Buying from relative, ex-partner, repossession.

Tobster86

Radical idea time (...maybe. I give credit to anyone that mentioned things on this theme.)

I've read the documents, and could p*** a mortgage for the arrears, from anyone, tomorrow.

The biggest crux of the matter is the ex being on the deeds. The options for removing them are:
-Their signature.
-Their death certificate.
-Repossession.

Basically, #3 offers the simplest route.

So my crazy idea is to, with full cooperation all around of the lender and my relative, allow repossession of the property on the proviso that I immediately purchase it.

Do we think this seems reasonable and/or realistic?

The only caveat in this is that the lender is very big and very faceless bank. I can't imagine an actual human being assigned any practical part of the matter; so it would likely be referred to a computer that will simply suffer a stack overflow and break.

I suppose the next question is, do I contact the lender, or their legal representatives (who may be disinterested, but are at least people)?

Cheeky_Monkey

Tobster86 wrote: »

Radical idea time (...maybe. I give credit to anyone that mentioned things on this theme.)

I've read the documents, and could p*** a mortgage for the arrears, from anyone, tomorrow.

The biggest crux of the matter is the ex being on the deeds. The options for removing them are:
-Their signature.
-Their death certificate.
-Repossession.

Basically, #3 offers the simplest route.

So my crazy idea is to, with full cooperation all around of the lender and my relative, allow repossession of the property on the proviso that I immediately purchase it.

Do we think this seems reasonable and/or realistic?

The only caveat in this is that the lender is very big and very faceless bank. I can't imagine an actual human being assigned any practical part of the matter; so it would likely be referred to a computer that will simply suffer a stack overflow and break.

I suppose the next question is, do I contact the lender, or their legal representatives (who may be disinterested, but are at least people)?

Radical Reality Check Time

I don't know what documents you have read and I presume the missing letters are 'iss' but you're not suggesting that you can get a mortgage just for the arrears are you?

It's not for you, or your relative, to allow the repossession, a Judge will decide that at the upcoming hearing. You are also not in a position to put any conditions on it i.e. you must be allowed to buy it immediately.

If the possession order is granted, the sale of the property will follow due process and will likely be sold at auction. However, it will probably be given to an EA to market it once a valuation has taken place.

As you will have prior knowledge that it will be coming onto the market, you will be well placed to get an offer in first. If it was to be sold at auction, you would have to offer above the guide price for the lender to accept a pre-auction bid.

Thrugelmir

Tobster86 wrote: »

The ex really cannot be traced at all in this case.

Through some ones NI number. If they committed theft then worth pursuing.

davidmcn

Tobster86 wrote: »

So my crazy idea is to, with full cooperation all around of the lender and my relative, allow repossession of the property on the proviso that I immediately purchase it.

Do we think this seems reasonable and/or realistic?

No, it is, like you say, crazy. As we've already explained, repossession means your relative being evicted and the bank putting the property on the open market. You can of course offer for it, but there's no guarantee you'll get it. And your relative will need somewhere else to live at least for the duration of marketing and completing the sale.