Just thought i would let everyone in on what happened when we went to court

We are buying a property that was going to be repossessed we had a month to move on this so felt confident in completing in time (yes we can complete in 5 weeks) :Ha

We had the survey done price came back ok. slight damp had company check whole house for free. £xxx needs spending. :ok all paperwork going ok. mortgage offer in place :good.
Vendor received phone call from her solicitor (who we recommended) asking are you still selling your property. Vendor had already sent her details into the solicitor's two weeks ago but they had not received them hence the phone call. it was now time to got to court as we tried to stop the proceedings going ahead the clerk of the court said it was too late to cancel and it was up to the building society to cancel anyway. Vendor totally stressed at this point i told her i would go with her (moral support) arrived at the building on a high street (did not look like a court to me) this court only does repossession's & divorces i know what you are thinking no you don't come out of repo room to divorce room shame on you for thinking that (good idea though) anyway i digress
vendor meets up with the society solicitor (i am not allowed to be with her)

She tells the vendor if you can pay this months rent +£50.00 of her arrears she will have 28 days to pay off her mortgage she agrees to this as it was the second charge she could not cope with. her solicitor then said to her how are you going to pay of the third charge.

What third charge i only have the mortgage & secured loan on the house.
Apparently they purchased a car 7 years ago (using an unsecured loan)found they could not afford it rang the company up to come and collect it. value of car when bought was £4000.00 the company rings to say they owe £7000.00 with costs associated she agrees to pay £50.00 per month company refuses to accept this asking her to re- mortgage she refuses here's nothing for 6 years she is now in touch with CAB on this one

anyway she comes out of the court i asked how she went on. she explained that the judge asked her how much she was selling her house for when she told him and after taking into account other finances he advised her to let her House go to repossession as it would be in her best interest's

Quick recap

Pros:
She sells her property
She has a clean slate to start over again (she is renting property back)
no cc j's
No long term adverse credit history (couple of missed mortgage payment's)

Cons:

Repossessed
Needs social housing
cc j's
Everyone knows she was repossessed as a auction board would be put up on the house
credit rating becomes non existent

I thought that the judge would look on this as a way out of her dilemma

Any comments welcome.

PS when sat in the waiting room i was looking at all the repossessions that were going to go through that day there were sixteen in all.

I went into my Homer Simpson mode Aqqqqqqqqq


I am thinking of setting up shop next to this building with big letters above saying

Repossessions stopped

do you think it would be big business

Regards

Les

Total Awards: 1
Total Points: 0

This is depressing story, especially the advice by the judiciary.

Re business, I could not think of a better way to tap into the targetted market.

Go Leslie...

Pankaj

Hi,

Why would you not be allowed to go in to court with client? I have done this on numerous occasions.

Secondly

The first thing I do before leaving the house to go and purchase a property is go on the land registry website and download the charges register and title plan for £6 if there are any other docs available I get these too to confirm how many charges they have. Also forward all of these to both solicitors when you instruct them and your solicitor can use the title plan to apply for the searches on day one speeding up the whole process.

Further

When I go and see a client I always take ALL the peperwork with me and fill it in while I am their including SPIF's and FF&C's, letter of instruction to solicitor, AST etc. and bring it all away with me including clients ID. I then scan all the documents and instruct both solicitors via email and attach all the docs they need. That only leaves the Contrats and the TR1 for the client to sign which if they have provided the correct ID can be done by post. (even though I scan and send clients ID to their solicitor I also forward these docs by registered post to them as they need to see the origonals, they then send them back to the client).

This should help you avoid lots of wasted time and money and stress.

We have learned all this the hardway and when dealing with repos I would say 10 - 20% have a second or third charge which they did not know was secured. and 90% underestimate the redemption figures.

Regards
Gary

Without trying to seem to rude, you let this person down badly, by simply not doing the basics.

I have NEVER lost a repo case and have ALWAYS had them deferfed for at least 28 days minimum.

How could you not check the LR for other charges, why didnt you get a form of authority to act on her behalf.

Why didnt you get her redemtion figures, etc etc etc.

This may sound harsh, and it's meant to be. All this info is freely available on here and sp.

You now want to take on repo's at the court when you dont know the first thing as to what to do, I suggest you have a serious look at how you let this person down.

Go to the bottom of the class

Hi sofie

I have counted to ten before i replied to this and deleted what would probably have had me thrown off the forum in reply to your thread

if you would like to pm me with your comments thats fine but please do not belittle me in future on the open forum

As i am new to property i expect to make mistakes you on the other hand must be perfect as you seem to know everything.

Quote
I have NEVER lost a repo case and have ALWAYS had them deferfed for at least 28 days minimum.

Reply
I have not let the vendor down we have the minimum 28 days extension

Quote
How could you not check the LR for other charges, why didnt you get a form of authority to act on her behalf.

Reply

I hold my hands up to this but i am trying to learn as i go along

Quote
Why didnt you get her redemtion figures, etc etc etc.

