Mortgage repossession solicitors act on behalf of borrowers not only to defend legal proceedings for repossession of thier house but in many cases they also claim or include a counter claim for damages in the civil court against lenders which includes banks, building societies and other financial institutions when there has been unfairness or negligence either in the initial agreement or the subsequent payment of interest, fees or capital repayments. Legal action by mortgage repossession solicitors may include claims for :-
When a borrower takes out a mortgage with a lender to buy a house following acceptance of a mortgage offer, the lender is in a dominant position and the borrower often simply trusts the lender to ensure that the mathematical calculation of the payments due is accurately calculated however either by accident or design this situation often does not prevail and the borrower may find themselves in the position of paying substantially more to the lender than the agreement provides. Interestingly it is indeed very rare for the lender to undercharge!
A large number of lenders have, in the recent past incorrectly calculated interest repayments due on house mortgages which, upon discovery has resulted in large claims for compensation against the lender , paid out in due course to the borrower however this situation often does not become clear until after mortgage repossession due to arrears, with the borrower often losing their home due to the lenders negligence if in fact no arrears actually existed and the foreclosure proceedings are due to inaccuracy calculated interest. If the following circumstances apply, mortgage repossession solicitors may be entitled to make a claim on your behalf :-
Our mortgage repossession solicitors are able to deal with the defence of foreclosure proceedings on your house and may be able to assist in refinancing your mortgage through another lender on less onerous terms. There are stringent requirements that apply to mortgage lenders who wish to take action for foreclosure of a mortgage. We are able to advise on whether or not those regulations have been followed and in addition we will calculate the exact financial position to establish whether or not there has been overcharging or if there was a mis-selling situation at the inception of the mortgage. Even if you have adverse credit we may, through our experienced brokers, be able to refinance and prevent repossession.
Our financial services solicitors deal with compensation claims for overcharging on property loans by lenders and mortgage mis-selling. We operate the no win no fee* scheme and you do not have to fund or finance your legal action. Claims are totally risk free and if the action is lost you pay nothing. It's to every ones advantage that you win your case and if you instruct one of our mortgage repossession solicitors to represent you, that lawyer will provide committed and vigorous legal representation on your behalf. No stone will be left unturned in our quest to win compensation on your behalf.
The starting point to claim compensation for mortgage mis-selling is to send a complaint letter or a formal letter of claim to the firm that made the sale of the loan. The letter should contain all of the information necessary to identify you, the property and your mortgage. It should also outline why you think you were mis-sold your policy. The letter should contain as much of the following information as possible :-
There are many reasons for alleging that a mortgage has been mis-sold including :-
There are a number of common features with most mis-selling of mortgages. If any of the circumstances below apply to you there is a strong possibility that you were mis-sold your mortgage. If you recognise any of these as applying to you please call us :-
Our lawyers, actuaries, financial advisers and insurance experts work together as a specialist team to settle mortgage mis-selling claims against life companies, banks, building societies, independent financial advisers and insurance brokers. Our professionals only deal with claims on a risk free no win no fee* basis and if the claim is unsuccessful for any reason they will make no charge whatsoever. You will not be asked to fund or finance your application in any respect and you will not have to buy insurance or take out any loans. Our clients never pay any charges unless the claim is settled successfully. If you would like to speak to a specialist solicitor just complete the contact form or call the helpline or email our offices and one of our experts will discuss your potential mortgage mis-selling claim without any further obligation.
There are four main grounds upon which a claim for mortgage mis-selling can be based. It must also be proved that the person who sold the policy was in breach of the regulations at that time and effectively failed to give the customer sufficient information on which the client could base the decision to enter into the loan agreement. The four main categories of a mis-sold mortgage are as follows :-
A financial adviser involved in the sale of the mortgage should have ensured that the loan was suitable for your needs and that you fully understood all of the terms and conditions. Your advisor should have discussed any other available methods of borrowing or financing the purchase of your property. If you advisor failed in any of these respects then you may have a been mis-sold your mortgage.
This really is the most unpleasant tactic in the realms of mortgage mis-selling employed by some financial advisors whereby they advised clients to pay off an old mortgage and take out an entirely new mortgage. The only person to gain from this would be the advisor who would receive an enhanced commission payment when compared with the smaller commission obtained on an original mortgage top up. The client on the other hand will have suffered a substantial loss due to the effective financial penalty for cashing a mortgage in early. This practice is a manipulation of the client's assets in favour of the financial advisor and is against The Financial Services Authority rules.
Financial advisers are required to abide by the Financial Services Authority rules and failure to explain fees, charges and values or failure to complete a fact-find may mean that you have a claim. For dealings after 1 January 1995 you should have been given a Key Features document detailing fees and charges.
Mortgages that continue into retirement cause particular difficulties as the borrower has to continue to pay even on a reduced retirement income. The financial advisor should have ensured that you would have sufficient funds to pay the mortgage interest and the insurance premiums after you had retired. If this subject was not broached then you have a potential claim. Interest only mortgages are causing particular concern in this category.
Mortgage fraud takes on a number of guises however the technique that most often defrauds members of the public and ultimately the lender relies on at least one dishonest professional person and frequently two or more to ensure that the mortgage fraud is long running and maximises benefits for the criminal perpetrators. It is not unusual to see a solicitor or an estate agent or a professionally qualified value put behind bars for frauds amounting to millions of pounds. These scams are often not isolated events and may be in relation to large numbers of properties on estates or substantial blocks of flats providing a regular dishonest income for the mortgage fraud team.
The most common scenario that cheats the buyer of a property, most often a family home, relies upon an estate agent offering a property for sale at an inflated value which eventually attracts a na�ve or inexperienced purchaser who relies on an over-valuation provided by a dishonest valuer who inflates the value of the property for mortgage purposes. The lender which is often a bank or a building society relies on the valuation and provides a mortgage loan for more than the property is worth which is then used to pay the dishonest seller who splits the profits with the estate agent, the valuer and the solicitor, who facilitates the transaction in the full knowledge that something isn�t right but who chooses to close his eyes for the sake of regular uninterrupted legal fees emanating from the scam.
All is usually well in a rising market as inflation takes account of the shortfall however in a falling or stagnant market matters come to the attention of the buyer when the property is subsequently put on the market for sale at a lesser value than anticipated. Generally speaking the new estate agent will advise the purchaser that they overpaid or the lender will make enquiries about the shortfall when the loan is only partially paid off. In the event that the cheated buyer defaults on the outstanding part of the loan, then the lender is also put at risk.