Cost to remove charge in property

GDB2222

TruthLove said:

What a gracious response thank you

You should ask for your money back. 

user1168934

TruthLove said:

user1977 said:

There's no maximum. Who is the charge holder? 

There is no info, but the property is a repossession and vendor is the lender. Thanks

I believe all charges against the property must be listed on the title and deed of the property. The information can easily be obtained by getting a copy from the land registry. You can get it online yourself for something arond three/sex quid from the land registry website. Or you can ask the seller's solicitor to provide a copy.

Charges against the property are quite normal but it is not normal for the seller to ask you get them removed and pay for them if needed. This is a major red flag. I would never agree to it. Normally during the conveyancing process the buyer's solicitor reads through the deeds and confirms the seller's solicitor that the charges will be removed at the completion. Removal of charges then becomes a condition of the sale.

It is important to find out what the charge against the property is. For example, if it is a mortgage lender who is owed money, it can cost you hundreds of thousands to clear the charge. Equally, it could be an ex-wife wanting half the proceeds of the property - again very expensive to remove if you are paying for it.

Thrugelmir

canaldumidi said:

Tiglet2 said:

TruthLove said:

Hi
i am thinking of putting in an offer on a repossessed property.  They want it all to move quickly.  There is a charge on the property and it will be my solicitors responsibility to remove it but this will be at an undisclosed cost to myself.
obvs I’m not big on walking into a surprise fee of an j specified amount but is this a normal thing?  I can’t find anything when googling.  Speaking to my solicitor Monday but trying to make a decision as they have messed me about said my offer was rejected then it wasn’t and I’ve found a new possible property.  

 Appreciate any knowledge on this and crucially, is there a maximum amount his could be?? Thanks 

If your solicitor is not acting for lender, the lender will appoint their own solicitor and they will expect you (the buyer) to pay their legal fees as well as your own.

Would that not constitute a conflict of interest?

No. As the lender is duty bound to recover the best possible amount for selling the property on behalf of the debtor (i.e. the party that's been repossessed). If there's likely to be a shortfall upon completion of the sale then the lender will wish to minimise their losses.