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Buying an insolvent house? Help?

2

Comments

  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
    1,000 Posts Second Anniversary Name Dropper
    davidmcn wrote: »
    The first thing the bank would have done is change the locks, if you mean worrying about whether the previous owner is going to let themselves in.

    Considering the previous owner is dead that would be very very concerning!
  • lisyloo
    lisyloo Posts: 30,113 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It seems to me the biggest risk is the lack of anyone to answer the standard questions.

    E.g. Japanese knotweed in the garden?
    Any known issues?

    I presume the bank will fill in the normal forms but will have to answer don’t know to many.
  • Clutterfree
    Clutterfree Posts: 3,679 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    davidmcn wrote: »
    The first thing the bank would have done is change the locks, if you mean worrying about whether the previous owner is going to let themselves in.

    Previous owner died so I hope not! :eek:
    :heart: Ageing is a privilege not everyone gets.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    onwards&upwards wrote: »
    Considering the previous owner is dead that would be very very concerning!
    Ha! That's what they want you to think...


    Ok, previous owner's family / friends / carers / tradespeople who might have had keys.
  • GaleSF63
    GaleSF63 Posts: 1,558 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    davidmcn wrote: »
    The first thing the bank would have done is change the locks, if you mean worrying about whether the previous owner is going to let themselves in.

    The previous owner wouldn't need to use the doors anyway - she could go through the wall.
  • Nutella18
    Nutella18 Posts: 29 Forumite
    Hi I didn’t really make my question clear sorry! Was just basically a bit more info on what It actually meant as I wasn’t sure! The solicitor just said it’s a different method of buying, she also wants me to get the gas/electric triple checked as I will have no warranties...

    I am also worried as the house is jam packed with stuff, I did put in my offer no extras to be included but I am actually worried that it will be down to me to empty the property, or will this be negotiated at the missives?

    I know I have my solicitor to guide me on this but as a young FTB its hard to keep up with all the lingo etc etc ...these forums have been very helpful
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Are the utilities disconnected? This is quite common with repos. Big clue is red tape over the loo/basins / boiler etc saying "do not use" as there's no water.


    If so, there's no way you'll be able to check the gas or electricity (or water).


    I suspect it will be sold 'as seen' too which means you'll need to arrange a skip for day 1.............
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    G_M wrote: »
    Are the utilities disconnected? This is quite common with repos. Big clue is red tape over the loo/basins / boiler etc saying "do not use" as there's no water.
    "Disconnected" in this context generally just meaning "turned off" at the meter / stopc0ck, so in theory it can all be checked and it might be worth asking, but the lenders tend to be reluctant to let anybody start meddling.
    I suspect it will be sold 'as seen' too which means you'll need to arrange a skip for day 1.............
    Yes, usually any clearance is done before they start marketing - if there's stuff still there then it's probably being included for free...
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Nutella18 wrote: »
    Hi I didn’t really make my question clear sorry! Was just basically a bit more info on what It actually meant as I wasn’t sure! The solicitor just said it’s a different method of buying, she also wants me to get the gas/electric triple checked as I will have no warranties...

    I am also worried as the house is jam packed with stuff, I did put in my offer no extras to be included but I am actually worried that it will be down to me to empty the property, or will this be negotiated at the missives?

    I know I have my solicitor to guide me on this but as a young FTB its hard to keep up with all the lingo etc etc ...these forums have been very helpful

    The bank aren't going to want to get involved with a clearance they just want rid, so as said it's up to you so geta skip - on the upside maybe you'll find some gold sovereigns or a diamond ring etc.
  • martindow
    martindow Posts: 10,712 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    As this is Scotland will the OP be potentially better off regarding faults in the house than they would be in E and W? Normally in Scotland you have some comeback if faults are discovered in the first few days after a sale, but maybe this doesn't apply to repossessions.
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