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House Repossession Rip Off

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My home was repossessed by the mortgagee, and sold hurriedly to a local builder for £31,000.00. The sale was not registered with the Land Registry, and the EA are refusing to give me proof of sale.

It was sold 6 weeks later (registered with Land Registry) for £64,000.00!!

The Mortgagee are now coming at me for a shortfall. Does anybody know if the purchasers are required to keep hold of the property for a while for tax purposes, and should it have been registered with the Land Registry when it was first purchased?

Very little work was done on it before being sold on. Am I entitled to proof of sale?

Any ideas most appreciated.

Edited by Boomer

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My home was repossessed by the mortgagee, and sold hurriedly to a local builder for £31,000.00. The sale was not registered with the Land Registry, and the EA are refusing to give me proof of sale.

It was sold 6 weeks later (registered with Land Registry) for £64,000.00!!

The EA are now coming at me for a shortfall. Does anybody know if the purchasers are required to keep hold of the property for a while for tax purposes, and should it have been registered with the Land Registry when it was first purchased?

Very little work was done on it before being sold on. Am I entitled to proof of sale?

Any ideas most appreciated.

What do you mean 'the EA are coming at me for a shortfall?" the EA should be just the agents. The bank is the one that you should need to pay as I understand it.

It sounds like you need a solicitor pure and simple. Any advice you received here would be likely to be below the standard required (unless we have a housing solicitor on board).

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Dude, this is an odd post.

I am assuming people will need more info before replying with advice.

I don't want to call awooga, but with the numbers above then it's going to be in their minds!

Hope that helps,

TFH

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My home was repossessed by the mortgagee, and sold hurriedly to a local builder for £31,000.00. The sale was not registered with the Land Registry, and the EA are refusing to give me proof of sale.

It was sold 6 weeks later (registered with Land Registry) for £64,000.00!!

The EA are now coming at me for a shortfall. Does anybody know if the purchasers are required to keep hold of the property for a while for tax purposes, and should it have been registered with the Land Registry when it was first purchased?

Very little work was done on it before being sold on. Am I entitled to proof of sale?

Any ideas most appreciated.

Go and see a solicitor - ask if they can do the work under legal aid. If you can't find a solicitor contact your local Citizens' Advice Bureaux - look under CAB in the yellow pages.

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Yes, I tried that, it's the same site as www.upyour******!ng4rse.com

Any serious answers at all?

The serious answer was and is from a number of posters, we have the humility and intelligence to realise our limitations. Seek legal advice.

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My home was repossessed by the mortgagee, and sold hurriedly to a local builder for £31,000.00. The sale was not registered with the Land Registry, and the EA are refusing to give me proof of sale.

It was sold 6 weeks later (registered with Land Registry) for £64,000.00!!

The Mortgagee are now coming at me for a shortfall. Does anybody know if the purchasers are required to keep hold of the property for a while for tax purposes, and should it have been registered with the Land Registry when it was first purchased?

Very little work was done on it before being sold on. Am I entitled to proof of sale?

Any ideas most appreciated.

This is a very serious matter for you Boomer, and can make a huge difference to your future financial wellbeing, and that of your family and I understand your frustration at not getting the tpe of legal advice you require, but the best advice 'go see a legal eagle' is probably the best you will get here.

Thanks for bringing it to the attention of HPC...I'm sure if this is a scam many more reposessed landlords/homeowners may face the same scam.

Would be good to know what you find out about this from a solicitor or the CAB.

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Yes, I tried that, it's the same site as www.upyour******!ng4rse.com

Any serious answers at all?

Boomer seems an appropriate name. Empty, loud, and meaningless.

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Boomer seems an appropriate name. Empty, loud, and meaningless.

Please don't get into a slinging match. Its really not worth it. Maintain your grace... and if you want to have the last laugh, given your name get yourself a copy of Happiness TM. Its one of the funniest books I have ever read - all about Boomers and what us Xers have had to suffer!

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Boomer seems an appropriate name. Empty, loud, and meaningless.

Why do you want to get into conflict with a guy in the OP's situation?. He needs help and advice, not abuse.

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Why do you want to get into conflict with a guy in the OP's situation?. He needs help and advice, not abuse.

