buying a repossession!

GDB2222

I see. It looks like you did everything right, but there's a hitch at the lender's end. You need to insist on a proper explanation, which they morally really really ought to give you but are under no legal obligation to do so. Failing that, all you can do is withdraw your offer and look around for something else.

I suppose it is possible that the original borrower has just won the lottery and wants his house back?

miss_undastood

I bought a repossessed house and I didn't need any insurance before completing!

If it all goes through I would strongly advise to change ALL locks (just in case) they say they have already but I wanted to be sure I knew exactly who had keys!! ;-)
Also be prepared for red letters, bailiffs and people forcing entry into gardens etc! Agents acting on behalf of my employers (an unnamed high St bank who I mortgaged my property through..) broke in to the garden to recover property to cover the value or the previous owners debts while I was at work. Luckily I have good/nosy neighbours who figured out what they were doing and stopped them. Needless to say that generated some interesting internal emails!!!
I even found his bankruptcy file and emailed it across - this also stated wheat he lived elsewhere (at an address I had passed on many time in the past!)

Would I buy a repossessed house again? Maybe... ...although it was awful at the time (single female, living alone) it has jumped me so much further up the property ladder, but it isn't always a bed of roses.
The bailiffs took out doors and everything when emptying my property, I was left with a shell. That said, it enabled me to put my own stamp on the place. I also had to ring up to find out who supplied gas and electric, as all of the things a buyer would tell you you have to find out for yourself!!!

Good luck!

GDB2222

What does your solicitor advise? Maybe to give the sellers a deadline of one week to exchange or your offer is withdrawn?

In the meantime, start looking frenetically at other properties and make sure the EA on this one knows that's what you are doing.

Lbarn

There is little chance of previous owner coming back as he is deceased lol (i shouldn't laugh but at the moment its laugh or cry)

we have done everything we have been asked, maybe too much and too quickly.... as we were told if we didnt act quickly it would fall through, waited for notice, signed for it... and then on day of exchange they extend the notice period.

we are thousands over asking.... not a handful either!!

morally it is so wrong, i will never ever do this again.... as there seems to be only rules for the buyer (like us who have already paid out well over £1k!) and no rules for the seller who can widen goalposts to suit themselves.

thanks missundastood, will take your advice... just regarding insurance it was OUR MORTGAGE lender who insisted insurance before they will release money.

kingstreet

You may be advised to insure a property FROM exchange of contracts, not before. Your solicitor should advise you about this.

You mention the owner is deceased? Is there a probate issue?

Lbarn

It was a condition of exchange that it had to be in place, the buildings insurance I am not worried about that anyway as it can be cancelled.

No issues regarding that as it was his widow that had repossessed.... quite a while ago.

The bank are just being greedy