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Hi all I'm new to this Forum so apologies for any mistakes before I start.
This may seem a very odd situation but recently we discovered that our mortgage had been paid off. it was a large sum, over £100000. We have tried to discover how this happened and made formal enquiries with Customer Services but we are told there are no records available! At this stage I don't want to mention any names.
The History
In 1989 we divided off a house from a Farm which was charged to the Bank and sold it. Our Bank agreed to release the property from the charge. Investment was the made into building two properties on the Farm.
Disaster struck when husband became very ill with depression in 1993. We had built up considerable equity in property which amounted to approx £1000000. The bank suddenly became quite aggressive about a loan for 28K and an overdraft of £100K.
In 1991 we separated one of the properties from the larger property with a different lender again released by the Bank. We paid the mortgage for several years but got into arrears in 1998. We met with the B/S in 1997 and discovered that there was no access to the property. Legal proceedings were issued by the B/S and possession was granted in 2000. However the B/S did not take possession as arrears were paid off.
We then discovered that the B/S had issued proceedings against the conveyancing solicitors in 1998. We obtained a copy of the High Court Writ which indicated that the claim had been stayed until June 2000. We contacted the conveyancing solicitor who refused to inform us of the outcome of the legal action.
No further payments were made on the account as we were trying to find out the outcome of the claim. Every year a statement of account would arrive totalling the arrears but not making any demands.
In 2002 after years of court proceedings with the Bank we were evicted from the Farm. The proceedings had been very complex.
In 2010 we put the Bank into Court for selling the property at undervalue in 2004. It was sold at £500K below its value. This was settled out of Court in 2012.
We realised in 2013 that not only was the first property landlocked but that the Farm was also landlocked after reading files from disclosure. This would account for the massive undervalue sale. We were never informed of this. From the files there was evidence that both financial institutions had hoped to gain access from each other in 2003. But then realised that the access had been sold off with the first property in 1989.
Recently we decided to contact the B/S re the mortgage in 1991. We were shocked to hear that it had been paid off in 2012! However the mortgage was still registered at the Land Registry. Since then we have tried to discover how this could have happened. The B/S say that they don't know and have no information! We have tried to find out for over 2 months but no luck. However the mortgage has now been removed.
We have contacted the original conveyancing solicitor who still refuses to tell us anything. We have contacted the B/S solicitors with the same result.
Our reasons
We are wondering if the B/S claimed on an insurance or an indemnity. If so when did this happen.
What we would like to find out
How do we find out what happened? We have tried FCA, HMRC, Action Fraud. Should we have been informed of the problems and court action?
Obviously this is fantastic news but if the B/S had been paid out some years ago our lives would have been totally different. Also we would not have been evicted from the Farm.
How is it possible to repossess property that is landlocked, is this trespass and is it lawful?
Sorry its so complex.
Help anyone?????
This may seem a very odd situation but recently we discovered that our mortgage had been paid off. it was a large sum, over £100000. We have tried to discover how this happened and made formal enquiries with Customer Services but we are told there are no records available! At this stage I don't want to mention any names.
The History
In 1989 we divided off a house from a Farm which was charged to the Bank and sold it. Our Bank agreed to release the property from the charge. Investment was the made into building two properties on the Farm.
Disaster struck when husband became very ill with depression in 1993. We had built up considerable equity in property which amounted to approx £1000000. The bank suddenly became quite aggressive about a loan for 28K and an overdraft of £100K.
In 1991 we separated one of the properties from the larger property with a different lender again released by the Bank. We paid the mortgage for several years but got into arrears in 1998. We met with the B/S in 1997 and discovered that there was no access to the property. Legal proceedings were issued by the B/S and possession was granted in 2000. However the B/S did not take possession as arrears were paid off.
We then discovered that the B/S had issued proceedings against the conveyancing solicitors in 1998. We obtained a copy of the High Court Writ which indicated that the claim had been stayed until June 2000. We contacted the conveyancing solicitor who refused to inform us of the outcome of the legal action.
No further payments were made on the account as we were trying to find out the outcome of the claim. Every year a statement of account would arrive totalling the arrears but not making any demands.
In 2002 after years of court proceedings with the Bank we were evicted from the Farm. The proceedings had been very complex.
In 2010 we put the Bank into Court for selling the property at undervalue in 2004. It was sold at £500K below its value. This was settled out of Court in 2012.
We realised in 2013 that not only was the first property landlocked but that the Farm was also landlocked after reading files from disclosure. This would account for the massive undervalue sale. We were never informed of this. From the files there was evidence that both financial institutions had hoped to gain access from each other in 2003. But then realised that the access had been sold off with the first property in 1989.
Recently we decided to contact the B/S re the mortgage in 1991. We were shocked to hear that it had been paid off in 2012! However the mortgage was still registered at the Land Registry. Since then we have tried to discover how this could have happened. The B/S say that they don't know and have no information! We have tried to find out for over 2 months but no luck. However the mortgage has now been removed.
We have contacted the original conveyancing solicitor who still refuses to tell us anything. We have contacted the B/S solicitors with the same result.
Our reasons
We are wondering if the B/S claimed on an insurance or an indemnity. If so when did this happen.
What we would like to find out
How do we find out what happened? We have tried FCA, HMRC, Action Fraud. Should we have been informed of the problems and court action?
Obviously this is fantastic news but if the B/S had been paid out some years ago our lives would have been totally different. Also we would not have been evicted from the Farm.
How is it possible to repossess property that is landlocked, is this trespass and is it lawful?
Sorry its so complex.
Help anyone?????
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