Can a lodger buy a house being repossesed?

borisbosseye

Hi,
Have posted this is the housing section too but not sure if this forum would be better.

Basically my question regards the possibility of me purchasing a house I am lodging in as the landlord will be going bankrupt.

The bankruptcy is due to my landlord having gone through a divorce and being "awarded" the house in negative equity of approx 30K and half of the matrimonial debts amounting to 17K, she also has credit card bills of 10K. Her income of 1K a month and my rent is nowhere near enough for her to keep going

I have a property of my own that is rented out and could use this to pay the required deposit to purchase the house I currently lodge in, ( I relocated areas hence not buying something here straight away) so I am in a position to very quickly get the funds in place. My question is how do I go about purchasing the property, do I contact the mortgage provider or wait for it to go onto the market (if it ever does) and take my chances? Finally am I even allowed to do this as a lodger rather than a tenant in the property?

JCS1

Yes you could buy it.

It might be worth contacting the mortgage company and making them an offer rather than wait for it to go on the market - they might be open to an offer and it would save them estate agents fees, etc.

Manoona

im pretty sure you;d be able to buy it, anyone can buy a house doesnt matter with your a tenant or lodger, I would contact the maortgage company, they may be able to give you detials of the price etc that they are expecting to get for it!

As long as your sure it is going to be repossesed and that the current owner isnt going to buy back the beneficial interest once the Bankruptcy has gone through and all that!

borisbosseye

I've heard something about beneficial interest as somebody said the OR may sell it to me, could you explain what it means?