Santander repossession

Schwarzwald

markhalling said:

My daughter is in the process of buying her first flat but the flat had a tenant who was refusing to leave and stopped paying his rent. She has waited 6 months for the courts to get him out, to cut a long story short, the court case became void because the vendors solicitor had given the wrong postcode, it then transpired that no rent had been paid for 13 months, the flat has now been repossessed by Santander bank, who.. coincidentally is who my daughter has her mortgage with, we have tried contacting Santander but we just get passed from pilar to post and are unable to speak to someone who can actually help us. My daughter has her heart set on this flat and we just want to speak to someone from Santander who could help her achieve this of find out if it’s even possible to acquire it from the bank.

besides the fact that the post lacks an actual question to answer .... likely outcome: either wait or move on.
for your daughter this might be a special property, for Santander just one of thousands, and they will just follow internal processes.

theartfullodger

She (not you) should write a calm polite email outlining the challenge to the Santander CEO - see...
https://www.!!!!!!/s.php?id=ceo-9340

However be aware that eviction is likely to take about 6 months unless tenants decides to go early (he doesn't have to thanks to Thatcher's 1988 Housing Act).

I'd be looking elsewhere....at the same time...

Daughter is not in process of buying - it may never happen - but at the trying to stage....

Artful: Purchased 2 repos...

Brie

I've recently seen a repossession where there was no obvious effort made at all to sell the property on the open market.  Wasn't listed anywhere and went straight to auction where it went for about 2/3 the price of similar properties.  So not sure why people think the bank will go for the max price on something.  All they want is to be rid and hopefully cover the mortgage costs.

But I do agree this could drag on for a very long time.

theartfullodger

Re """ So not sure why people think the bank will go for the max price on something.  All they want is to be rid and hopefully cover the mortgage costs.  """"


Lender will still be owed balance outstanding by original mortgage holder... and likely keep chasing them - plus adding them to the "Hunter" system.. see
https://www.experian.co.uk/business-products/hunter

Hoenir

Brie said:

  All they want is to be rid and hopefully cover the mortgage costs.

Unfortunately that is not the case. As there may well be equity in the property once it is sold and the outstanding liability settled. Lenders have a duty of care towards the borrower. Due process has to be seen to be followed. 

user1977

Brie said:

I've recently seen a repossession where there was no obvious effort made at all to sell the property on the open market.  Wasn't listed anywhere and went straight to auction 

Auction is by definition selling on the open market.

silvercar

user1977 said:

Brie said:

I've recently seen a repossession where there was no obvious effort made at all to sell the property on the open market.  Wasn't listed anywhere and went straight to auction 

Auction is by definition selling on the open market.

It is and it isn’t. Auction buying is for the experienced buyer and requires people to have their mortgages lined up or be cash buyers, it also means surveys and searches need to have been done and a solicitor who is able and willing to move quickly. This actually narrows the pool of buyers. So you may say an auction is open to anyone, but in actuality the hoops it creates mean that it isn’t.