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house repossessed

desperado1_2
desperado1_2 Posts: 57 Forumite
in House buying, renting & selling
Hello everyoneWe have had our house repossessed and the house is going on the market in the next few days.What we were wondering does anybody know what we will be charged (apparently Spicerhaart are doing the repossession work) ie cleaning out charges, estate agents fees, bailiffs etc.Also on our court statement from Kensington it states we owe £XXXX as of 25/1/07 plus daily interest up to sale of property, does this mean they will not add on any early redemption fees?Basically does anyoe have any idea what else is charged/added on the final total balance owed.Any help would be greatfully Appeciated

Comments

  • silvercar
    silvercar Posts: 50,801 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    There will be a standard repossession charge which should be detailed in your original paper work , this could be £1,000!

    There will be daily interest on the mortgage upto completion of sale.

    The legal costs and estate agent fees will also be charged.

    Redemption penalties are added if appropriate. As they don't know the date of sale I guess they can't yet calculate what they could be.

    I hope your situation improves, have you found somewhere to live?
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • desperado1_2
    desperado1_2 Posts: 57 Forumite
    Thank you for replying, you stated repossession charge o original paper work, I have not yet received anything from the lender, about anything yet. I emailed the estate agents (found out who they were, as there was a note on our window stating if we needed entry to contact them), this is how i know that the house will be on the market soon.On the lenders statement to court for repossession it gave a balance owed up to certain date, statting we owed that plus daily interest to sale, nothing about redemption charges, will we need to pay redemption charges.Do you know how much they charge for cleaning out charges/baliffsThanks for all your help, luckily me and my family managed to find somewhere else to live, so hopefully life will get better, thank you for your concern
  • nelly_2
    nelly_2 Posts: 17,863 Forumite
    10,000 Posts Combo Breaker
    Whats redemption penalties?
  • silvercar
    silvercar Posts: 50,801 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Searched around online. As far as I can see Kensington charge redemption penalties if you are still within their 2 or 3 year fixed or discounted rate. The penalties are 5 or 6% depending on which mortgage you have.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • nelly_2
    nelly_2 Posts: 17,863 Forumite
    10,000 Posts Combo Breaker
    silvercar wrote: »
    Searched around online. As far as I can see Kensington charge redemption penalties if you are still within their 2 or 3 year fixed or discounted rate. The penalties are 5 or 6% depending on which mortgage you have.

    Does that still count on a repo though?
  • silvercar
    silvercar Posts: 50,801 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    nelly wrote: »
    Does that still count on a repo though?

    Yes. They repossessed because the payments weren't kept up - a breach of the terms of the mortgage. Early redemption penalties are nearly always applied, the only exceptions I've heard of are in the case of the death of the mortgage holder. Even then it has been on compassionate grounds rather than automatic.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • tillboy
    tillboy Posts: 268 Forumite
    Gordon_Guyz wrote: »
    HOUSE PRICE CRASH CANCELLED

    Not very sensitive given the subject matter :mad:
  • Pobby
    Pobby Posts: 5,438 Forumite
    tillboy wrote: »
    Not very sensitive given the subject matter :mad:


    Well we all know that Bruno has severe mental health issues.
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