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Repossession on almost bought property


hatters
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Hi all, we have gotten ourselves into a strange situation, and someone recommended I post on here to see if anyone knows an amicable way out.

 

The situation goes like this ( I will try to keep it short ).

 

Back in December 2008, we put an offer on a house. It was accepted, and things progressed more or less normally.

 

We almost got to exchange, and as our rental contract at the time was almost over, and the seller had already moved out, he let us move in early. This was at the start of March 2009.

 

Shortly after, the seller stopped communicating with anyone and wrote a letter to the estate agent saying he couldn't deal with the stress and wasn't going to do any further work on selling the property. This appears to have happened as some credit searches showed secured loans on the house which had to be removed before sale, so his debt situation must be quite bad - he hadn't paid his mortgage since the time he put the house on the market.

 

Roll on a few months with us trying to contact his mortgage company ( I don't want to name yet, although after reading some posts on here, if I do mention them there will be plenty of groans. ) to try and figure out what is going on, and whether they are going to repossess, we get a letter stating their intent to repossess ... and to evict. We've only had the notice of intent, so as far as I am aware there is no date set to be out - I assume they will have to try and take the seller to court first.

 

It appears that, as the account has nothing to do with us, they are not taking into account anything we've written to them, or requested by phone, and won't do until they own the property, which won't happen until we're out.

 

Where do we stand? I still want to purchase the property, but naturally don't want to be evicted then try and found out who they're marketing it with and hope that we can still buy - To me it'd make more sense for them to actually deal with us straight off as it'd be a quick sale, and they're likely to get more than if they auctioned it.

 

It appears that the seller is contactable but only by text, and has agreed to write a letter of authority to his mortgage company, but I guess that won’t necessarily make them talk to us.

 

Any ideas/help would be much appreciated. I cannot believe they seem to be trying to make this process more difficult and stressful than it really needs to be.

 

Thanks

( sorry, for failing to keep it short ).

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If I am reading this right you have been living in the property with the intention to buy, but the sale to you has never actually exchanged between your solicitors and the owners solicitors?

 

If this is the case you are unfortunatly not in a very strong position.

 

The legal Mortgage is with the owner and if he does not pay his mortgage the creditor will have every right to repossess.

 

This is why you cannot talk to anyone about the case---you have no legal rights to the asset.

 

I dont think anyone will be trying to be difficult, I would suggest that again as you have no rights you do not have a say in what happens.

 

My first suggestion is start looking for somewhere else to live as a back up.

 

Secondly you need to speak to the owner or his agent/solicitor to see if the deal can be resurected. Chances are that in this property climate your offer to buy may not reach the owners requirement to pay off his debt and so there may not be a deal to be done.

 

Sorry to be so pessamistic but alarm bells should have been ringing months ago.

 

Beau

Please note: I am not a lawyer and as such any advice I give is purely from a laymans point of view;-)

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It does seem a very odd situation. Is it subject to English/Welsh law or Scottish?

 

Surely your own solicitor would have made you aware? Have you paid anything in the way of rent, made improvements to the house or contributed to the bills i.e. council tax or water rates?

 

If I was the lender I wouldn't look favourably as it seems that someone is trying to get the house at a knockdown price intentionally or not and it could be a rigged deal by people who are squatting in the property if there is no tenancy agreement in writing.

 

Without a tenancy agreement or permission to be there by the mortgage company any insurance you have on your goods will probably be invalid.

 

I'd make myself scarse and get out sharpish.

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BeauBrummie: Yes, we've started planning getting everything into storage and living with friends for a bit just in case. Alarm bells did ring - but we were not entirely in a bad situation, the months have helped towards a slightly better deposit, it'll just be a shame to lose what has become our home, if not house, due to someone else.

 

Crapstone: We're in England. Our solicitors suggested writing to them in the first place, which we did, but as the asset isn't ours, they didn't/couldn't respond.

We have paid no rent, but spent a good couple of grand fixing necessities ( with receipts kept ), and with quotes for sorting out other major issues ( eg, the boiler needs replacing, and the tree in the garden is growing through the cables overhead, so has to be sorted out ). We are also registered for all util bills/council tax/register of electors.

 

We have easily raised the asking price with the redecorating internally, and within reason we would pay more.

 

I will find out today if they are willing to talk to me now that they should have received the letter of authority. If not, Big Yellow Storage here I come :/ .

Edited by hatters
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No joy - Finally spoke to someone who sounded like they might want to help, but it basically just ended up with the straight fact that they have to do what they're legally bound to do, respossess and evict, then put on the market to reclaim as much as the orignal debt as they can.

 

He did say they will try and contact us as soon as they can when they have chosen an estate agent, which will be be soon after the final repossession date.

 

The only way out is to try and get the seller to resurface and re-continue the sale. I've sent another text, but have a feeling this one will go ignored.

 

In the meantime, as I know I have more than 7 days to get out, all non essentials are going to head to storage. If things do suddenly work out, at least I'll be able to finish decorating properly, if not then it will not be a large last minute panic.

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It sounds as though there may be a potential bargain here - the seller, as I understand it, has to put an announcement in the local paper asking for offers above £xxxxx if £xxxx is what has been offered to date .

I wonder if it is worth a gamble of waiting for that notice and then topping the offer?

 

GK

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I know repossessions are made public, I think they appear in the local newspaper. As I now have friends in the area, I'll be notified as soon as there is movement on the house being put back on the market.

 

If it goes back on really low, I'll be putting a higher offer on. Saving money is not as higher priority as getting back in.

 

Not saying I wouldn't mind saving a few thousand though :) I don't really want to push my luck, seeing as I don't appear to have any.

 

You never know, the seller may appear out of the blue and continue the original sale ( hmmmmm ).

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I know repossessions are made public, I think they appear in the local newspaper. As I now have friends in the area, I'll be notified as soon as there is movement on the house being put back on the market.

 

If it goes back on really low, I'll be putting a higher offer on. Saving money is not as higher priority as getting back in.

 

Not saying I wouldn't mind saving a few thousand though :) I don't really want to push my luck, seeing as I don't appear to have any.

 

You never know, the seller may appear out of the blue and continue the original sale ( hmmmmm ).

 

Stranger things have happened. Especially if they come to their senses and realise it's better to sell the house on your own terms than to let the lender do it.

 

Fingers crossed.

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