Bank want me to sign this - am I creating a new bond?

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Bank want me to sign this - am I creating a new bond?

Postby Leeds » Wed Aug 01, 2012 2:51 pm

to keep this story short, my home is being repossessed by the bank because my landlord wasn't paying his mortgage.

longstanding disrepair issues. Both the landlord (last year) and now the receivers (this May) have had disrepair notices from me.

i arranged my own gas safety certificate as there had never been a certificate since before I moved in. the result was that various things have been condemned here and I have had no hot water, fire and heating etc for over 9 weeks.

In May, I was told by the receivers that:

"I note the repairing issues affecting the property, particularly the gas installations that have been condemned. Clearly, given the condition, it is not practical for you to continue residing at the property and arrangements need to be made for you to vacate."

The bank, via its receivers, offered me money to move out.

I had paid a bond. i asked them for the "prescribed information". they have not provided it as the bond was not protected.

They said that:

"the deposit was paid to the landlord and on the basis we have not been provided with these funds, any action you would propose to take for recovery of the deposit would have to be directed at the landlord. "

THEN

they have sent me a document to sign,an AGREEMENT between the banks name - the mortgagee, and my name - the tenant. all in capital letters just like a court document waiting to be stamped by the court.

a. £xxx deposit refund
b. £xxxx towards the Tenants first six months rent at their new property

transferred to the tenant on the day the tenant vacates the property


I beleive it is illegal for them to refund me the bond unless, of course, I agree to sign this agreement, which I don't.

a new bond being acknowledged would involve registering the (new)bond. that would mean that the bank can evict me without notice.

I asked them to word the agreement correctly. they are not paying the rent on my new place as suggested by them but it is them who want me to move out due to the poor conditions here.
I asked them to clarify whether this is a new bond they are referring to as they have already told me that they are legally not in a position to refund me the bond.

I am sure that I would be creating a new bond by signing this agreement.

can anyone advise me?
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Re: Bank want me to sign this - am I creating a new bond?

Postby diasan » Fri Aug 10, 2012 10:22 pm

Not advice as such, but I happened to read something today about receivers:

Legally the receiver is treated as agent for the mortgagor, who is therefore responsible for his defaults (unless the mortgage provides to the contrary).


Which I suspect may be something relating to the Law of Property Act, 1925.
It may be worth you consulting that and then see if you can claim that the receiver as the agent is responsible for the deposit.

Maybe it applies, maybe it doesn't. Maybe the statues have been revised since then.
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Re: Bank want me to sign this - am I creating a new bond?

Postby Leeds » Fri Oct 26, 2012 8:31 am

Thank you, I will check this out.
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Re: Bank want me to sign this - am I creating a new bond?

Postby squark » Fri Oct 26, 2012 11:20 am

Leeds, you have not provided much info there but from what you have it looks like the bank is offering to refund your deposit/bond and pay towards your first 6 months in a new place. You should phone them and ask if that is correct.
Consider if you are likely to get the original deposit back from a (gone bust?) landlord.
I think they are making a goodwill offer to get you rehoused as easily as possible so they can sell the property on. If thats right and you have no heat and the winters coming, unless theres some amazing view, or other bonus, I would bite their arm off mate!
I don't think they will trick you to get you out on the street. They have precious precious reputation and image to protect.
Thats my thoughts on it.
S
And the Lord spake unto his people, he said "Get Off MY Bloody Land!"
And the people gave unto the Lord, freely they gave him The Finger
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Re: Bank want me to sign this - am I creating a new bond?

Postby musashi » Fri Oct 26, 2012 3:38 pm

Sounds like a decent deal, to me.

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Re: Bank want me to sign this - am I creating a new bond?

Postby Leeds » Wed Oct 31, 2012 8:59 pm

they have messed me about for over six months now.
i paid fees to the estate agents and was accepted for the house.
no money from them. i lost the house and have applied for another, and paid fees out again.
im in the process of moving out but have had no help from them.
i will give them a chance to goodwill pay me but im not holding my breath.
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