yes I am still waiting for an answer

When I am expected to get an answer as its been over 24hrs?

I believe the properties in question that produced a short fall and where my PG comes into play were not sold correctly or with due care

property 1. pg was a liability for the company

property 2. was in my personnel name

yes it is the same creditor. Both properties have been sold now. Both properties left a very large shortfall

Yes they made a formal demand before the properties were sold.

Both properties were put into receivership in Nov 2010, although worked stopped in Nov 2009. In between this time I was told I was not allowed to sell one of them unless it paid off both debts!

Property 2 was sold very quickly and we believe:

1. It was not sold at the right time of year as conditions were not good.


2. It got to exchange very quickly - before the Christmas break.


3. Even though it was a commercial mortgage this was still registered as our home and indeed had been since 2004 (our dream home if truth been known). We moved out to do the refurbishment. The only reason we got a commercial mortgage in the first place was for a deposit on property 1.


4. It was not advertised at all.


5. Completely under sold – a property a few hundred yards away in the same area with the same views sold for over 3 times the amount 4 months later

Property 1

1. Was not correctly advertised as the bank had all warranties and guarantees and yet sold the property without them.


2. We had a desktop valuation done at the time from a qualified independent valuer who said it was worth a lot more


3. The receivers took over 18 months to sell the property but only went with 2 buyers. The first one pulled out because he thought the property did not have any warranties and guarantees.


4. The second they gave him a six months exchange and then extended it another three months even though he had exchanged.

I believe the bank sold both properties without due care and relied on the shortfall coming from our PG’s and other assets, which ironically we sold to keep both projects running.

I hope this helps

Yes and we did as we had to sign it to release funds to complete. Although I thought what I signed covered both properties.

i.e if PG was for 500 and property 1 sold for 250 and property 2 sold for 250 then it didn’t matter that the debt was 600 because the PG was only for 500

Yes I have an experts email at the time of the properties being sold showing this.

Also I believe, especially for property 2, that if a valuation was done today asking a valuer what the valuation was then, then comparable evidence would certainly show higher values, as much as three times.

Property 2 was sold within weeks and to a neighbour.

I believe the bank needed to show money on their books as quickly as possible and therefore fire sold the properties.

Obviously they went through a receiver who then went through an agent but I still believe no care of duty was taken.

By the by the week property 1 had completed he got in three offers for more than one and half of what he paid. Actually he got offered what the value said it was worth!

i.e. he bought for 420 and he got offered over 600. My PG was only for 550 and the valuation email was between 580-620.

I have not said anything to the bank at the moment as really I want the iva to go through. I was then going to do something if I had enough energy. It was only when I heard the bank might not support the iva I thought I'd better do something now to prevent them over turning the iva