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Bank-owned flat: making an offer?
Comments
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if you work to that all the waffle above doesnt apply , good luckNever, under any circumstances, take a sleeping pill and a laxative on the same night.0
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Why is this? What is the legal basis of having such recourse to a mortgagee seller? Just that you're likely to get a more favourable contract out of them than you are from a bank?With service charges, if there is a big bill or historic charges that come to light later, there is no recourse to a mortgagee seller- its take it as it is, unlike a normal sale.
Come to think of it, why on earth are new owners liable for unpaid bills in any case? Grateful for pointers to what can be done to reduce the chances of getting hit hard by that (in general, not this particular case of mine). The law is a strange thing.0 -
That's interesting. I'm going off topic for my own thread now, but what is the legal status of people who think they have a share of freehold, then, in your view?propertyman wrote: »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 -
That is great advice, but it would be hard to deny that it's also true that what one pays most definitely has something to do with other people's valuation!How much is the property worth to you? No-one else can tell you what you should be paying.
That is the reason it is useful to hear others' opinion on price.0 -
In that case, the following are still problems in this situation (as compared with an owner-occupier sale, or even a tenanted property with a private owner):if you work to that all the waffle above doesnt apply , good luck
More likelihood of gazumping between offer and exchange
More likelihood of sale falling through due to problems getting rid of tenants between offer and exchange
More risk of damage to property between offer and completion
Increased uncertainty re unpaid bills, including service charges, council tax etc.?
Question mark because I don't know anything about this one...0 -
it all points to move on with your search... :-)Never, under any circumstances, take a sleeping pill and a laxative on the same night.0
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Dave_the_Ginger_Cat wrote: »In times gone by, banks and building societies used to own properties, mostly for relcoating staff. I would not get too distracted by this point. There should be no chain and this is to your advantage
I would focus more on the fact that it is tenanted, and that you will all need to ensure vacant possession before sale.
Any price negotiation should be on the basis of condition - I can see no defect in the title from what has been said here.
Yes, I was thinking that this was a flat used by bank staff.
As you say, in the old days it was quite normal for banks to rent properties to their staff.
Often the flat would actually be right above the bank, so the staff member would have a short journey to work.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
I don't think that is the case here. The tenants are not bank staff.Goldiegirl wrote: »Yes, I was thinking that this was a flat used by bank staff.
As you say, in the old days it was quite normal for banks to rent properties to their staff.
Often the flat would actually be right above the bank, so the staff member would have a short journey to work.0 -
In that case, the following are still problems in this situation (as compared with an owner-occupier sale, or even a tenanted property with a private owner):
More likelihood of gazumping between offer and exchange
Agree
No more than a tenanted property with private ownerMore likelihood of sale falling through due to problems getting rid of tenants between offer and exchange
No more than a tenanted property with private ownerMore risk of damage to property between offer and completion
Your conveyancer will deal with matters on the service charge, but you should not be liable for any of itIncreased uncertainty re unpaid bills, including service charges, council tax etc.?
Question mark because I don't know anything about this one...
So I think the only increased risk is one of gazumping. Only you can determine your own risk appetiteSo many glitches, so little time...0 -
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.
While we both agree about the lack of info, they are still obligated to keep the boiler in repair.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
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