House Repossessed and charges..surely this can't be right?

stator

Can't you check if it's a freehold or leasehold by paying the £3 and getting the title from Land Registry?

Let_Us_See

It appears the majority of the shortfall is the £9,000 that I assume (always dangerous) has been paid for the mortgage payments you possibly failed to make? The Ground Rent, if applicable, seems high, but have you failed to pay it for a number of years?

The other costs look about right.

Ask for a fully itemised breakdown of every cost.

Nimbles

Thanks for your replies everyone. I've just emailed the company again and asked them for a more in depth break down regarding the ground rent and interest charges to be sent out. My mortgage was £200 a month and it says my arrears charges were for £560 so still have no idea where the interest debit of £12,000 has come from or how I have ended up owing them around £10,000. Is there anyway I could find out who sold the property and how much for? I was told through the grapevine that it was actually sold for £50,000 not £45,000 as these have stated.

Land_Registry

Nimbles wrote: »

Is there anyway I could find out who sold the property and how much for? I was told through the grapevine that it was actually sold for £50,000 not £45,000 as these have stated.

You can apply for a copy of the Transfer from the lender to the new owner by applying for a copy of the Transfer itself using form OC2 as explained in our online guidance.

You won't have the exact date of the Transfer but you will need the title number and address. You would apply for a copy of the Transfer from Lender A to Owner B on or around date of repossession/sale

The service is a postal one only and it would cost £7

ACG

You can probably find the answer on zoopla for free - assuming it has been updated.

Nimbles

I've just searched Zoopla and although it doesn't say how much it was sold for it does state this:
Public info

Property type: End terrace house | Tenure: Freehold



So that answers my question about the ground rent they have added on for charges.

If I pay for the land registry form will this tell me how much the property was sold for or do I need to fill out the other form too for £7?

Land_Registry

Repossession data is not always available in house price data and we will not have added it to the register itself.
As such I suspect you would only get confirmation of the amount paid by obtaining the copy Transfer itself for £7

Nimbles

Thanks Land Registry Rep, you're right there is no data regarding the house price sale anywhere so will send off to the land registry for a copy of the transfer. Thanks again, you've all been really helpful x

anselld

Nimbles wrote: »

Hi ACG no, I've only received the breakdown today. Here's what it says: Completion date: 27/8/2013
Advance: £40,000
Chaps Fees: £25
Completion Fee: £895
Building Insurance: £111.00
Arrears Charges: £560
Direct Debit Rejection Fee: £30.00
Field Agents Visit: £90.00
Legal Costs; £1,500
Ground Rent: £4,500
Tradesman Costs: £1,900
Interest Debit: £12,000
Credits: Payments made...£9,000
Sale Proceeds £45,000 Total £54,000
Loss on Completion :£10,000.

Are these the actual figures quoted? If so the seem suspiciously round numbers. Surely interest, for example would be calculated as a daily rate at a certain interest rate. Highly unlikely it would have come out to the nearest round £1000!

The whole statement looks decidedly fishy to me.

Nimbles

Hi Anselld, I've rounded most of the figures off to the nearest £.00. The total amount of Interest Debit is £11,915.83p and total amount of loss on completion is £9,697.18p if that helps any? I did scan the letter to add on here but don't know how to.