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Conservative candidate is latest victim of repossession
Monday 8th February 2010A Conservative candidate described as part of the new generation of future MPs has seen her home repossessed over an unsettled debt of £324,000.
36 year-old Adeela Shafi, a Parliamentary candidate in Bristol East, has three county court judgements against her, according to the Mail on Sunday newspaper.
Although two of the CCJs have been settled, the third owed to her mortgage company, specialist subprime lender Kensington, is still marked as unsatisfied.
After Kensington foreclosed, Ms Shafi’s property in Severn Beach was sold for the distressed price of £250,000. It was valued at £460,000 in spring 2009, leaving the mother of four liable for the remaining money.
Ms Shafi’s finances reportedly began to spiral out of control after she encountered problems in setting up a building company. She and a business partner planned to develop eight mews properties on the grounds surrounding her house, and with the projected profit of £500,000, she bought another large property in north-west Bristol.
However, having already paid out large sums in start up costs and architects’ fees, the development was refused planning permission by the Environmental Agency after a flood risk was detected.
By this time the Tory candidate was living in her new property and letting out the Severn Beach house. But a fire badly damaged the home, forcing the tenant to move out. To make matters worse, the insurance company failed to cover all of the rebuild costs.
Unable to meet the mortgage repayments any longer, Kensington eventually repossessed the property. It still remains to be seen whether the lender will pursue Ms Shafi for the money, or force her into bankruptcy.
Ms Shafi’s husband, Ijaz, was declared bankrupt in 2000.
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