Repossessed lease info

lb364

Hi everyone,

I've seen a property I'm really interested in as it 'seems' a bargain (haven't viewed yet) but it's a repossession and the EA have just said to steer clear as they have no information on the lease, i.e. how long it is, ground rent etc.

TBH, they seemed as though they just couldn't be bothered to talk to me :mad:

Anyway, it's not with any other agents and I don't know who the current owners are so is there any way of getting the information I would need to consider buying?

princessamy86

The EA has said to steer clear? How bizarre of them, they are surely supposed to be doing everything they can to get the best price for the property? Is it a flat or a house? If it's a flat you can sometimes find out the details of the management company from google (I've done this a fair few times), otherwise get back on to the agent and get them to find out from their vendor! I'm having a very very slow brain day and can't remember if lease information is included in the land registry data which you can access online for about £4. Sorry

lb364

princessamy86 wrote: »

The EA has said to steer clear? How bizarre of them, they are surely supposed to be doing everything they can to get the best price for the property? Is it a flat or a house? If it's a flat you can sometimes find out the details of the management company from google (I've done this a fair few times), otherwise get back on to the agent and get them to find out from their vendor! I'm having a very very slow brain day and can't remember if lease information is included in the land registry data which you can access online for about £4. Sorry

Thanks for the reply

It's a flat, I think it's only a few years old (so I'm expecting the lease to be long) and I've been back on to the EA just to be told that 'there's no information because it's a repo and whoever buys it will lose money'

Strange...

Would it be possible they're holding out so they/their friend can make a really low offer or something?

Anyway, I'll check out land registry - thanks again

BeccaBell

Are there any other flats in that block for sale? If so and they are on with another agent go and view them. Its a good way to get the information the agent genuinely may not have (and some they may be withholding). Also if it is a big chain of agents people have said before about contacting the head office to make a complaint if they are being deliberately obstructive.

G_M

Are they actually advertising it? If so, it's on the market so insist on a viewing. If/when you decide to put an offer in do it in writing.

Check the Land registry to find out who is the owner, and which bank has repossessed it (the banks charge will be in the LR Title).

ring the bank.

Go knock on the door of other flats in the block and ask about the management company, annual charges + history of the flat etc

Visit the council planning office and ask to see everything they have on the property.

It's amazing what you can learn by a bit of footwork, some bold questioning, google and detective work.

lb364

BeccaBell wrote: »

Are there any other flats in that block for sale? If so and they are on with another agent go and view them. Its a good way to get the information the agent genuinely may not have (and some they may be withholding). Also if it is a big chain of agents people have said before about contacting the head office to make a complaint if they are being deliberately obstructive.

Yes, there are 2 or 3 but unfortunately they're all with the one agent

lb364

G_M wrote: »

Are they actually advertising it? If so, it's on the market so insist on a viewing. If/when you decide to put an offer in do it in writing.

Check the Land registry to find out who is the owner, and which bank has repossessed it (the banks charge will be in the LR Title).

ring the bank.

Go knock on the door of other flats in the block and ask about the management company, annual charges + history of the flat etc

Visit the council planning office and ask to see everything they have on the property.

It's amazing what you can learn by a bit of footwork, some bold questioning, google and detective work.

Thanks - I hope to view it next weekend.

I'll have a look at the land registry if I can get the flat number out of them...

And as for phoning the bank - can I do that? (presuming I find out from the LR) Which dept. would you speak to?

G_M

lb364 wrote: »

And as for phoning the bank - can I do that? (presuming I find out from the LR) Which dept. would you speak to?

Nothing to stop you phoning! They may/may not be helpful. Ask for reposession dept and see what they say.

bengalknights

G_M wrote: »

Nothing to stop you phoning! They may/may not be helpful. Ask for reposession dept and see what they say.

actually this is quite a brilliant idea as banks tend to like offers before having to go to auction as it means they pay less in fees, and if its a cash buyer and there paying more then the amount thats been defaulted on the bank will have no hesitation in selling.