[Gllug] NHS opt out

Jason Clifford jason at ukfsn.org
Thu Jan 25 11:25:16 UTC 2007


On Thu, 25 Jan 2007, t.clarke wrote:

> The Mortgagee doesn't actually 'get' the house upon default,  they get the right
> to dispose of it to pay off the outstanding debt. Usually disposal is by auction
> I believe,  and you (your estate) would get back any net surplus.
> So if you have paid of 50% of the capital value of the house already you would
> get back a fair proportion of that, depending on various factors.
> The shitty part of this equation is that that seems to be no no absolute obligat
> -ion for the mortgagee to obtain the best selling price and I imagine that
> trying to take legal action against them for disposing at a rubbish price would
> be rather tricky !

Actually they do have an established duty in law to get the best selling 
price and you can bring action against them for damages if you can show 
that they have been negligent in their actions in this respect.

Those being repossessed are often advised to contact the local estate 
agents to see if the property is being offered to suitable purchasers and 
if it is being properly listed (vacant possession, etc). If you can prove 
that this has not been done you can seek damages equivelent to the 
different in actual sale price and reasonable market value compared to 
similar properties sold at about the same time.

Jason
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