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Bank-owned flat: making an offer?
Comments
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Regulations like having a valid CP12.
If the bank is now the owner then it must act as the landlord of the tenant.
Why would those LL--> Tenant regulations have anything to do with the proposed purchase the op is discussing?Never, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
I thought the OP had already highlighted the fact that the bank was not a mortgagee seller, but rather the registered owner of the property. So it is a 'normal sale'.
If they repossesed then they will be the registered owner ( but not all such cases are dealt with in this way).
That will not change what I have said, they may not have access to the paperwork and wil always sell it on a !sold as seen" basis.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
Why would those LL--> Tenant regulations have anything to do with the proposed purchase the op is discussing?
If he cannot get VP before completion he will be liable as Jamie has explained, and therefore could be faced with considerable costs and even the threat of prosecution if he does not.
That applies even if the tenant leaves a few days after completion.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
propertyman wrote: »If he cannot get VP before completion he will be liable as Jamie has explained, and therefoer could be faced with considerable costs and even the threat of prosecution if he does not.
That applies even if the tenant leaves a few days after completion.
Yes , that`s quite clear , shouldnt the op be working on the assumption that he must get VP before exchange , thus making it a moot point?!Never, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
Yes , that`s quite clear , shouldnt the op be working on the assumption that he must get VP before exchange , thus making it a moot point?!
Well thats one of his problems. Unlike old rent act tenacies, homes on an AST sell at a similar price to VP, so the bank doesn't truly care, especially if it is in an area popular with the BTL mob
Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
I disagree, even a bank has to comply with regulations concerning gas safety.
No. That isn't what I said. I am suggesting that if it is a landlords repo, the bank will not have info on a range of issues including when the boiler was serviced. A landlord is under no obligation to have a boiler serviced. He is under an obligation to provide an annual safety certificate. This is a completely different thing to a service.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
Whatever! The bank becomes the landlord when they repossess, it's up to them then to comply with regulations.0
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It is true that lower price means higher chance of offer being dropped late on. I don't think that implies that no discount is the rational course of action. It seems to imply deciding between paying less than one would otherwise have done for the property, or moving on.Err, wouldn't that be an argument for not trying to get a 'discount'? Surely, the lower your offer price, the greater the chance that someone else will come along and 'gazump' it?0
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