If you hold a second or later mortgage, or a caveat securing a loan, over a property our client is enforcing against, you are in a miserable position: your money is at risk and someone else controls the sale.
We act for the prior mortgagee, not for you, but that does not mean we will keep you in the dark or make your position worse than it needs to be.
It is our policy to treat you with courtesy, candour and speed. We see you as our ally in ensuring the property is sold at the maximum possible price and that no mistakes are made along the way, or, if they are, that they are rectified quickly.
- Direct contact. Whether or not you have a solicitor, you can deal with us directly by email, and we aim to reply to every email within an hour or two.
- Updates whenever you ask. Ask us where the enforcement is up to and we will tell you: what notices have been served, whether possession has been taken, who the agent is, how and when the property is being sold, and what offers have been received.
- Payout figures without delay. When you ask for our client’s payout figure, we obtain it and send it to you as quickly as possible, with a full breakdown of principal, interest, default interest, fees and costs. You need it to work out what will be left for you, and to decide whether to pay our client out and take control yourself.
- Queries answered the same day. We answer your questions about the figures on the day we receive them. If something is wrong, we say so and correct it.
- No stonewalling. We do not ignore your correspondence or hide behind process. When you write to us you will get a straight answer, even when it is not the answer you hoped for.
- Your say on the sale. We give you copies of the agent’s appraisals, any valuation and the marketing reports, and we invite your views on which agent to appoint, how the property should be sold and what the reserve should be. The decision is our client’s, but your advice will be weighed properly and we will tell you what was decided and why. You and our client share an interest in the highest possible price. The one exception: if you or anyone connected with you is bidding for the property, we will not tell you the reserve or the detail of competing offers.
- Costs kept down. Every dollar of interest and costs that accrues on our client’s loan comes out ahead of you. We move the sale along without delay, we do not run up unnecessary legal costs, and we will itemise our client’s enforcement costs for you on request.
- Surplus paid promptly. Tell us early what you are owed. After settlement we send you a statement showing how the proceeds were applied and pay any surplus due to you without delay.
If you believe you are being treated unfairly or bureaucratically by our staff or the lender, contact Matthew Bransgrove directly to complain and he will aim to resolve the problem as soon as possible.