Repossession - the other side

CJE84

Hi Guys, Quick back story, My girlfriend and I decided we would like to get a house together. And so in April we put an offer in on a house and had it excepted and we managed to get everything in place (yes even a mortgage), all good (or so we thought)

(Main point of the post à)With weeks to go we had we assumed we were on the home run and that nothing could possibly go wrong, well it did and on Thursday the 29th of May we had a phone call telling us that the house we were planning to live in had just been repossessed, and that the sale was off!!


What todo next? So if anyone has been through this and can offer any advice as to what we can do that would be great.

I do feel a little sorry for the people who were selling, as they were weeks away from being safe.

Regards
Chris

Jorgan_2

Has a new agent been appointed to sell the property? If so approach them asap. There maybe be a chattles notice in a window of the property stating that the owners have 7 or 14 days to remove any items left at the property and to contact XYZ to gain access. Not all lenders do this.

If you don't get any joy with the above, ask your solicitor to contact the previous owners solicitor & try and find out who the lender is, your solicitor may have this info in documentation already supplied to them. That way you can approach the lender and try & explain the situation.

Captain_Mainwaring_2

Jorgan wrote: »

Has a new agent been appointed to sell the property? If so approach them asap. There maybe be a chattles notice in a window of the property stating that the owners have 7 or 14 days to remove any items left at the property and to contact XYZ to gain access. Not all lenders do this.

If you don't get any joy with the above, ask your solicitor to contact the previous owners solicitor & try and find out who the lender is, your solicitor may have this info in documentation already supplied to them. That way you can approach the lender and try & explain the situation.

land registry, lift a copy of the deeds and you will see who the lender is - get in quick but don't tell them what you were about to pay. It's an ill wind etc..

silvercar

If the seller's solicitor has balls he should be wiping the floor with the lender repossessing. Absolutely disgraceful to repossess when the sellers have a buyer able and ready to proceed.

Bungarm2001

Bluddy disgusting. Your solicitor should have been more on to it than this...can't believe the lender would repossess this close to a completed sale. Has no-one been talking to each other? Did the vendors not know they were in danger of repossession? I'm guessing not.

Captain_Mainwaring_2

Bungarm2001 wrote: »

Bluddy disgusting. Your solicitor should have been more on to it than this...can't believe the lender would repossess this close to a completed sale. Has no-one been talking to each other? Did the vendors not know they were in danger of repossession? I'm guessing not.

What a load of hog wash.

I can't see anywhere in the OP that says that contracts have even been exchanged , only and offer has been accepted.

Who say the lender even knows about the sale, who says that the vendor wasn't bankrupt, who says the solicitor even knew about the repo, who know how long th vendor hadn't been paying the mortgage for???

And how on earth could the vendor not know about the repo? Honestly, the building society doesn't just turn up because you are a day late with a repayment and throw you out of bed, it goes through the court system and even then the bailliff has the power to extend the period.

Why should the purchasers solicitor have known anything about it? the first he would know is if he did a search and found an inhibition on the deeds and we are assuming that it had got that far.

posh*spice

That's totally unbelievable:o. What an absolute disgrace. Please let us know who their lender was they should be named and shamed. What an awful financial decision on the part of the lender. I wouldn't want my savings with that shower!_pale_ Maybe the sellers didn't keep in touch with their lender?

Captain_Mainwaring_2

posh*spice wrote: »

That's totally unbelievable:o. What an absolute disgrace. Please let us know who their lender was they should be named and shamed. What an awful financial decision on the part of the lender. I wouldn't want my savings with that shower!_pale_ Maybe the sellers didn't keep in touch with their lender?

Are you for real?

clutton_2

we dont know any of the facts from the sellers side - lets not get hysterical here ......

Bungarm2001

"With weeks to go we had we assumed we were on the home run and that nothing could possibly go wrong, well it did and on Thursday the 29th of May we had a phone call telling us that the house we were planning to live in had just been repossessed, and that the sale was off!! "

Yeah sorry Captain! :rolleyes: I made the classic mistake of assuming the OP saying 'on the home run' meant close to completion..stoopid of me I know.

I would have thought that the lender would have been alerted to the sale when the purchasers solicitors asked for the deeds from the vendors lender, or have I got that wrong too?? And vice versa...the purchasers solicitor would also be alerted that there was a repo problem looming.

We recently bought a property that turned out to be in danger of being repossessed. We had no clue ourselves until our solicitor asked for the deeds from the lender and someone there told her to get the sale underway quickly because the vendor had decided that when he put it on the market, he didn't have to pay the mortgage anymore (??whaaatt??) so he was (unknown to us then) many months in arrears..

Everything was going ahead for the repo and as far as I remember, the lenders could care less that there was a buyer, and a cash one at that ...so, we would have been in the same position as the OP if she hadn't been quick off the mark. Even then, it was touch and go, one of the fastest buys we have ever made.

My last comment about the vendors not knowing they were in danger of repo was me being sarky...of course I know that a lender getting a repossession order doesn't happen overnight. I didn't come down with the last shower of rain. Just not very good it seems expressing myself on an internet forum.

LillyJ

I don't understand why a lender would do this as they would get more from the current sale going ahead than reposession and resale at auction. Just seems a funny decision to make.

OP you might get the house cheaper now.