Bank repossessed property.

van_der_volt

I hold a charge on ex husbands bungalow. He went bankrupt, bank repossessed the property,  and got an order for sale, bank has done nothing with it for three months. Meanwhile the property is deteriorating as there is a water leak in the bathroom causing carpets to rot and grow mould everywhere also someone or some animal as been defecating in the rooms. (Can be seen through the windows).
The bank will not speak to me or my solicitor as my name is not on the mortgage.   The charge is for many thousands of pounds but the property is losing value while it is empty and not on the market. 
What can I do, I am desperate for a solution. 

ACG

Probably not really the right forum. 
What has your solicitor said? 

user1977

If you've got a solicitor, what's their advice?

Is your charge actually worth anything? If the debt to the bank is already more than the value of the property, there isn't going to be anything left for you anyway (assuming your charge simply ranks after the bank's charge).

ACG

I think that is a good point by User1977. 
How much is the property worth (in its current state)?
How much is the current mortgage for? 
I would probably bang on an extra £10k to cover their costs - legal costs, selling costs etc. 
How much is your charge for. 

If the property in its current state is worth say £200k (but maybe £250-300k once done up) but the current balance is maybe £180k, you are probably not going to see much of your money back if any. 

Thrugelmir

Perhaps a sale is in progress. Repossessions are often auctioned. Auctions being held only so often. 

herbertpug

ACG said:

I think that is a good point by User1977. 
How much is the property worth (in its current state)?
How much is the current mortgage for? 
I would probably bang on an extra £10k to cover their costs - legal costs, selling costs etc. 
How much is your charge for. 

If the property in its current state is worth say £200k (but maybe £250-300k once done up) but the current balance is maybe £180k, you are probably not going to see much of your money back if any. 

And unfortunately, if it sells for less than outstanding mortgage, you may be liable for some of the debt as well

ACG

herbertpug said:

ACG said:

I think that is a good point by User1977. 
How much is the property worth (in its current state)?
How much is the current mortgage for? 
I would probably bang on an extra £10k to cover their costs - legal costs, selling costs etc. 
How much is your charge for. 

If the property in its current state is worth say £200k (but maybe £250-300k once done up) but the current balance is maybe £180k, you are probably not going to see much of your money back if any. 

And unfortunately, if it sells for less than outstanding mortgage, you may be liable for some of the debt as well

How so? If they are not party to the mortgage, how can they be party to the debt? 

london21

van_der_volt said:

I hold a charge on ex husbands bungalow. He went bankrupt, bank repossessed the property,  and got an order for sale, bank has done nothing with it for three months. Meanwhile the property is deteriorating as there is a water leak in the bathroom causing carpets to rot and grow mould everywhere also someone or some animal as been defecating in the rooms. (Can be seen through the windows).
The bank will not speak to me or my solicitor as my name is not on the mortgage.   The charge is for many thousands of pounds but the property is losing value while it is empty and not on the market. 
What can I do, I am desperate for a solution. 

Do not put your hopes up.

Bank likely focus on recovering their own funds.

van_der_volt

Without revealing too much detail the figures add up to me getting some money back. My question is what can I do to find out if the property goes to market or to enforce the bank to move quicker so I can retrieve some money from the property. 
Thanks for your response. 

user1977

Unless they're genuinely sitting on it and doing nothing (which seems unlikely) I doubt there's much you can do, beyond keeping on eye on the usual places (they're likely to use the same agents for all of their repos) for it going on the market. Obviously if they're getting the lion's share of the price, it's in their own interests to sell it as soon as reasonably practicable.