Retrospective action?

GaryBC

Ok. This is an awkward question to ask so I'm not sure how to pitch it.... 

Since the loss of both parents I've been fighting a bank over a Shared Appreciation Mortgage they took out in 1997. It's looking very much like the fight is lost so we will end up selling the property and giving the bank its ill gotten gains. 

My question is this. If we do that, does it close the door on us retrospectively fighting for our money back at a later date (if, for example, other avenues of approach present themselves)?
If the door does remain open, is there a time limit?

Thanks. 

Alderbank

Good question but it needs specific technical knowledge to answer it.
This part of the site deals only with consumer rights, a mortgage contract set up 25 years ago is not really consumer rights.
You would be better to get this post moved to Mortgages and Homes 
https://forums.moneysavingexpert.com/categories/mortgages-homes

DullGreyGuy

Selling the house and paying them their share of the appreciation wont invalidate your complaint. 

Timelimits can apply to complaints but it really depends what your allegations are and if they've already been presented to the bank or not etc

GaryBC

Ah, ok. 
The reason I put it under this heading is because any fight is likely to be based on the contents of the Consumer Rights Act 1974.
As I understand it most mortgage related regs didn't appear until after 1997.

But if it is better served under a different one I'm more than happy to move it (if I can figure out how to, that is!). 

GaryBC

DullGreyGuy said:

Selling the house and paying them their share of the appreciation wont invalidate your complaint. 

Timelimits can apply to complaints but it really depends what your allegations are and if they've already been presented to the bank or not etc

Up to now the thrust of my argument has been based on FCA non compliance but that's failed due to jurisdiction problems. 
Any subsequent action is likely to be CCA 1974 based. I've not presented any CCA based arguments as I know that doesn't fall under the Financial Ombudsman's remit. 

MattMattMattUK

GaryBC said:

Ah, ok. 
The reason I put it under this heading is because any fight is likely to be based on the contents of the Consumer Rights Act 1974.
As I understand it most mortgage related regs didn't appear until after 1997.

But if it is better served under a different one I'm more than happy to move it (if I can figure out how to, that is!). 

Just for clarity you mention Consumer Rights Act 1974, that does not exist, though you do mention CCA which is the Consumer Credit Act 1974 which does exist and is relevant. Mortgage operate both under the framework of the CCA, as well as being regulated.
https://www.legislation.gov.uk/ukpga/1974/39/contents
https://www.bankofengland.co.uk/prudential-regulation/publication/2022/october/regulatory-treatment-of-retail-residential-mortgages

GaryBC said:

DullGreyGuy said:

Selling the house and paying them their share of the appreciation wont invalidate your complaint. 

Timelimits can apply to complaints but it really depends what your allegations are and if they've already been presented to the bank or not etc

Up to now the thrust of my argument has been based on FCA non compliance but that's failed due to jurisdiction problems. 
Any subsequent action is likely to be CCA 1974 based. I've not presented any CCA based arguments as I know that doesn't fall under the Financial Ombudsman's remit. 

If it was taken out in 1997 then the regulations as they were at 1997 would largely apply, there may be minor retrospective changes, but nothing significant. 

GaryBC said:

Since the loss of both parents I've been fighting a bank over a Shared Appreciation Mortgage they took out in 1997. It's looking very much like the fight is lost so we will end up selling the property and giving the bank its ill gotten gains. 

On what basis do you believe the SAM to be "ill gotten gains"? I am not sure if they are still sold for residential property now but they were a fairly simple product, they were fully legal and regulated at the point that they were sold. Is your complaint based on a point of law, or that you do not like the outcome of the asset split?

GaryBC

Sorry, got my 'rights' and 'credit' mixed up!