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Advice on property from a company
K_and_N
Posts: 158 Forumite
Hi,
We viewed a flat which we quite like. And this is what EA told us. The lady who owned the property part-exchanged it and now it is with a company. EA said it is not a repossessed but since it is being sold by a company they have to apply all repo rules (28 days restriction, keep on marketing until exchange, etc.)
Does it sound right? And what would be pros and cons?
We have very limited knowledge in that area and be very grateful if we can have some advice.
K & N
We viewed a flat which we quite like. And this is what EA told us. The lady who owned the property part-exchanged it and now it is with a company. EA said it is not a repossessed but since it is being sold by a company they have to apply all repo rules (28 days restriction, keep on marketing until exchange, etc.)
Does it sound right? And what would be pros and cons?
We have very limited knowledge in that area and be very grateful if we can have some advice.
K & N
0
Comments
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No reason why they should if it's not a repo...
Are you in a position to move quick?
Have you viewed lots of other places? Can you see yourself living here in 10 years? Is there room for your family to expand into? What costs are there every month? What long term maintenance might you have to contribute to?
Go view some more before you make a decision on this one.0 -
I'm sure what they are saying is true & that being the case the agent will have no problem supplying evidence of this part-exchange... (name of woman, where she went, etc etc)0
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Thank you, Poppysarah.
This is the third property we viewed and are planning to view some more. It might not be as long as 10 years but we could be there at least 5 years for us to save for a bigger property. We like the area and the flat but we are a bit nervous about the repo rules.
K&N0 -
Well there are plenty more flats/houses out there so view plenty more first. If someone else snaps it up then it wasn't meant to be.0
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theartfullodger wrote: »I'm sure what they are saying is true & that being the case the agent will have no problem supplying evidence of this part-exchange... (name of woman, where she went, etc etc)
& if they say they can't because of "Data Protection" then I'd be highly suspicious...0 -
I'm sure its true that it has been bought by a company, either in part exchange on a new build or a BMV company.
Its not true however that this means they MUST follow 'repossession rules', they can do what they like. When I buy a property I expect it to come off the market once a price is agreed. If they won't then walk away - plenty of flats around.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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