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What does "by order of the mortgagees in possession" mean?
eloy7
Posts: 116 Forumite
In a listing, it is stated "by order of the mortgagees in possession".
As I understand this means a normal repossessed property, as the lender has repossessed the property and selling it to get back the mortgage. Am I right?
However, as the phrase was new to me, I wanted to ask here.
Does it have any effect on my purchase? Should I take it seriously?
As I understand this means a normal repossessed property, as the lender has repossessed the property and selling it to get back the mortgage. Am I right?
However, as the phrase was new to me, I wanted to ask here.
Does it have any effect on my purchase? Should I take it seriously?
0
Comments
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It means it's a repossession and is being sold by the mortgage lender.
This usually indicates any offer will end up in the public domain, the property will be fully marketed until contracts are exchanged and you'll be expected to complete ASAP.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes you are right. It has a few implications for you:
1) The seller will not take the property 'off the market' when they accept your offer. So the chances of someone else making an offer are high
2) You are supposed to exchange contracts within 28 days. Although it will probably be extended it you are almost ready to exchange.
3) The seller doesn't know anything about the property. You will have no details about windows that were fitted, boiler servicing etc. Your solicitor may advise you to purchase indemnity policies to cover issues that the seller would normally be able to provide more details about.Changing the world, one sarcastic comment at a time.0
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