Buying from relative, ex-partner, repossession.

Pixie5740

The ex-partner is a legal owner of the house so you can't just take them off the mortgage and deeds. If you can track the ex down and then get them to agree to sell you the property then your relative would be looking at forcing the sale under the Trusts of Land and Appointment of Trustee's Act 1996 however that would be neither quick nor cheap. Therefore letting the property be repossessed and then buying it is probably the easiest way for you to achieve what you want.

Do check the above with a solicitor though.

Tiglet2

Did the lender insist on the ex being on the mortgage because, at that time, your relative would not have been able to afford the mortgage on their own and therefore the lender may not have made an offer?

Is the ex also on the title deeds? For example does your relative and the ex own 50% each? If the ex is completely untraceable, how do you think you will remove ex from the title? The lender won't agree to removing ex from the mortgage if still named on the title.

If you would be prepared to pay the arrears on the mortgage and therefore avoid repossession, I would suggest a Transfer of Equity (and possibly remortgage) to remove ex from the title and add you so that you and relative jointly own the property, but ex would need to be traced in order to get agreement and signature on the transfer documents.

Tobster86

The ex really cannot be traced at all in this case. About five years ago I heard a rumour from a friend I no longer have contact with that they are living on a canal barge somewhere to evade their whereabouts being known. They could even be dead, I have no way of finding out.

Cheeky_Monkey

Whether your relative was mis-sold the remortgage product or not is irrelevant to the predicament they now find themselves in as it won't stop the repossession.

The fact that the joint owner is untraceable also won't stop the repossession.

In short, there's nothing you can do to stop the repossession apart from paying off the arrears as I suggested earlier.

Failing that, I think your priority should be trying to help your relative find somewhere else to live.

gingercordial

Tobster86 wrote: »

The ex really cannot be traced at all in this case. About five years ago I heard a rumour from a friend I no longer have contact with that they are living on a canal barge somewhere to evade their whereabouts being known. They could even be dead, I have no way of finding out.

This doesn't answer the question of whether they are on the deeds of the property. They may not be an owner at all. Download the title deeds for £3 from the Land Registry and check, then you will know whether that is or is not an issue.

The way of finding out where they are would be to engage a private detective.

Tobster86

I don't think it is irrelevant. If a repossession hearing goes ahead, a judge will want to hear both sides of the argument. The fact that a financial ombudsman has recommended that the lender takes some responsibility for the ex being on the deeds and mortgage (I've since looked into this, it is the case) and provides assistance to the process of removing them, will probably be quite relevant.

Crystal ball gazing, they probably will insist on some form of assured clearance of the arrears too. If my financial circumstances are considered, this will probably mean immediate clearance, and therefore my undesired paying for something that someone who sodded off ten years ago still owns 50% of.

Maybe that's the best I can hope for, or maybe better can be done. Hence why I'm seeking legal recommendations.

Tiglet2

I'm sure it is undesired to pay the arrears on behalf of someone who ran a mile 10 years ago, but this is your relative's home and you have already said that the relative would like you to buy the property, enabling the relative to remain in their "safe refuge". If you/relative want to avoid repossession, then someone has to stump up the arrears, or as previous posters have suggested, take a chance and buy the property from the bank once repossession has taken place (providing no-one else makes a higher offer!).

agrinnall

Tobster86 wrote: »

The ex really cannot be traced at all in this case. About five years ago I heard a rumour from a friend I no longer have contact with that they are living on a canal barge somewhere to evade their whereabouts being known. They could even be dead, I have no way of finding out.

Just because you can't trace them doesn't mean they are not traceable. It's very likely that somebody who specialises in this would be able to do so. I suggest you look into Enquiry Agents - finding the ex (or finding out if they are indeed dead) may make the whole thing a great deal easier to resolve.

Tobster86

To be honest, bringing the ex to the table at this stage probably is unproductive even if possible.

Knowing if they're dead would be useful though.

gingercordial

Tiglet2 wrote: »

I'm sure it is undesired to pay the arrears on behalf of someone who ran a mile 10 years ago, but this is your relative's home and you have already said that the relative would like you to buy the property, enabling the relative to remain in their "safe refuge". If you/relative want to avoid repossession, then someone has to stump up the arrears, or as previous posters have suggested, take a chance and buy the property from the bank once repossession has taken place (providing no-one else makes a higher offer!).

This bit is important. OP, are you aware that in a repossession sale the bank has a duty to obtain the highest price possible for the property? That means they must market it fully (and so can't just agree a sale to you), won't take it off the market for you, and you could be gazumped right up to the day of exchange. This could therefore result in your relative being evicted if you do not want to pay the amount the bank thinks it can sell for or you lose it at the last minute. So don't count on the repo route as being easier or more certain.

Even if it galls you to pay off the £2k arrears, if you can stand to do that to halt the repossession, track down the other owner (if they are an owner) and buy it properly that may be the safer option but it very much depends on what you can find out about the ex.