Scotland Reposession Situation

geoffuk

Does anyone have any insights into the current repossession property situation in Scotland?

I'm in the process of buying a reposession. My offer was accepted, and an entry date set for 21st Dec. However the court ruling concerning repossessions then reared it's head and everything was put on hold.

For anyone that doesn't know the situation, I can't post a link on here, but just search 'scotland reposessions' in Google news and there's plenty of news articles. The HeraldScotland site does a decent overview.

I'm now in limbo with the flat. My solicitor and the seller can't tell me anything. No one has said that we aren't still aiming for the same entry date, however with only a week to go it's getting close! Apparently all reposessions and sales of reposessions are on hold until it's sorted out.

Does anyone have any insights as to how this may pan out? I assume (and have been told by solicitor) I have no standing as nothing was actually signed.

Any opinions welcomed!

Thanks,

Geoff

googler

I'm assuming that you've made an offer, which has been accepted, but that your solicitor and the seller's solicitor haven't concluded missives?

The seller's solicitors have two choices - 1 - either they reject your offer, on the basis that the repossessor can't, or doesn't want to sell the house at all, pending resolution of the legal situation, or - 2 - they accept your offer and go ahead to conclude the missives on it, rendering the purchase final as far as you're concerned, and as far as the repossessor is concerned. They can't stall beyond a reasonable time before the entry date, and your solicitor should be working for you and insisting that they don't.

Your solicitor also has two choices - 1 - withdraw your offer on the basis that the seller's solicitor is unreasonably delaying conclusion of missives or - 2 - applying more pressure to the seller's solicitor to conclude them.

BOTH solicitors saying 'we can't tell you anything' isn't an option, in my estimation. There's no law that says a repossession can't be sold, merely one court case which MAY set a precedent, should the previous householder choose to take up a court case with the repossessor.

myhouse_2

As I understood the ruling, it meant the lawyers had to go back to the paperwork and cross some more t's and dot some more i's to make it all legal - it would delay rather than destroy the process

googler

As I understand it (and quoting from The Herald)

“In many cases it would seem that they (banks & building societies) have gone about the task of ejecting people from their homes in an incompetent way in the 40 years since the 1970 Act came into force. It seems likely that many cases before the courts in Scotland in which the bank or building society is seeking ejection will have to be dismissed. It is not clear what the implications are for those who have already been ejected."

Since it appears in the case of the OP, the previous householders have already been ejected from the house being discussed, then the mortgage lender needs to decide whether or not they proceed with the sale now, and leave themselves open to legal action from the former householder. They therefore have two choices - having accepted the OP's offer, they proceed to conclusion, or they reject the OP's offer.

I don't see how this translates into the solicitors in this case having to "cross some more t's and dot some more i's to make it all legal" - could you expand on this?