6 Month Rule on a repossessed property

davidmcn

The selling agents ought to be able to answer the questions about who the seller is and when they registered ownership, but the Home Report is meant to be accurate as far as things like the identity of the seller are concerned.

Danielle1311 wrote: »

Ideally holding of until completely necessary for a solicitor incase he charges the earth!

Have you actually spoken to any and got quotes? They don't normally charge for this sort of initial chat and making (a reasonable number of) unsuccessful offers. They also have online access to the Land Register so can check when the sellers' title was registered.

Danielle1311

No not yet just the mortgage advisor and the letting agent at your move. Although I think I might need to get in touch with one now to find out when this company national property trade actually bought the property so we can see if its worth holding on for. Your move are saying it was November but I find this strange when the home report was done in August and the house has been sat empty since then too. Surely they would have had ownership since then do you think? I thought this was the case and perhaps your move are trying to hold off incase they get a better offer since its only been on the market since November.

davidmcn

Also, the seller's questionnaire in the Home Report has a question for how long they've owned the property - what does that say?

Danielle1311

I just checked the questionnaire there and it says "cannot answer" for every question. At the bottom it says
" This questionnaire was carried out by an absentee vender therefore some information is not available."

I just spoke with someone at the estate agents and they have said the ownership was taken over in November meaning I have a long time now until the 6 month rule would be up, however I am just a bit unsure given that the home report states that the report was carried out in August and the customer is National property Trade / C/o Spicerhaart? I would have thought they took ownership in August? Could your move be trying to put me off in the hope off getting a higher offer given that its only been on the market since November? They did put our offer to them and they replied asking for proof of deposit and mortgage promise as I was saying but we can only go with the haliax which would be when the 6 months is up

davidmcn

Danielle1311 wrote: »

I just checked the questionnaire there and it says "cannot answer" for every question. At the bottom it says
" This questionnaire was carried out by an absentee vender therefore some information is not available."

Even an absentee vendor knows when they bought a property!

It's possible they delayed registering title (sometimes this sort of buyer save on registration costs by trying to do a "back to back" sale to someone else) so they might have bought in August but registered title in November.

kingstreet

Halifax criteria;-

The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

Where sales are by:

A personal representative of the registered proprietor; or
An institutional mortgagee exercising its power of sale; or
A receiver, trustee-in-bankruptcy or liquidator; or
A developer or builder selling a property acquired under a part-exchange scheme.

if it is a repossession.

Following the CML Handbook as davidmcn has pointed out.

Danielle1311

It is really strange as every question on the reports questionnaire is "cannot answer" but the report itself seems to be fine with no issues.
So aside from taking your moves word for it is there anyway of knowing and checking myself when it was actually purchased by the national property trade? I am going to make an appointment with a solicitor but patience is getting the better of me now and would like to find out as soon as possible as I just also just found out someone else went to view the property at the weekend.
I even tried calling my local council tax office this morning hoping to get some info but no luck!

Danielle1311

Davidmcm has helped me to establish its actually owned by the national property trade and not a repossession as I had first thought. Its just working out when they purchased it in the hope the 6 months is almost up