My friend at work, had been repossessed in 1993 by the above, started chasing her last year for £25k, now gone up to £46k with contractual interest.(posted 8467 days ago)She knows that they have sold the property under value, even though they still deny this.
Firstly the refused ( through their solicitors) to supply a valuation or structural report, and in the end they say that they do not have one.
In the last few days, going through some of her files she found a copy of a Valuation report done by an independent valuer in 1989 for NHL. The value on the 1989 report for Loan purposes was £54k. The House was sold after repossession for £36k. The lender at this stage, does not know that she has a copy of this valuation. Recently when they were in court, and my friend was not represented, the Judge ordered that a new valuer be appointed jointly and the costs be shared.
The Valuation Report the my friend has, says in small print that the report “should not be taken as a detailed report on the structural condition of the property and that the valuation figure given does not necessarily represent the market value of the property”
My question is would the court accept this valuation as a true representation of the value despite the conflicting views given in the report.
My second question as she had taken out the mortgage in 1989 with National Home Loans. NHL transferred her Mortgage to another company in 1990, who in turn transferred again to another company in the USA..
She is now being chased by Paragon ( NHL) for the shortfall, surely it should be the company in the USA that should be chasing her.
Any comments appreciated by anyone or directly to my email address.
Lisa