Hidden charges or liabilities against a property

ABN

Looking at buying a repo but having seen the HIP am a little confused/concerned and would like to establish the facts before making an offer and instructing solicitors etc.

According to the latest entry in Proprietorship Register the registered owner’s address is different to that of the property. The date of that entry is 2005. Since the vendors name appears in other places at earlier dates I assume this entry relates to when he “re-mortgaged” it with Kensington Mortgage Company. Thus I assume he had the property as a form of investment and was perhaps letting it out.

The property however is in a very run down state.

Now the bit that worries me is that the property is used as the registered address of a company with a listed value of £50,000,000. Digging a little deeper the registered owner has a past Directorships at 47 companies and has current Directorships with 30 companies.Now why would someone in that position require to get a mortgage with the likes of Kensington Mortgage Company and then to get into the position of being reposed? Has there been something dodgy with the property and can there be any form of non obvious liability held against the property that could come back to bite us if we brought it.

The property itself was lived in but as stated is in very poor condition. However it is in a very prestigious area.

Any thoughts of am I just being paranoid?

silvercar

Check with your solicitor but I doubt its anything to worry about.

We moved a couple of years ago, the previous owners went bankrupt personally and individually and then their company became insolvent (registered at our address). No repercussions on us at all (except the odd baliff knocking on the door.) Didn't stop me getting credit; didn't impact on my company which I then registered here.