After repossession

[Catty]

Our home was repossessed 2 years ago as a result of it having been used as security for a business loan. The business sadly failed. We fought hard to negotiate with the bank but in court we were told it was an All Monies Charge loan and we basically didn't have a leg to stand on. Subsequently we lost the house. The house was sold by the bank 18 months ago. We have never been given any official notification by the bank that it has been sold and we only know this because we live nearby.

Should the bank not have informed us when the property sold and given us details of any amount outstanding, or indeed if there was any money left over ?

Hoping someone can advise.

[Peridot]

Hi Catty,
Was the house mortgaged? I have found this relating to repossessed mortgaged property which may help:- https://www.cml.org.uk/consumers/pay...session-occur/

Who was the secured loan held with? Was it likely the equity would cover the whole of the loan or would there be a shortfall? I suspect if there remained a shortfall they would have been pretty quick off the mark letting you know but it may be worth contacting the bank to see. Have you checked the property sites to see what the house sold for 2 years ago? Zoopla may be helpful?