Sale on repossesion

Zulu187

I have a mortgage with major arrears. It's got a pending eviction notice (approved at county court but i've managed to stave them off by paying over and above my payments whilst trying to sell the house) someone told me that there is a method by which if I have a buyer ready, with a mortgage in place, solicitors instructed etc then should the house go up for repossession , they get first dibs. Is this true and if so what exactly is process? Hope someone can help me, thankyou

Goldiegirl

If a property is repossessed, the lender is obliged to get the best possible price for it, so it will be advertised in the normal way, and offers will be invited. As far as I'm aware there is no special scheme for you to nominate the buyer.

Anyway, if you have a buyer ready, why not just sell the property to him now. You are liable for all the lenders costs for repossessing the property, so why not save money and sell now.

Zulu187

I'm trying to but the lender is incredibly awkward. First attempt they gave approval to sell the house but at £15k over the offer I had which was market value, second time they said they'd need proof of a mortgage in place, solicitor instruction, completion date etc, before they gave the written approval to complete the sale. By the time they gave the approval which was a 4 week window long after the expected completion date, the buyers mortgage had expired. I've been doing this dance with them for well over a year