Reply

We have had the redemption figures for two weeks


Quote
You now want to take on repo's at the court when you dont know the first thing as to what to do, I suggest you have a serious look at how you let this person down.

Reply
If you read the post a bit more slowly you should have seen that the repossession shop was a joke

Regards

Total Awards: 1
Total Points: 0

Sofie,

I must agree with Leslie here - you can't start a post with "Without trying to seem rude" and yet end with "Go to the bottom of the class" like you are his school teacher.

As you haven't been a member here for long, you mightn't have noticed that we prefer constructive posts rather than those like you normally see on the abuse forum over at SP, which you referred to.

I usually only go to SP when I feel like seeing a good fight...

Just a suggestion.

Stephen

Hi all,

Leslie i can't believe the judge came to that conclusion either.

Thanks to Gary for all the usefull and helpfull information,as i am not yet up to speed with all the jargon could you tell me what the SPIF's and the FF&C's are.

Also the form of authirity that Sofie mentioned is this an official form or just a letter made up by us and signed by the vendor to instruct the lender that you are acting on her behalf.

Any more information on this would be much appreciated.

Craig

Hi,

Sorry SPIF = Sellers property information form
FF&C's = Fixtures Fittings and Contents form

Both are forms that if you do not do them there and then your solicitor will send them out for the vendor to fill in. Most of the people I buy from are repo cases and are not very good at paperwork. I do not like to leave it to chance chasing vendors to fill forms in. So I do it all while I am there. I take 2 copies of everything and leave 1 copy for the vendor and take a set away for myself (Except the SPIF and FF&C cos I cannot be bothered filling in 2 lots of them. What I do is fill it in infront of the vendor and let them see what I put.)
You would also be advised to take a Pre sale agreement (there is one available on this forum)

remember 2 copies of everything and leave nothing to chance.

Regards
Gary

PS I have attached a copy of the SPIF and FF&C forms. if it has'nt worked and you want a copy let me know and I will try and attach it again on a new thread.

Attached Files

Fixtures and fittings forms and property information forms.pdf (373.1 KB, 84 views)

Hi Gary,

Many thanks for the quick response and the most helpful information.

Craig

Sofie, it was a bit harsh of you to have a go at Leslie like this.

Please, please be gentle in future because, as Stephen pointed out, we welcome constructive comments and discussions with open arms on this forum. No one knows it all and we are here to learn from each other. It is difficult to have any sympathy for those who come across as full of themselves.

I know Leslie and he will do any thing to help out his clients. In fact he has helped quite a few already - judging by the size of his portfolio in a few short months.


Regards
Pankaj

Hi All
We all have something to learn. If it was that easy everybody would be doing it.
Would anybody who is used to doing these things mind posting the sequence of events for a repro and what forms etc are needed when.
It would be much appreciated.

Thanks
Mark

OK I should have left out the beginning and end phrases, that's all.

Yes SP does have a lot of sniping, but all the information is on there.

Advice I will freely give, but I wouldn't have dreamt of advising a vendor without checking on here or sp first.

If Leslie had posted on her first, he would have found out what he needed to know and this problem wouldn't have existed.

If I acted as judge and Jury then so be it, but IMO, this kind of action can only give what we do a bad name.

For you info this is what you quote to stop a repo.

If you wish, type it into the court form, application to suspend N244, so the judge has it on the table before you and the vendor go in to see him.

Part A 2 should state. The possession warrant be suspended until the first available date after 42 days

because.

the possession warrant to the first available date after 42 days.

You may not get 42 but you should get at least 28

Now you may not like what I wrote, but at the moment this is an unregulated industry and I for one don't wish it getting a bad name.

Leslie may have acted in good faith, but anyone can be heard at court, assuming the judge allows it, and there would be no reason they wouldn't that I have come across.

DD is the key to how we make our property fortunes but also how we can help the vendor.

So IMO this wasn't sniping, this was stating simply not to jump into something as bad as a repossession without learning the facts first.

OK it's harsh it was meant to be this person got repossessed when it didn't have to happen. If you can't see that then I am lost for words.

I also don't see anywhere where it states I am an expert, but I have been doing this a while.

Hi Sofie

The vendor was already going to be repossessed when i contacted her
We could not cancel the hearing as the court clerk said it was up to the building society to cancel it

And it was the building society solicitor who told the vendor that i did not need to go in to the room

My solicitor had already sent the judge a letter to say funds were in place to purchase the property

I understand that you know quite a lot regarding the repossession route
so could i ask you to post a thread for the forum members explaining exactly what happens when a repo lead is bought as this will benefit everyone in the future

Regards

Les

Total Awards: 1
Total Points: 0

Very comprehensive and professional information Sofie, Thank You and Well Done.

Total Awards: 1
Total Points: 0

I have learned a lot from this Thread which I did not realise before. Thanks.