Lloyds Corporate Sales - anyone know how to contact them for probate house?

pid2004

Hi, a long shot of a question....
we have seen a house we like. The agent has told us that Lloyds are selling the house. I think it is probate or something. The agents are selling on behalf of Lloyds. We have made an offer and so have two other people. Now, the agent has said that Lloyds could accept our offer but will keep the property on the market until exchange incase thy get a higher offer. We dont quite get this. So I was hoping to speak to someone directly at Lloyds about this. But I can not find anywhere on the net :(as to which part of Lloyds deals with probate/property selling. Any ideas? Many thanks xxx

DVardysShadow

It's not probate, it is repo, I'm sure.

The reason thay must keep it on the market until exchange is because they will either have a short fall which the repossessed will ahve to amke up or they will have a surplus they have to pass on. In either case they have a duty to get the best deal for the repo'd people. Not thta it always works out that way.

pid2004

The person who owned the house has died and LLoyds took it. I guess there must have been some debt on the house.
We love the house but not sure how to secure the purchase!

DVardysShadow

pid2004 wrote: »

The person who owned the house has died and LLoyds took it. I guess there must have been some debt on the house.
We love the house but not sure how to secure the purchase!

It is still repo and not probate, then. If it was probate the executors would be the sellers. Everything I said still applies, it is just that Lloyds have a responsibility to the executors [and the executors cannot be chased for a shortfall beyond the value of the estate]

olias

As far as I am aware this is standard practice when a lender takes possesion and sells a property. I don't think you will get anywhere trying to contact Lloyds directly.

Olias

pid2004

So I guess you can pay for searches and survey to get done but then that could be a waste of time as higher bidder might come along.
But how do I find out a Lloyds contact?

Doozergirl

I can't see the value in contacting them directly at all. As has been said already, this is totally standard practice as they are obliged to find the best price and that means marketing until exchange. It's for you to put yourself into a position where you can exchange asap to reduce the chances of anyone else offering higher.

You'd actually need to know who was selling it. You refer to Lloyds... Lloyds TSB Corporate as a business look after big Companies with £15m plus turnovr so I'm guessing it's not Lloyds TSB corporate selling it... You can download the title from the Land Registry site for £4 and it will tell you who has the charge over the property and probably include a postal address as well.

But there's still little point even trying. It's a legal obligation, they won't negotiate with you - they have employed an agent for that role - and if you're not happy about the property continuing to be marketed then they'd probably suggest that you don't go for it in the first place. Your solicitor will have their solicitor's details etc...

The reality of EAs is though that they're not interested in selling a house twice and they will try to discourage anyone else from making an offer....

pid2004

Doozergirl wrote: »

The reality of EAs is though that they're not interested in selling a house twice and they will try to discourage anyone else from making an offer....

unless the others offer a higher amount.

Thanks everyone for your input...its true what has been said :beer:

LisaLou1982

DVardysShadow wrote: »

It is still repo and not probate, then. If it was probate the executors would be the sellers. Everything I said still applies, it is just that Lloyds have a responsibility to the executors [and the executors cannot be chased for a shortfall beyond the value of the estate]

Actually this isnt necessarily true. There are quite a lot of companies that will deal with deceased estates on behalf of the executors and will keep the property available until exchange of contracts. Same terms as a repo.

There arent too many of them due to the fact that many executors tend to deal with probate sales themselves, however some people dont want to get involved and are happier to pay for someone else to sort everything out on their behalf. I used to work for Countrywide and it was standard practise there as they have their own department for things like this.

OP - the easiest way to tell is - if theres tape saying "do not use" on the taps, toilet, boiler and any gas appliance then its probably repo. If not, then its more than likely a probate sale through the bank.

The main benefit that you'll find is that if its a probate sale, relatives generally stick with a buyer (in my experience) once theyve got one, as the company will have to go back to the executors with any offers, whereas when its a repo, the bank make up their own mind based upon the position of the offeree and how much that offer is

Hope this helps. And good luck!!

datostar

DVardysShadow wrote: »

It is still repo and not probate, then. If it was probate the executors would be the sellers. Everything I said still applies, it is just that Lloyds have a responsibility to the executors [and the executors cannot be chased for a shortfall beyond the value of the estate]

Lloyds may be the executors.

poppysarah

Offer but be ready to move quick. Get a solicitor who does auction stuff.