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  • Mortgages & Finance

    Interesting legal development on 'toxic' mortgage charges

    http://www.bridgingandcommercialdistribu...ic_charges

    Of particular note is this comment from the judge:-

    "In dismissing both applications (and presumably now the other applications pending in the First-tier Tribunal), the Judge ordered that the Applicants should pay the costs. Although this may not necessarily deter other borrowers from bringing specious and unmeritorious claims seeking to challenge the validity of their mortgages, it is hoped that it will be a salutary lesson that such applications do come at a cost.

    The real harm, however, would seem to be the proliferation of internet sites that propagate challenges based on legal ‘jargon’ that is difficult for even High Court Judges to follow and which beguile borrowers into believing that they can make these challenges. Lenders need to be robust in defending these challenges and protecting their security."

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Yep that seems like the final word (for now) on the issue - a few days back Steve was warning us all of going to court & running such arguements but his failsafe phrases that you use to win 100% of the time out of court failed to be posted - Confused

    https://www.propertytribes.com/buy-to-let...#pid207429
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    Chris.
    TWINPIER PUBLISHING LTD
    Specialist Debt Advice for business owners
    Exclamation Debt service overview here: http://twinpier.co.uk/
    e: admin@twinpier.co.uk
    t: 01825 830422 or schedule a time to talk with me in confidence here: Vcita

    For testimonials: http://twinpier.co.uk/testimonials/
    Nice Find Lisa.
    I tried looking for the original judgement but could not find it, but did find the original article via lightfoots solicitors is dated 05 March.

    @Chris To be fair, Steve at one point did say the courts work for the banks.

    I like that the judge; used my point on securitisation: its not relevant to the borrower.
    Quote:This point was dealt with very shortly. The fact that the equitable interest in the loan may have transferred to a securitisation company was found to be irrelevant. There was no evidence that the sale had been perfected by the transfer of the legal title and the lender remained the registered proprietor of the mortgage and as such entitled to enforce it. Although not referred to in the Judgment, this follows the findings of the Court of Appeal in Paragon Finance Plc v Pender

    These were "specious and unmeritorious claims".

    Had to look up "specious" the definition being "superficially plausible, but actually wrong."
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.

    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001


    That is a conclusion many would agree with - I'm no friend of the banks but applications based on clear meeting of minds and part-performance are very hard to argue down in any court. I have had clients win against banks and their armies of lawyers and "novel-length" terms & conditions so from where i operate it's not all one way traffic. The best mortgage defence argument i've seen used in relation to interest and charges is surrounding the law of agency, secret profit & fiducery duties but as ever the devil is in the detail so its not a one size fits all strategy.

    Regards
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    Chris.
    TWINPIER PUBLISHING LTD
    Specialist Debt Advice for business owners
    Exclamation Debt service overview here: http://twinpier.co.uk/
    e: admin@twinpier.co.uk
    t: 01825 830422 or schedule a time to talk with me in confidence here: Vcita

    For testimonials: http://twinpier.co.uk/testimonials/