Q. The bank have repossessed my home and I would like to know what powers they now have over my property?
A. The Bank can, of course, decide to sell your property to recover the monies owed to them or, what is not so well known, they can also choose to retain the property for a period of time in which case they have a duty to manage it. They will take the decision purely upon the basis of what suits them best; i.e. they do not have to consider what you might wish them to do.
If they were to take possession of the property and manage it (which they might do if a property was tenanted, for example) then they would be under an obligation to maintain the property and keep it in good repair and, if they failed to do so, they would potentially be liable to you. They are not usually required to spend their own money repairing the property, although if essential repairs are required to prevent major damage then they have a duty to carry them out, at its own expense.
Once the Bank decides to sell the property it must act in good faith. Whilst they have no obligation to invest time or money in improving the sale value of the property, they are required to take reasonable care to obtain a proper price on a sale of the property and they must not act in a way which could lead to the property being sold at an undervalue.
For specialist advice contact Keith Swan of Patterson, Glenton & Stracey Solicitors by email at ks@pgslaw.co.uk or by telephone on 0808 231 7043. Patterson, Glenton & Stracey Solicitors have provided legal advice to the people of South Tyneside for over 125 years. For details of their full range of services and to view previous Gazette articles please log on to www.pgslaw.co.uk . Be Guided by the Experts.
