Response to Coventry chasing for shortfall what do I do next?

Well it sounds like yet another case of a lender misrepresenting the MIG when selling a mortgage. Currently some lenders are dropping the MIG because mortgage applicants are now becoming more informed by the likes of this and other websites and as a result question why they should pay the premium for the lender to benefit from it.

I would suggest that they probably did undervalue, under-market and under-sell the property. Why do I think they probably did? Simply because lenders have always assumed they can do so and because I have experienced it with the HALIFAX.

I have accused the them of 25 negligent actions during the Possession, Valuation and Marketing of my property which I believe caused it's sale at considerably less than true open market value. After an internal investigation they've now admitted to(In their own words): "Mistakes","Typograhical errors and confusion","Procedural Mistakes","Administrative Errors" and "Incorrect actions". They made a reduction offer, for what I still allege is negligence, that was insulting! It remains to be seen whether their explanations bear up in court under the weight of documentary evidence and expert opinion.

A test case with the addition of the the new Civil Procedure Rules and the new Human Rights Act might well deter this unjust practice in the future.

As Eleanor states under the new Civil Procedure Rules they are obliged to supply documentation.

You must also refer to Skipton -v- Stott, in that they must personally have ensured (Not just taken assurances) that the property was marketed by the Estate Agents in the same manner that they marketed any other properties.

I would also advise that when you serve the Subject Access Rights Notice enclose the full #10 maximum at that time. If it turns out that the fee is less (Unlikely - Why charge less when they can get #10!) then it is encumbent on them to return the change. This stops the lender being able to impose a delay - the 40 days will start from the day they receive the full fee. Also send the #10 as a postal order NOT a cheque! Otherwise it's like saying here's the bank I'm with and here's my account number!

As Joanna has said, read everything on this site including all these questions and answers, you'll be amazed at the information you can find.

Best Wishes - Tony Hayter.

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