Buying a property with a Scottish Inhibition Order

househunter10

Hi there

I wonder if anyone can offer me some advice. My offer was accepted on a property in Scotland which I am due to move into this week. However I have just found out that there is an inhibition order on the property meaning that the sale may not progress as the outstanding debts of the vendor are significantly higher than the value of the house.

I like the house and wonder if there is any action I could take to influence a positive outcome i.e. I get the house, and the vendors get to sell. I'm worried this will go on for so long that I will have to pull out so any suggestions on process or ways to positively influence the decision would be great. Unfortunately the vendors are not taking any calls so I would have to progress through my solicitor.

Does anyone have any experience of this either professionally or personally?

Thanks!

concerned43

Sorry Househunter but you will not be able to buy this house. the Inhibition Order would make any sale invalid - surprised this property even got onto market. Best find yourself something else.

I would not lose any more time or money on this as you are flagging a dead horse.

househunter10

I wondered whether the bank and the other lenders they owe may accept taking less than they are owed, if it means that they might get more for the house by accepting my offer versus repossession auction? Does this ever happen?

If not, any ideas how long a house takes to be repossessed and how I could get first shot at it?

concerned43

househunter10 wrote: »

I wondered whether the bank and the other lenders they owe may accept taking less than they are owed, if it means that they might get more for the house by accepting my offer versus repossession auction? Does this ever happen?

If not, any ideas how long a house takes to be repossessed and how I could get first shot at it?

I have came across this in my role as CAB advisor - how do you know who has taken out the inhibition order? can't imagine it would be the mortgage co. as they would go for repo rather than inhibition. The inhibition order can only be lifted if the debt is repaid in full and the order is called back to court to be lifted - this takes months and lots of money on lawyers!!! Its not something you can get involved with. Noone would be interested in your offer as the house should not have been put on the market in the first place as this is against the rules of the inhibition order!! An inhibition order does not necessarily mean the house will be repossessed either. And if it does eventually go down that route then you would be able to make an offer along with anyone else who is interested as the BR administrator will want to get as much as possible for the property and therefore no 'first deals' would be done.
Sorry, but I really think that you need to move on from this one, it took one of my clients 2 years to clear their Inhibition Order!

househunter10

Thanks. Gutted :0(

concerned43

dont despair- its a buyers market out there - something else will come up, chin up :-)