986 the B.Socs had a LEGAL obligation to obtain the best price reasonably available.(In your public library have a look at this act - Sale of repossessed land/properties, Schedule 4.)
To the best of my knowledge there is now no longer any LEGAL obligation - that schedule appears to have been repealed ! Apparently the moral and legal responsiblity of the B.Socs has been shunted sideways under the 'umbrella' of the Council of Mortgage Lenders. It is now what I personally consider to be a diluted requirement of 'a duty of care'. (Since 1997 I believe.)
If the Societies always obtained the 'best price',(and who so loudly protest their 'innocence' when challenged), why repeal that schedule? What was so wrong with having a LEGAL requirement if they were complying with it? What did they fear?
This is a question I raised many months ago and I believe that Mark Amos included it in his letter to the Treasury Minister. The answer should be interesting - if the lady concerned deigns to answer. I'm not familiar with your case Adam - so I hope my info. will be of help to you. My advice to you is to uncover every bit of evidence that you can. Please e-mail me if you wish, if I can be of further help, I will gladly oblige.
Good hunting, Joy.
-- Joy Harker (firstname.lastname@example.org), January 29, 2003.
Apparently they are still underselling. A friend of mine at work has just told me he has managed to get a flat for his daughter at £7,000 less than market value as it is a repo!! Although this is not as big a gap as the £40,000 less they sold my fiance's flat for back in 1992 I still find it disgusting behaviour.
-- Chris (email@example.com), January 30, 2003.