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Grrrr will this be a problem? Buying a repossession

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Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    If A&L are getting all their money back then I dont see that they have to agree, they just get paid.

    If they are not getting all their money back then BoS are getting nothing, which begs the questions: Why repossess? Why agree to getting nothing back?

    The only thing A&L need to supply is a redemtion statement, if this is higher than the sale price then they will have to agree to accept less
    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.
  • Nuttyneddy
    Nuttyneddy Posts: 69 Forumite
    As far as I can see, the A&L don't need to agree in advance - if it was just a normal sale rather than a repo you wouldn't expect the mortgage company to have to agree to the sale, they just get repaid from the proceeds.

    I'm sure you are worrying over nothing (although I understand totally that syndrome, being in the middle of a sale/purchase myself atm :eek:)
  • papermoney
    papermoney Posts: 583 Forumite
    Thanks everyone. I'm calmer than I was. I'm just impatient lol
    :rotfl:
  • Welsh_Totster
    Welsh_Totster Posts: 527 Forumite
    papermoney wrote: »
    Thanks everyone. I'm calmer than I was. I'm just impatient lol

    understatement!:rotfl:
  • papermoney
    papermoney Posts: 583 Forumite
    Welsh_Totster wrote: »
    understatement!:rotfl:
    :rotfl:


    I promise this will be the last house I buy for a very very very long time ;)
    :rotfl:
  • Welsh_Totster
    Welsh_Totster Posts: 527 Forumite
    papermoney wrote: »
    :rotfl:


    I promise this will be the last house I buy for a very very very long time ;)

    Yeah right!:rotfl: You are funny my lovely! Now chill out it will be fine :kisses3:
  • papermoney
    papermoney Posts: 583 Forumite
    I will try to WT. Had no news today (although did get the insurance through - I put it as a bungalow in the end and didnt add chalet or dormer lol)
    :rotfl:
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