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Gedian
Posts: 7 Forumite
I really could do with some help or info about this subject...from anyone. We have been in the process of buying a house for the last 2 months. When last week I went to take a quick peek at our property as "we should be near completion any time soon" Lo and behold there is a reposession notice on the window. Now we knew at the time of buying the house was about to be repossessed,but we were told if there was a purchase going ahead they won't repossess it??? It seems to be a breakdown of communication and were thinking its with the estate agents but now there blaming the mortgage adviser for taking too much time.
My solicitor is as confused as I am, we were about 2 weeks off completion...so basically apart from bowing to the repo agents wishes, if we now lose the house sale due to a higher bidder is it at all possible to get any money back for all the searchs etc we have paid for????
We are first time buyers and the stress of it all is draining me, I really hope they let us carry on with the purchase because I hope I don't ever have to go through a house purchase again....or for a very long time at least
My solicitor is as confused as I am, we were about 2 weeks off completion...so basically apart from bowing to the repo agents wishes, if we now lose the house sale due to a higher bidder is it at all possible to get any money back for all the searchs etc we have paid for????
We are first time buyers and the stress of it all is draining me, I really hope they let us carry on with the purchase because I hope I don't ever have to go through a house purchase again....or for a very long time at least
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You could sue the seller but I doubt they have much cash anyway.
Trying talking to the company that repossessed it... if you've already done all the searches and arranged a mortgage they will probably be happy to sell to you as it saves them sending it to auction where no-doubt it would go for 20-40% less than your offering.
Or ask them where they are auctioning it and pay 20-40% less or it.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
It is outragous that the mortgage lender repossessed if they knew that a buyer was nearly ready to proceed.
Why wasn't the seller's solicitor sorting this out? The lender has a duty to treat customers fairly which should certainly mean that repossession shouldn't happen if there is a sale in progress.
Your solicitor needs to get in touch with the sellers solicitor to sort this out. The seller's solicitor should be able to get the home "unrepossessed" (apparently this can be done if the timescales are short enough and mistakes have been made).
Unless there is something else going on that you are unaware of...I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Yes, the seller has their head in the sand and hasn't attended the court hearing or told their solicitor the full story.....Unless there is something else going on that you are unaware of...A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
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You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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