Public notices on repossessed property

SouthCoast

This is a current repo where the offers go up and down.

History
date event
23 May 2011

* Status changed: from 'Available' to 'Premium Listing'

30 March 2011

* Brief Description changed: OUTER HARBOUR AND SEA VIEWS. FREEMAN FORMAN We are delighted acting for sale this two bedroom 3rd floor apartment, situated in the North Harbour area of Eastbourne, built by 'Persimmon Homes' in 2003. (contd...) the mortgagees and have received an offer of £137,000 on the above property. Any interested parties must submit any higher offers in writing to the selling agent before an exchange of contracts takes place. Leasehold

23 March 2011

* Brief Description changed: We OUTER HARBOUR AND SEA VIEWS. FREEMAN FORMAN are acting delighted to the selling agent before an exchange of contracts takes place. Leasehold offer of £141,000 on the above property. Any intersted parties must submit any higher offers in writing for the mortgagees and have received an sale this two bedroom 3rd floor apartment, situated in the North Harbour area of Eastbourne, built by 'Persimmon Homes' in 2003. (contd...)

16 March 2011

* Initial entry found.

http://www.rightmove.co.uk/property-for-sale/property-33179372.html?premiumA=true

Lots more like this in BN23.

pc61

Hi,

I hope you don't mind me replying to this thread with a new question but I figured you guys are the experts!

We've been going through the process of buying a repossession and were supposed to be exchanging today (the agreed 4 weeks from when our offer was accepted). This afternoon we found out that the repossession company had not published the public notice and now want another 7 days to exchange (to give them time to publish the public notice)... We have the original sale memorandum that clearly states we were supposed to be exchanging today - does this give us any rights to attempt to refuse to give them more time or alternatively if we do get out bid and it was their fault for not doing the public notice could we potentially get them to pay our expenditure on the process so far (surveys, solicitors etc...)?

Any advice would be amazingly helpful even if it doesn't directly relate to the questions above!
THANKS!

googler

FYI, public notices of this type just don't appear in Scotland. Seems to be an England & Wales thing.

Could someone indicate whether this a legal requirement, i.e law of the land, or merely a convention imposed on agents by lenders?

pc61

It's only a legal requirement in the case of a repossessed property - where they are legally obligated to get as much money for the property as possible. I'm not sure about the situation in Scotland with relation to this.

googler

pc61 wrote: »

It's only a legal requirement in the case of a repossessed property ....

Well, the thread is about repossessed property, so....

Monte_Cristo_2

Today I was scheduled to exchange on a repossessed property.
Our offer had been accepted weeks ago by the vendor/lender, anda public notice was issued in the local press.
However, seemingly the estate agent did not additionally issue the public notice on Rightmove...so oday, the day of exchange supposedly, the vendor/lender informs me via the agent that they require a public notice to be placed on Rightmove for 7 days before they will proceed with exchange.
This is a terrible state of affairs because I have of course spent hundreds on the legal side of things, and now have to wait a further 7 days before we can exchange through no fault of our own, and run additional risk that someone may offer more.
Is the vendor/lender obliged to do this? I appreciate that they are obliged to obtain the best price, but a public notice was isued weeks ago, and the property has still been marketed in the interim.
It seems to me that any new bidder would take around a month to reach the point that we are at, so it seems ludicrous that the vendor/lender might delay for that long, so missing out on interest on the money that we were set to complete with in less than a week from now. They would have to accept a much better price than we have offered to make it worthwhile missing out on that.
All of this stinks, and it may yet cost us a thousdand pounds in lost legal costs, and just because the agent was negligent. That there is probably no redress is simply appalling.

tommie1shunt

pc61 wrote: »

Hi,

I hope you don't mind me replying to this thread with a new question but I figured you guys are the experts!

We've been going through the process of buying a repossession and were supposed to be exchanging today (the agreed 4 weeks from when our offer was accepted). This afternoon we found out that the repossession company had not published the public notice and now want another 7 days to exchange (to give them time to publish the public notice)... We have the original sale memorandum that clearly states we were supposed to be exchanging today - does this give us any rights to attempt to refuse to give them more time or alternatively if we do get out bid and it was their fault for not doing the public notice could we potentially get them to pay our expenditure on the process so far (surveys, solicitors etc...)?

Any advice would be amazingly helpful even if it doesn't directly relate to the questions above!
THANKS!

Wait until the sixth day and drop your offer, they mess you about, you mess them about.

Monte_Cristo_2

tommie1shunt wrote: »

Wait until the sixth day and drop your offer, they mess you about, you mess them about.

Not really practical to "mess them about" is it, if you have already spent hundreds on legal fees , searches etc.?
What if they reject your reduced offer?
And in any event, I presume that they would then be required to re-publicise your reduced offer, and you'd have to wait another week.

areasix

This is my scenario we have had an offer on a reprocessed accepted some 40 days ago which was advertised. My mortgage now has a hold of funds of 30 k until certain jobs within 6 months are carried out which now means tomorrow I have to go back just when we are about to exchange and say that I cannot afford to go ahead and make another revised offer 20 k less as I did have a kitty to do some of the work. If they accept the lower offer I guess they will have to advertise the offer for 7 days via the estate agent. Can anyone confirm this and tell me any other issues that might occur apart from being out bidder thanks

Rrmartin

I think the reposting of a notice is more of a common courtesy than an actual legal requirement.