Buying a repossession - weird clause in contract

neilmk

Hi, we are in the process of buying a repossession. However the seller has a strict contract which we are not allowed to make amends to. This contains some strange clauses including the fact they wish to have access to the premises we are buying on no more then 3 occasions over the next 2 years to do an inspection.

Surely once the property is ours they have no interest in the property if they have received full payment for it?

They have also not provided any searches, planning permission, warranty certificates or transfer details saying that these must be obtained by us at our costs.

Finally they have stated that we must not delay completion even if the sellers solicitor does not have in their possession a transfer sealed in escrow, and that we must complete on the basis that this will be forwarded on after completion from the seller to the sellers solicitor then to our solicitor.

Is any of this normal?

Many thanks, hope you can help from 2 very confused first time buyers

poppysarah

What does your solicitor say?

Where did you find out about this property?

It sounds very strange.
who's selling it?

neilmk

Hi, thanks for the reply. It was on right move and is being marketed by Connells estate agents. Our solicitor has basically said we need to accept the conditions if we want to buy it as the contract cannot be adjusted.

The mortgage company who I believe now are in possession of the house are called MortgagesPLC.

They want us to exchange contracts Wednesday next week and complete the following wednesday.

The other issue is that there is no gas or electric as its all disconnected and our surveyor has said this should be reconnected and tested before exchange. However they cannot reconnect until next Friday.

Cissi

I wouldn't do it personally. Sounds like far too many pitfalls to me.

SouthCoast

If I was the vendor I would say take it or leave it.

You get what you pay for.

Running_Horse

Either they want your money or not.

If they do, the conditions can be changed.

Rebchappers

I would think long and hard about this... and from what you have said, i would personally walk away. We have now looked into purchasing three different repossessed properties and none of them had any clauses like this.

Why on earth would the sellers require access to the property AFTER they had sold it?

And i would NEVER exchange contracts without all of the information required. Any solicitor that thinks this is acceptable should not be paid to do the job in my opinion.

This is the biggest financial commitment you are ever likely to make, and this sounds extremely dodgy to me.

Certainly get another opinion from a different solicitor ( from a different practice)

neilmk

Hi guys, thanks for all the replies. Our solicitor is working on obtaining the missing documentation at cost to us and has also raised the issue with the sellers solicitor with regard to the inspections but has still asked us to sign and return contracts in the meantime if we are happy and place deposits in their bank account ready which im not comfortable in doing at present.

I think we will have to go back and say we do not agree to contracts and if they cannot be changed then we cannot continue.

Thanks again guys.

PasturesNew

Without detail it's difficult (without experience) to even guess where they're going with this. But I am wondering if there is something unsual about the property. I also wonder who will have this access, I am guessing it is MortgagesPLC, not the last owner.

I wonder if it's some strange wording left over from the original contract, where perhaps the property has some strange clauses like "Over 55s only" or "No sub-letting". Something they'd want to check to ensure their terms were being kept.

Is there anything unusual about the property?

SouthCoast

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Rebchappers

I think that is sensible neilmk. Remember that once you exchange contracts, you are legally obliged to go ahead with the purchase... regardless of what nasties may turn up in the missing paperwork. I cant see any lender ( assuming you are using a mortgage to purchase the property) would be happy about lending funds on a property that hasnt been fully researched either.

Do a bit of digging yourself, like PasturesNew has said... is there anything unusual about this property?