House I'm Purchasing Has Been Reposessed - HELP!

stressedhousebuyer1234

Help!

Last February we put an offer in on a house. Today we have found out that the bank has decided to proceed with repossession. There has already been one court day in which the court ordered 56 days for the bank and vendor to come to an agreement. 

Does anyone know what happens now? I'd like to get in touch with the bank to see if we can make a deal on the house, but I've no idea where to begin or what else to do. I believe that for the repossession to take place they will need to go back to court, but we don't know how long that will take. We currently have a very patient buyer who is waiting to purchase our house, but we don't know how long he is going to hold on without any idea of timeframes. 

newsgroupmonkey_

What's held up the purchase?

stressedhousebuyer1234

We don't know. 2 very slow solicitors mostly from what I understand and constantly waiting for answers. We were meant to be complete in July/Aug last year. 

user1977

If the bank repossesses then they will need to market it, they can't just do a private deal with you.

stressedhousebuyer1234

Can the court decide not to issue the repossession order and to proceed with the sale?

kazwookie

I'd start looking for something else.

Waiting nearly a year to exchange to me seems daft as I would be wanting to get on with my life, and not hanging around with are we moving / are we not moving etc.

fatbelly

stressedhousebuyer1234 said:

Can the court decide not to issue the repossession order and to proceed with the sale?

Yes. The court can give time for a sale to complete. This is something the defendant, as the court would view that person, would have to ask for.

There are various options in the possession process and the house is not 'repossessed' until that process completes, so your title I hope is inaccurate

It sounds like the 56-day order was an adjournment, because the possession order itself is normally given as a 28-day order with a warrant following to evict the occupier. Both of those orders can be suspended.

It sounds like the claimant has got fed up with the length of time this is taking. If all parties can agree on a completion date and the sale price covers the mortgage and all fees then I see no reason why the sale shouldn't go ahead even at this late stage

Hoenir

Sounds as if the vendor is unable to sell the property as matters stand. Are there other charges on the property besides the mortgage ?

pinkshoes

If it has taken 11 months so far, then clearly something is amiss with the purchase and not just slow solicitors...

To avoid repossession, the vendor should have been keen to complete, so it does imply that there are perhaps outstanding charges or something on the property, or an additional person on the deeds causing issues??

I suggest you get in touch with your solicitor and ask EXACTLY why it has taken so long. 

If it has been passed over to the lender, then they will need to get the best price for it to cover the outstanding balance of the mortgage. 

theartfullodger

Talk to estate agent confirming you are still keen, can proceed promptly, mortgage lined up etc etc and see what happens.

I've bought 2 houses from lenders who repossessed.  Apart from almost no paperwork and history fine.  Found fossilized fungus-coated sausage under grill in one house, owned it 4 24 years...

Section62

theartfullodger said:

Found fossilized fungus-coated sausage under grill in one house, owned it 4 24 years...

You kept a fungus-coated sausage for 24 years?