Hidden repossessions

silvercar

Thrugelmir wrote: »

LIR, what do you classify as a non-domestic/residential mortgage?

A BTL "mortgage" is actually a type of commercial loan. The actual wording of the contract differs to that of a residential mortgage.

Depends on the lender. My BTL mortgage is the same terms and conditions as a residential mortgage except that it is tenanted. The massive document that no-one reads states at the front, "mortgage conditions for loans on residential properties."

lostinrates

treliac wrote: »

LIR .... it'll be a day of celebration, the day you come through and say you've done it! The whole of MSE will be cheering from their rooftops.
:T

ROFL :o. Its been epic already, hasn't it. Still, when I get really disponadant I just think of the one bed bunglaow with a habitation order and barely enough space to swing a sheep and thing how lucky we were not to go ahead. Or that one featured here, the pretty little drugs joint n th woods in suburbia.

I was going to check sold prices but cn't remember addresses sufficiently ATM...maybe I will later.

I'd invite the board to our farm-warming..only some are a bit suspect....:D

lostinrates

OMGoodness, just cheacked that very first one, in W.Sussex we looked at in 2007. When we bowed out bididng was well, WELL over half a million, plus the house had a habitation order and we would have had to rebuild...we did ask to be told if the sale fell through, but obviously weren't because on zoopla it sold this june for itro £300k.

Wow, well, I'm even more glad we found this forum of peole to tell us wht absolute idiots we would be.

As far as I was aware it had sold shortly after we gave up.

carolt

Enfieldian wrote: »

1) If you are not actually looking to move at the moment why are you wasting your time, and the agent's, viewing houses?

2) Why do you need to know if a property has been repossessed? What business is it of yours?

I wasn't wasting my time, or theirs. It was a very big house, in a lovely location, at a good price. Had my kids liked it, this would have been a serious factor in our decision-making process, and we might then have opted to buy and stay in that location.

As I stated, it's the first house I've viewed in 3 years. Clearly I was serious about it, or why would I have bothered.

But it wasn't right for us.

However, viewing it made me aware that there were probably many more repos out there than I'd been previously aware of - hence the OP.

I don't 'need to know'; I just thought it was interesting. And judging by the fact we're on page 3, others appear to have found it interesting too. Which is why I posted it.

If you find it dull, why don't you read a different thread?

Milliewilly

I've noticed more and more recently on rightmove - tell tale signs are the do not use tape obviously, also, lack of internal pictures. You can sometimes make out the repo order taped in the window of the main photo. Often advertised as 'offers over' and of course no chain!

Don't be fooled that they always go in the paper with the accepted offer price for 7 days - they don't - even though they should.

And cash is not king for repo's either!!

loony767

Doozergirl wrote: »

I wouldn't say that graffiti was usual in a repossessed property.

It depends on why the house was repo'd as well. My last (not current) house was a repo and the previous owners had ripped out anything worth selling INCLUDING ALL INTERNAL DOORS????!!!
The garden was also vandalised by the local kids but we bought it, did it up and made £15k when we sold 9 months later and this on a house we sold in 2006 for £90k If we could have hung on we could have made an extra £10k but the afformentioned kids were terrorizing us. We did hear that on the day after we moved out the house had been trashed by them. I still feel sorry for the young girl who bought off us even though she knew the area and its reputation.

Thrugelmir

silvercar wrote: »

Depends on the lender. My BTL mortgage is the same terms and conditions as a residential mortgage except that it is tenanted. The massive document that no-one reads states at the front, "mortgage conditions for loans on residential properties."

Agree.

BTL loans are not regulated by the FSA so do not have to conform to the same requirements as a consumers residential mortgage. As its assumed that you are aware of what you are undertaking in taking out the loan. Always read the small print before you sign.

Pobby

Sorry guys, but sometimes I read these posts and i do have to laugh at all the maths, predictions and, hoping not to offend. Bottom line is, housing is over priced, end of, sorry about that. 35ish years ago Mrs. P and I bought at 3.5 times wages in the South East. Lots of wage and general inflation followed and that amount was shortly a pittance.

The madness abounded of late due to a couple of simple things. Very poor stock market performance, silly mortgage deals and low IRs. I find it very amusing reading some of the bullish attitudes here. Honestly guys, the thing is broke, held only together by emergency IRs, Nu Labour, the failed experiment, hasn`t worked. I can see a lot more rubbish on its way. Not going to be helped by the Tories. I think it is horrible that folk are getting chucked out of their homes.

By the same thought, it`s pretty stupid that folk earning a decent wage should also be excluded from home ownership. I believe it is a national shame and less than nothing to be proud of.

Stay_tonight_in_a_lie

carolt wrote: »

I'd always assumed that repossessions were obvious because of those little ads in the paper etc.

But we actually went to view one last week - despite the fact we're very reluctant to buy at the moment, as it doesn't suit our personal timescales to move at the moment, and probably will move to a different area (still being discussed), this house was so large for the money, and in such a good location it seemed a shame not to view it. First house we've viewed to buy since 2006, I think.

What was interesting is that it was not marketed as a repo anywhere. The EA told us verbally before we viewed, but it is nowhere mentioned on any of the marketing material (or only insofar as it is "chain free", but then so are plenty of others that aren't repos).

It made me wonder how many other repos are out there, without one being aware of it, unless one specifically enquires?

Anyone else come across this?

(Oh, and before anyone gets too excited, no, we decided against it - the kids didn't like it anyway, and there is little point in buying in an area if we may need to move in less than a year.)

According to mewbie they have sh*t on the walls.

bo_drinker

Stay_tonight_in_a_lie wrote: »

According to mewbie they have sh*t on the walls.

They do, we bought a repo in the 90s and they smashed all the plugs and other stuff. My mate bought one around the same time and when he got the keys the owner had a !!!!!! in the middle of the living room before he went.......Nice :rotfl: