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Cost of repossession??

  • 06-01-2015 9:49pm
    #1
    jocol
    Registered Users, Registered Users 2 Posts: 9 ✭


    My house was repossessed 6 months ago and has just reached sale agreed . 15 months ago the mortgage had a redemption figure 80k less than the price it has just achieved, but once I agreed to surrender it, I stopped payment so basically the mortgage hasn't been paid for 15 months, Can anyone give me an approx idea of costs of repossession etc. I received their solicitors bill quite a while back for 8k but I'm guessing it has increased since then. I know I will need a proper set of legal eyes over the breakdown of costs when they give it a few months down the line but I was just wondering if anyone would have any input? Many thanks


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    Ask your solicitor to consider whether it would be worthwhile having the bill taxed,

    You will be hit for costs in two respects

    1. Costs of proceedings against you

    These can be taxed considered too high. Your solicitor would advise, and if necessary consider getting a legal accountant. Taxation is a process whereby a court official examines the bill and makes whatever deductions (s)he sees fit.

    2. There is probably a clause in your mortgage or loan agreement allowing the lender to charge you costs in the event of default.

    That may comprise costs outside the actual litigation e.g. admin etc, and it may not be possible to have such costs taxed. However if a legal accountant advises that they are OTT you may be able to make representations to any relevant regulator or ombudsman.

    Good luck


  • #3
    jocol
    Registered Users, Registered Users 2 Posts: 9 ✭jocol


    nuac wrote: »
    Ask your solicitor to consider whether it would be worthwhile having the bill taxed,

    You will be hit for costs in two respects

    1. Costs of proceedings against you

    These can be taxed considered too high. Your solicitor would advise, and if necessary consider getting a legal accountant. Taxation is a process whereby a court official examines the bill and makes whatever deductions (s)he sees fit.

    2. There is probably a clause in your mortgage or loan agreement allowing the lender to charge you costs in the event of default.

    That may comprise costs outside the actual litigation, and it may not be possible to have such costs taxed. However if a legal accountant advises that they are OTT you may be able to make representations to any relevant regulator or ombudsman.

    Good luck

    Many thanks, tanager said to call back in 6 weeks for an update, have a feeling it may longer than a normal sell to go from sale agreed to contracts signed, thanks again


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