Legal Advice: Repossed or not Repossesed. Lender Mistakes

reksoh

Hello.

I need some Legal advice, since after doing a Land Registry search something strange happened. :eek:
I presume that MoneySavingExpert be the best place to ask, as the members here are the cleverest I have seen on any forum. Plus you may help me save me many £k!

Four years ago I bought a farm, renovated 3 houses to high standards. The main property where I lived was Listed as Grade 2, renovated and valued at £300k.
but
Two years ago I was unable to continue paying lender so all they where repossessed.

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Two years later im contemplating going bankrupt I completed some searches one was Land Registry. To my astonishment it came back saying that I still owned the £300k property!

Unfortunately, I have not received a free house.
As two years on the Grade 2 Listed property is ready to be demolished. No Roof, No Floors, Smashed Windows and removed Electrics. Even down to removing light switches and doors. Lets say its far away from being £300k now.

Legal Advice?
I am sure lenders have to stick to some rules?
They have failed to secure the repossession, its got lost in the system and is still in land registry as mine.
The property has lost mass amount of value, so my debt to them is now far greater!

What advice can you give me? But my main question is what type of lawyer do I need to contact?
I live near Leeds, if that helps.

As you can imagine im :mad: mad and confused :huh: .

peb

When a property is repossessed the lender do not usually transfer it into their name. They are probably trying to decide what to do with it! They sell under the POwer of Sale granted to them under the mortgage you entered into.

reksoh

Thank You, I can understand they have the right to sell. We just presumed that Two Years after default the lender would have sold it or transfer it to somewhere else. I guess its not necessary with what you said.

A grade 2 listed building, with great value should have been sold. The other two properties where locked up within weeks and sold within months.

The property under question has been left to ruin for 2 years was £300k now worth about 50K. This is why we where advised to take legal action?
The lender has not secured or advertised the property for sale.

tyllwyd

I had a quick look around, and as far as I can see the lenders have a 'duty of care' to sell the house at a reasonable price. If it has lost £250K in value because they have let it go to rack and ruin, I'd think you have good reason to talk to a solicitor to see what your options are.

Jesthar

No specific ideas on this (well out of my area of expertise!), but I'd suggest that if you have any photos/videos etc. which can provide proof of the condition of the property before you moved out, now would be a good time to hunt them out. If the damage to the Grade 2 is a severe as you suggest, the 'before and after' should make for compelling evidence.

~Jes

reksoh

proof of the condition of the property before you moved out, now would be a good time to hunt them out. If the damage to the Grade 2 is a severe as you suggest, the 'before and after' should make for compelling evidence.

Family house many photos and videos. We also have estate agent documents with photos, descriptions and value. Im shocked to say the grade 2 house is VERY WEATHERED due now to not having any roof. Good Advice Jes, I will collect those together.

tyllwyd, You have summed it up better than I have. The £250k loss in value is a estimation but we wont be far off. I have never had to use much legal advice and presume solicitors have ther specialities i need to figure out what type to contact.

tyllwyd

reksoh wrote: »

I have never had to use much legal advice and presume solicitors have ther specialities i need to figure out what type to contact.

Solicitors don't come in different 'types' - if you go to a firm of solicitors in the high street, depending on how big a firm it is they will probably have different departments for family law, probate, conveyancing etc. I guess yours comes under residential property.

If you have a look in the Yellow pages, you can probably get a feeling for what firms are local to you, and what areas they specialise in and how high powered they are just from their adverts. You could see what the Law Society's search comes up with
http://www.lawsociety.org.uk/choosingandusing/findasolicitor.law