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House Repossession maybe bankruptcy?
Comments
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Is the ex keen to sell? Is the debt to her family solely his - could he claim it as a gift to them both?
You need a solicitor once you've got an offer ... get some quotes.
Speak to EAs and see who's keenest to find a quick sale for lowest fees.0 -
If the house were to sell for a minimum of £93,000 is it then just a case of getting an agreement drawn up with her ex to repay his debt to her family?
The quick answer is that the mortgage lender AND the secured loan lender will want both loans to be paid off, before they will allow the sale to complete.
The solicitor and any EA (if you use one) will not block the sale, but will want to be paid very soon after completion.
In short, the mortgage and secured loan lenders can block the sale, so cash to plug any shortfall will need to be in place, either through a "new" loan (which could be impossible to put in place) or a family/friend loan.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Christ, this is why I'm never buying a house with anyone. Screw em.0
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