Purchasing a repossessed property

[Deleted User]

Hi,

Thank-you in advance.

I would like to buy a property that has been repossessed by the bank.If not purchased very soon it will be going to auction.It is at a great price but with one major problem.

There is a problem with the lease.Apparently the plan of the flat is not set out correctly.i.e the red lines are not in the right place.I have asked the estate agents for a plan but the bank are not cooperating and just want the property sold.

I have bought the 'current title plan' from the land registry site but it just outlines which looks like the said flat but might not be.It doesn't show the whole plan of the property.(there are 6 flats and mine is on the top floor)

I have contacted the lease advisory service and they said to get the plan.

Can anyone give any advice as I don't want to purchase and then be told I only own the toilet!

Any advice would be greatly appreciated.

Chris

eddddy

Deleted_User wrote: »

...
There is a problem with the lease.Apparently the plan of the flat is not set out correctly.i.e the red lines are not in the right place...

Hi Deleted_User

Why do you think the plan in the lease is incorrect? Has somebody suggested that?

It's more likely to be the other way around: the plan in the lease is correct, but the previous leaseholder may have "stolen" a bit of extra space that is supposed to be communal.

[Deleted User]

eddddy wrote: »

Hi Deleted_User

Why do you think the plan in the lease is incorrect? Has somebody suggested that?

It's more likely to be the other way around: the plan in the lease is correct, but the previous leaseholder may have "stolen" a bit of extra space that is supposed to be communal.

The estate agents(2 different ones) have stated that the flat is not set out correctly on the plan.Just stating it needs re-doing?

I can't see how the previous leaseholder could have stolen extra space as I've viewed the flat and looks like it should if you get my meaning.But who knows.

Thanks for the reply.:)

G_M

Can you clarify?

* Is it clear from your viewings what should be included?

* in what way does the Land Registry Plan differ? Does it show extra land? Does it omit land? Where/how? Or is it in some way ambiguous?

* in what way does the Lease Plan differ? Does it show extra land? Does it omit land? Where/how? Or is it in some way ambiguous?

[Deleted User]

Yes it is obviously clear from my viewings what should be included and is not ambiguous. It says no.6 on the door and you enter.

The land registry plan is just an outline.It doesn't show any rooms etc?
I would show you but its on adobe reader and not sure how to post it.

As I say I haven't seen the lease but the estate agent states that it needs re-doing.The red lines aren't in the right place.He just states that somebody needs to go round and measure it up properly. but its plainly obvious what belongs to each flat when you view it.

I hope this helps you help me with this.Thanks

G_M

Deleted_User wrote: »

Yes it is obviously clear from my viewings what should be included and is not ambiguous. It says no.6 on the door and you enter.

The land registry plan is just an outline.It doesn't show any rooms etc?
Correct. It always shows the extent of the boundary of the property. It does not show rooms

As I say I haven't seen the lease but the estate agent states that it needs re-doing.The red lines aren't in the right place.
3rd hand info from an EA? Ignore it till you see the lease yourself.
He just states that somebody needs to go round and measure it up properly. but its plainly obvious what belongs to each flat when you view it.
Lease Plan is unlikely to show measurements. EA is talking rubish.

Sounds to me like he is talking about the EA's own marketing literature!

Come back when you have seen the lease, but if the outline of the LR Plan is correct then no problem so far.

[Deleted User]

Thanks but I'm unable to get the Lease from the estate agents.They state as its in the banks hands they can't get hold of it.

Should I put in an offer subject to seeing the lease etc?

G_M

Every offer is subject to contrat.

Until contracts are Exchanged either side can pull out.

That is so that you/your solicitor can check legal details like.... the lease.

Does the LR have a copy of the lease on file? £7 I believe.

G_M

The lease itself cannot be downloaded. Only the leasehold Title Register.

If the LR holds the lease you must apply to them direct.

https://www.gov.uk/get-information-about-property-and-land/copies-of-deeds

The LR does not always have the lease filed, in which case you'll have to wait till you/your conveyancer (if you use one) apply to the bank for it following acceptance of an offer.

davidmcn

Deleted_User wrote: »

I'm unable to get the Lease from the estate agents.They state as its in the banks hands they can't get hold of it.

This doesn't make sense. If they're selling it for the bank, why don't they just ask them to send a copy?

[Deleted User]

davidmcn wrote: »

This doesn't make sense. If they're selling it for the bank, why don't they just ask them to send a copy?

I agree.I've asked both agents and they state that they can't get hold of it.Its a repo and the banks just want to sell it.

I phoned one conveyor and they stated they didn't want to touch it with a bargepole. So I thought I would do some digging myself.

Maybe I should phone another solicitor.