Some of us are not convinced this is not a wind up. The original email identified that the EA was chasing him for the rest after selling a house for 30K and then reselling for 65K. Three questions come to mind. a) why would the EA be chasing him for the difference in the cost of the house B) wouldn't it be the bank that was both chasing him and required to produce proof of sale and c) what house nowadays possibly sells for 65K. However treating him with grace, he is asking a complicated legal question to which we should definitely not be offering casual advice other than to seek proper legal advice. And this is what I and a number of posters have suggested. Some actually named the CAB. He has ignored that advice completely and subsequently asked if anyone has any serious advice?? That is the serious advice.

But maintaining some respect, as renterbob said, if he is serious we would appreciate him getting back with a post on the outcome of his legal enquiries.

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Sounds like what is called a back to back deal , the estate agent has sold it on . Maybe to someone he knows and it has been resold very quickly to another party.

back to back deals are themselves not illeagal .

When a property is bought for it to be registard in the new buyers name at Land registray , somthing that banks giving a mortgage on property would insist on stamp duty becomes payable. If the property is sold on very quickly without registration which is also legal no stamp duty is payable. So sounds like not only has the builder the middle man made a fat profit he also saved on stamp duty , that is why no registration has shown up. What is illegal is an estate agent not trying to gain the best price for the property for his client . The client being your morgagee.

As mentiond in earlier posts talk to a solicitor.

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Some of us are not convinced this is not a wind up. The original email identified that the EA was chasing him for the rest after selling a house for 30K and then reselling for 65K. Three questions come to mind. a) why would the EA be chasing him for the difference in the cost of the house B) wouldn't it be the bank that was both chasing him and required to produce proof of sale and c) what house nowadays possibly sells for 65K. However treating him with grace, he is asking a complicated legal question to which we should definitely not be offering casual advice other than to seek proper legal advice. And this is what I and a number of posters have suggested. Some actually named the CAB. He has ignored that advice completely and subsequently asked if anyone has any serious advice?? That is the serious advice.

But maintaining some respect, as renterbob said, if he is serious we would appreciate him getting back with a post on the outcome of his legal enquiries.

I take your points. We need more from him/her, if he/she is genuine.

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I take your points. We need more from him/her, if he/she is genuine.

Quite.

Awooga!

Even if he/she/heshe is genuine, we still need a sub forum.

The OP shouldn't take it personally, I am horrible to everyone mostly.

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Why do you want to get into conflict with a guy in the OP's situation?. He needs help and advice, not abuse.

Yes he needs help.

But here is not the right place.

Shall I ask about fixing computers, new carpets, stuffed animals or my sexual dysfunction?

Here is some advice for him:

http://www.citizensadvice.org.uk/

Make an appointment.

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I'm not biting, tittle tattle should be left in the playground.

This is a genuine request, and my questions have been pretty much answered. I know the purchaser was in bed with the EA, but proving it will be a different matter.

I think my main mistake was not getting an independent valuation at the point of repossession. BTW, my arrears were caused by a severe accident forcing me to give up work suddenly, NOT mismanagement.

There was 2 months between the repo and the sale (by one of the largest EAs).

Unsure whether 6 weeks can be considered as back to back, but I'll seek advice from a Solicitor and let you know how I get on.

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Yes, I tried that, it's the same site as www.upyour******!ng4rse.com

Any serious answers at all?

When did you go to court for the possession hearing?

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I'm not biting, tittle tattle should be left in the playground.

This is a genuine request, and my questions have been pretty much answered. I know the purchaser was in bed with the EA, but proving it will be a different matter.

I think my main mistake was not getting an independent valuation at the point of repossession. BTW, my arrears were caused by a severe accident forcing me to give up work suddenly, NOT mismanagement.

There was 2 months between the repo and the sale (by one of the largest EAs).

Unsure whether 6 weeks can be considered as back to back, but I'll seek advice from a Solicitor and let you know how I get on.

Was that the time taken to find a buyer, or the time taken for that buyer to complete? The reason I ask is to help try and establish whether sufficient effort was made to obtain the best price possible in a reasonable time frame.

From the Times back in Febrary: http://property.timesonline.co.uk/tol/life...icle3282719.ece

"In theory, banks, surveyors and estate agents have a legal duty to sell a repossession at the best possible price and are in danger of being sued by the former borrowers if they do not fulfil their obligations. "

You really do need legal advice in order to determine whether you might have a case, and if so, against whom.

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Some of us are not convinced this is not a wind up. The original email identified that the EA was chasing him for the rest ...

No it didn't - it said that the mortgagee was coming after him for the shortfall

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