Repossed Property

Hel8n

I have seen and viewed a repossed property, which i really liked. If the property has been repossed does this mean the house is black listed and lets say i buy the property, would this have any impact on me living there e.g baliffs
Thanks Helen

beegee123

No it would not. It is the previous owners who would have the bad credit - not the address.

Hel8n

Thats great news. Thanks

ladylumps45

i agree with beegee.its personal financial status in credit checks,not the property so it would be no problem.

m_13

However, not everybody will know this so don't be surprised if you get letters for the previous owner, telephone calls (if you keep the same number) and even visits from bailiffs. Make sure you keep a utility bill showing your name on the property easily accessible so you can show you are living in the property not just answering the door for the previous owner!

We've just bought a repossessed property and I now know where the previous owner lives (through some research) so I will be forwarding his post and redirecting people to him!

GDB2222

m_13 wrote: »

I now know where the previous owner lives (through some research) so I will be forwarding his post and redirecting people to him!

Do you particularly dislike him? You have no obligation to give his forwarding address, and he may not be pleased about it. He must be pretty sore anyway, and this is just rubbing salt in the wound.

m_13

GDB2222 wrote: »

Do you particularly dislike him? You have no obligation to give his forwarding address, and he may not be pleased about it. He must be pretty sore anyway, and this is just rubbing salt in the wound.

It was a BTL flat, one of many he bought off plan when he was a financial advisor. So far as I know he then went bankrupt and they were all repossessed. He now runs several get rich schemes on the Internet. Had it been his home then I would feel differently.

GDB2222

Hmm, doesn't say much for his skills as a financial advisor.

If you readdress the post and he ignores it, then the letters will keep arriving. If you RTS them, you won't get so many in the future.

gordano_2

The property address WILL BE associated with bad debt if there has been a history of non payment. It will not affect your personal credit rating if you buy then live at the property, but you may find one or two extra hoops to go through when applying for credit ... with time it will eventually improve.

silvercar

We bought our home off people who subsequently lost their business and went personally bankrupt.

It didn't effect our credit rating though there were times when applying for credit meant referrals due to the address. I also felt the need to register with the tax people that I wasn't associated with their business.

I did get baliffs calling at the door; they were always polite (think retired police rather than muscly bouncers) and showing them a new utility bill sent them on their way.

I also got visits from individuals who had bought stock and not recieved it, for that reason I kept the sold sign outside for a few months. I sent them off to the estate agent As GDB222 says, it didn't feel quite right to pass on their home address.

As for the post that arrived in droves. RTS didn't seem to have an effect, apparently those with debts often RTS to deflect attention. Eventually post would arrive addressed to the occupier, so openning it gave me somewhere to reply to. Once you get one company to accept they have moved on the compnay will add their name to the GAIN (gone away information network) which a lot of debt collectors use, the information then gets through rapidly.

hethmar

The thing is to get your name on the electoral register asap after buying the house. Keep some identification handy in case you get bailiffs calling and just "return to sender" all letters that arrive.