We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Unusual purchase deposit query
Verticaldrop
Posts: 16 Forumite
I have the chance to buy a flat which would be ideal for family reasons but it will be repossessed by the bank on 16 May due to failure to pay the mortgage. My property is on the market but I have not sold as yet, so I cannot immediately proceed. However, the owner of the flat says that if pay the mortgage arrears so the bank repossession does not go ahead, he will undertake to sell the flat to me with my arrears payment being treated as a deposit on the selling price.
Is there a secure and legally binding way for me to make a deposit under these conditions, so in the event there is no sale, it is protected and recoverable? Any advice sincerely appreciated.
Is there a secure and legally binding way for me to make a deposit under these conditions, so in the event there is no sale, it is protected and recoverable? Any advice sincerely appreciated.
0
Comments
-
This sounds fishier than an early morning stroll around Grimsby docks.Eat vegetables and fear no creditors, rather than eat duck and hide.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.1K Banking & Borrowing
- 254K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246.2K Work, Benefits & Business
- 602.4K Mortgages, Homes & Bills
- 177.9K Life & Family
- 260.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards