Is there a legal solution for a landlocked property?

AdrianC

bouicca21 wrote: »

If OP's original owner split the title up he may well have reckoned on buying the house back for peanuts, then selling the lot on before the bank wake up.

Forgetting, of course, that the bank will merely knock the sale proceeds off his outstanding debt.

moneyistooshorttomention

One way or another - ie whether you decide to buy the house or no - it would be interesting to hear the follow-up on what happens to this house, ie:

- whether Mr Awkward re-buys his former house under an alias (and whether he gets away with it)

- whether you or someone else buys it and what happens about that legal access

So do please keep us posted.

bouicca21

They won't be able to get the proceeds if he skips quickly enough, especially if like Mr B who is really Mr A, he can set up another identity.

DaftyDuck

A point that should be highlighted is that it's mid-terrace, leaving two would-be purchasers that could thwart the vendor's plan, if he were stupid. I don't think he is. Who lives in these, and which of them doubles their house size for peanuts. If you ignore the backhander, that is.

Too much thought, planning and cost went into doing this for there not to be a planned, profitable end-game.

moneyistooshorttomention

As in - you think he might have deliberately made an arrangement with one of the next door neighbours to buy his house for peanuts (for extension of their own) that I thought would be a possibility for them

- BUT with the add-on that, say, they get to buy his house for £10,000 (for the sake of argument) on condition that they hand him £x,000 on top of the banks' £10k.

That is, of course, one possibility - ie helpful baddie neighbour.

But that assumes Mr Awkward has that £10k stashed away someplace else to fund the neighbours purchase - and could manage to get the baddie neighbour to hand back the house to him after "they" had bought it. It would rather serve him right if he got doublecrossed.

cloo

Mallotum_X wrote: »

If the house is mortgaged, then presumably it was bought with a mortgage?

If so then the mortgage would have covered all of the property at that time, house and gardens. If the owner subsequently split the property up into 3 sections then he would have needed the mortgage companies permission... unlikely to have been granted, or potentially the mortgage in reality is still in place.

Worth exploring that as it may be the mortgage co does in fact have a charge over everything despite the old owner thinking he was being clever.

Yes, I was talking to my husband about this last night and he thought that surely the lenders would have a case against him as they should have to give permission for this. But of so, that's going to take time and I would leave it to the lenders to sort out and walk away.

eddddy

Hi eloy7

Well, at least you got to view the property! This place that went to auction in 2011 says:

Viewings will not be possible as the property is landlocked.

See: http://www.rightmove.co.uk/property-for-sale/property-34998527.html

Anyway, two options open to you are:

1. Ask a specialist property solicitor to read the auction legal pack, to see if they can see any possibilities (and expect to pay a large fee for this).

Or...

2. Buy it speculatively, in the hope of doing a 'mutually beneficial' deal with the owner of the front/back garden.

(Option 2 might suit you if your are a high stakes poker player.)


There's also a real possibility that the following will happen: On auction day, somebody in the room will think "that's a ridiculously cheap property" and buy it - without having viewed it, or read the legal pack.