Buying a Repossesion

avfcforever

I bought a reposession in April 07. The baylifs sent a few letters and called round a few times, sorting council tax payments was a bit of a nightmare and the fact that we bought the property sold as seen through the estate agent and they promised to remove loads of rubbish in the back garden but didn't so that was our first of many jobs when we moved in. Buying a repo is well worth the effort though, good luck with it all.

matt263

hi there ..i work for a major gas and electricity company...and legally we cannot chase a new tenant or owner for debts owed to us... work in the legal dept chasing debts all day and the only person we can chase is the tenant or former owner ...although from the date the property was reposesed the bank is liable for the utliites and should technically take a meter read on possesion.....The MAIN Advice i give you is TAKE A Read from the meter the second you own the house and pass to a supplier...remember it doesnt have to be the one that the previous tenant used , you can ring any company with the reads and start an account straight away...if the meters in the property is a prepayment with a card or key ring any comapny again and they will reset the meter either by downloading info to the key or sending a radio signal (new meters) or sending an engineer within 4 hours if you have no supply (ie there is no credit left on meter)...

The other thing i would say is if the property has been empty for 3 months (with the power off)the new supplier will need an icert from a sparkie to say the property is safe to restore power to...this is the customers responsibility and can cost around 100 pound..

Hope some of this helps but noone can make you pay someone elses debt even if they are prepay meters...For Normal Meters jsut ring with a meter read and for prepay ring them and they will clear the meters straight away..(within 4 hours G'teed in elec if you have no electricity) whatever you do do not use an old key that was left in the meter..