Help - first time buyer - ready to exchange and trustee in bankruptcy hike the price

sims01

How patient are you? Might be worth calling their bluff, pulling out and just putting in an offer after it's repoed (could even start lower than the current price, if they don't get any other interest). You wouldn't lose any survey costs, although I imagine some solicitor costs.

BitterAndTwisted

This isn't the OP's forever and ever prospective home. I'd have lost interest and dropped out a long time ago. £1600 lighter and a couple of garages full of furniture or not. Too stressful and not enough to be gained. Who knows what a dosshouse it's turned into since the last viewing? OP this is a buyer's market for a change, surely his little property can't be so unique that another will never come along?

silvercar

BitterAndTwisted wrote: »

This isn't the OP's forever and ever prospective home. I'd have lost interest and dropped out a long time ago. £1600 lighter and a couple of garages full of furniture or not. Too stressful and not enough to be gained. Who knows what a dosshouse it's turned into since the last viewing? OP this is a buyer's market for a change, surely his little property can't be so unique that another will never come along?

B&T raises an important point. When was the last time you inspected the property? It is common to revisit just before exchange to satisfy yourself that the property is in the same condition as when you last viewed.

silvercar

Thrugelmir wrote: »

The seller's solicitor also represents the interests of the charge holders. So to effect completion the solicitor will need to ensure that sufficient funds will be available to discharge these. In addition sufficient funds will be required to clear any fees and charges.

The vendor obviously cannot commit to exchange due to a shortfall in funds on completion.

Agreed. The seller's solicitor pays off the money owed on the charges and the lender of those charges agrees to remove them. Your solicitor is then free to register your ownership of the property and the interest of your mortgage lender on the deeds with Land Registry.

bouncing_bubbles

Thanks everyone for your replys.

Thrugelmir - wouldnt the shortfall fall in with the bankruptcy?

B&T - last viewed property in dec, ive viewed it 15 times between aug and dec, and drove past a few nights ago to make sure it was still standing. Would of course view again before exchange. The only reason im still interested is because it would still be a good price even taking into consideration the work required, its in a very nice area, good schools, transport links etc so part of me is thinking it will be a good investment - however due to all complications i may just walk. If it was meant to be it will be. I guess if i live at home a while longer my deposit will increase so could look for and hopefully get a place closer to my ideal home. Im also getting annoyed with EA's attitude.

silvercar

The shortfall falls into the bankruptcy whatever the date of sale provided they have not signed anything acknowledging the debt after the date of bankruptcy.

Unless they were hoping to recoup something from the sale, they should have allowed it to be repossessed sooner, they've gained nothing by clinging onto it.

BitterAndTwisted

Unless they are living there mortgage and rent-free. Or have someone else living in it paying them rent cash-in-hand. I could imagine that sort of money every month under the table could come in rather handy. Is it really vacant?

bouncing_bubbles

Hi thanks for your replys,

Silver car - can trustee force the sale? to save repossion and wait for another buyer? I think they hoped they would get some spare money from the sale - but im not prepard to pay through the nose for a house that needs so much doing with it.

B&T nope noone living there - ive visited on 24hrs notice, always a huge pile of post, and the house is bare. Ive driven past the house at various times inc 2am (most normal people would be in bed then) and no signs of any form of habitation - there are no curtains in the house so you drive by you can see from front of house to back garden and there is nothing in it.

Im begining to sound a right nightmare.

silvercar

Silver car - can trustee force the sale? to save repossion and wait for another buyer? I think they hoped they would get some spare money from the sale - but im not prepard to pay through the nose for a house that needs so much doing with it.

Yes the trustee can force a sale. If the bankrupt hoped for spare money, they would have had to first have bought back the ORs interest in the property. Downloading the deeds from Land Registry would tell you if that has happened.

Im begining to sound a right nightmare.

Sometimes things get resolved very suddenly.

bouncing_bubbles

thansk Silver car - how do i download the deeds? woudl my solictor have done this as part of the searches?

thanks - i was meaning driving past house at 2am and phoning EA constantly