Repossessed house and credit rating

gundo

Apologies to the mods if this is in the wrong forum but I'm not sure where to put it.

Shortly I hope to be buying and moving into my own house (I'm an FTB). It's been repossessed and the has been vacant for approx 6 months. There is £28+ owing on the key operated electricity meter (according to the digital display) and no doubt money owing on the telephone, gas and water as well, plus probably other debts.

How do I ensure that I don't get a bad credit rating due to living at this address? Do I need to contact Experian/Equifax? If so what do I say to them/ask them for?

With regards to the electricity/gas/water/telephone, where do I stand regarding unpaid bills from the previous occupants? Am I responsible? If I'm not responsible, what do I need to do to get these services reinstated without being lumbered with hyoooge (!) bills?

Hopefully exchanging contracts a fortnight this Friday - yippee!

Asked my conveyancing solicitor about this stuff and he was vague and unhelpful - sigh...

MyUserNamesTaken

You're not responsible for any of the debts left behind by any previous occupiers. As for the electricity meter, you need to contact the present provider and explain the situation. They will then tell you what to do. You should also be able to request that a normal meter is put in. If there's a gas meter, do the same with the gas company. Don't forget to take meter readings for everything (electricity, gas and water, if a water meter is present).

To sum up: contact all your service providers and tell them that you are moving into the property,providing them with all the relevant meter readings. They will then set up new accounts in your name using the meter readings you've provided as a start point for you bills. This way, you won't get lumbered with anyone else's bill. As for the other debts; they are not your responsibility. Mark all letters not addressed to you "Return to Sender - No longer at this address" and stick them in a post box.

Equifax and Experian don't "black list" a house. Credit ratings go by the individual's name, which is then tied in with the address. I assume your name isn't the same as the previous occupants, so you won't have any problems.

Make sure you contact all your service providers BEFORE you move in, but after exchange has taken place.

gundo

MyUserNamesTaken wrote:

You're not responsible for any of the debts left behind by any previous occupiers.

<snip!>

Thanks very much for your very helpful reply! Will do as you suggest.

Cullumpster

It's been repossessed and the has been vacant for approx 6 months.

blimey Gundo, how did you manage to get a repossesion, i didn't think that there were any around at the moment, would you like to share your info ???

MyUserNamesTaken

Northern Rock allegedly has a back log of 7K homes that they are in the process of repossessing.


(Was told this by someone in their collections dept.)

deemy2004

7000 from a small society ?

House prices are definetly going to fall.....

gundo

Cullumpster wrote:

blimey Gundo, how did you manage to get a repossesion, i didn't think that there were any around at the moment, would you like to share your info ???

Not through choice. It was just on sale in a local estate agents just like any other house. It's really no cheaper than a normal purchase as I'm paying fairly close to what they're asking for (i.e. market value) and I'm taking a risk on the GCH, electrics and plumbing being ok when I finally move in (all the services are off so there's no way of testing them).

Plus there's the inevitable damage done during the final grim days of occupation (sounds like Hilter's Bunker doesn't it!), during the repossession itself and the 6 months it's been empty e.g. front door damaged, front door rim lock smashed off, shed broken into, holes in walls, damaged rads, damaged downstairs ceiling (massive water leak from bathroom, kitchen worktops ruined (water leaks), fixtures and fittings ripped off walls like shower, lights etc.

I'll be spending the first couple of months putting all that right. I'm nervous as I hate DIY and I'm useless at it. So not a bargain at all but the best I've seen locally compared to some of the tat I've been to see.

Oh and another minus point is that the mortgage co. that's selling it, has refused to take it off the market so I could be gazumped at any moment - the so-and-so's - Grrrr!!!

flea72

ive bought two repossed houses, and in both cases the previous owners trashed before leaving, ripped bathrooms out, smashed up kitchen, etc - one even poured engine oil, all over the walls/carpets - the 2nd one was so bad, the vendors paid to have professional cleaners come in and tidy up a bit, they were there over a week, and it still looked like a dump when we moved in

ive never had any probs with getting credit tho, so i think credit checks are more name based, than addy

i agree with the point about the mortgage company not taking it off the market - for our current property, they accepted our asking price, but wouldnt take it off the market, they then did a big full page add in the local paper, asking for better offers (listing our offer as the starting point) - then it finally went to sealed bids - complete joke that one, as the wording of the bids, was that, the mortgage company didnt have to accept the highest bid, and they were still open to offers - we didnt put in the highest bid, but were still able to come back with a revised offer, which in the end they finally accepted (it took us £1 over the stamp duty level, so no-one else wanted to bid higher as they were all builders/prop developers) and then they said if we didnt complete within 6wks, they were putting it back on the market

dont know if id buy a repossession again, i cant do with all the agro you get