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Owner only had house for 6months
Comments
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Your priorities are skewed. Do you want the house or not?
Buy the house or don't then, if you feel like, report the fact that he has made a profit.
Looks like he bought off a family member which would explain why he can sell at a profit in a short time doing no work.
Doesn't sound like fraud, sounds like a kindly elderly relative.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Sounds like he has purchased the property as a 'transaction at under value' and is now selling it on for market value.
Your mortgage lender will be concerned about this because 'i think' if his mother were to go bankrupt then the official receiver could try and obtain a court order to have the property revert back to how it was before she sold it to her son, ie back to her. The or could then try and sell the house for value and repay her creditors that way. I am not too hot on insolvency law but I think that is a possible scenario.
If I were you I would be concerned as to why he is selling it so quickly and would certainly seek the full advice from my solicitor before proceeding.
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
well there was a question regarding transaction at under value and my solicitor has mentioned about an indemnity insurance might be required which i think would cover that or sumet similarwisemanswebdesign.co.uk0
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well i think my solicitor mentioned he bought the property off his mother for about 50k and put it on the market for 95k after a month
he not done any work to it
This looks like deliberate deprivation of assets in order to avoid paying care-home fees.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
i think his mum has gone into care and he wants to avoid her paying for care so he took the money out her estate so it valued less
Was this deprivation of assets so that the local authority could not put a charge on the property? Is this possibly what the mortgage company are concerned about?
I'm sure I've read something about that on these boards - Silver Savers maybe? - but I really don't know anything about it so could be very wrong!0 -
Jonbvn types a lot faster than I can!0
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Deprivation of assets to pay care fees would result in the old lady being charged full care fees. This could be a problem for her or her family, but it couldn't affect the buyer. There is only so much a court can undo.
Same goes for a bankruptcy. An official receiver or the courts could pursue the person who knowingly bought under value; they couldn't pursue the buyer of the person who bought under value.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
just to give you an update, the vender have provided some answers to my solicitor but is refusing to answer some (not sure which yet) and has also just said that he wants to exchange within 7 days or its going back on the market. will prob take that long just to hear back from halifaxwisemanswebdesign.co.uk0
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just heard he has answered the question "have you made any improvements to the property" answer "no"
and he refusing to answer others and said in letter to halifax i shouldnt have to give you my information etcwisemanswebdesign.co.uk0 -
just heard he has answered the question "have you made any improvements to the property" answer "no"
and he refusing to answer others and said in letter to halifax i shouldnt have to give you my information etc
he sounds a right numpty, does he want to sell his house?
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0
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