House has been Repossessed 5 days before completion - ADVISE NEEDED!

barrymung

silvercar wrote: »

Some of the fault with this should lie with the owner.

ALL of the fault should lie with the owner! If they had been paying their mortgage then none of this would have happened...

barrymung

james10999 wrote: »

The house is not worth £136k

How much IS it worth?

You have to bear in mind that there is a strong possibility that house prices could fall in the near future so it's not worth offering top dollar.

james10999

barrymung wrote: »

How much IS it worth?

You have to bear in mind that there is a strong possibility that house prices could fall in the near future so it's not worth offering top dollar.

Well it was on the market at £145,950 then was reduced to £139,950 after 6 months. They had offers around the 135k mark which they refused however after 9 months I put in an offer of £136k and was accepted.

I guess this was a good bargain - however was the maximum I could afford to go to. However the house does need some work and like I said does need a brand new kitchen. Houses in the area are going for £146k and upwards but don't need a brand new kitchen like this one.

My mates at work said the price i'm paying is a bit over what they would have offered however if I get the house i'd be happy with the price i'm paying especially with family connections I can get a brand new kitchen top notch for around 3k and installed as well.

So should I try to exchange for the property ASAP then? Would I be garanteed the house?

MarkyMarkD

If you exchange contracts, it's yours and they can't repossess it.

But the vendor won't be allowed to exchange contracts if the repossession has gone too far.

barry82_2

just wondering if you know but if the property has artecs you should make sure it was done after the 80s as before then it would more than likely contain some asbestos.
sounds weird but in my work as an electrician if their is artecs on walls it needs tested before i can start a job.

james10999

The artecs were put on 5 years ago - so i dont think there's much worry about that. Thanks for letting me know though!

Update - I can't get hold of my solicitors. Have left several messages however no luck. Why won't they speak to me?!

It's cutting it really close now. I've made the payment to them via CHAPS and am just hoping for the best

james10999

It's a day before the sale - and still no news from the vendors solicitors if it's going ahead or not.

I've just looked at my online bank for HSBC and it's showing that my mortgage has been drawn down as of today?! I am still not sure if i'm getting the house yet - what happens if I don't get it?!

Fingers crossed!

james10999

UPDATE

Well I found out yesterday, 3rd of August, that the bank have accepted my offer. I had to go straight to them due to my solicitors not being able to contact them..... Anyways, they took 3 days to consider my reduced offer, and finally accepted yesterday!

However i'm still a bit concerned, the property is actually still up with an estate agents. Out of interest, I phone the estate agent who have the house still listed with them and they said they are holding viewings today?! I guess the bank haven't told them that my offer has been accepted.

Potentially, what would happen if someone else made an offer this weekend higher than mine with the estate agents? Obviously i'm not going through them and have gone straight to the bank

[Deleted User]

Dont be too concerned the markets slowed down a lot its no longer a gold rush. Glad you managed to get cash knocked off

james10999

UPDATE

To cut a very very very long story short, I finally got the house for £4k less and completed on Tuesday.

Who would I need to complain to about my Solicitors. They have done so many things wrong it's unbelieveable with myself turning into my own solicitor to get all the work done and even advising them on situations!