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Grrrr will this be a problem? Buying a repossession

papermoney
papermoney Posts: 583 Forumite
in House buying, renting & selling
I went into the solicitor today to sign the mortgage offer etc. She told me that she is still waiting for Alliance and Leicester to say they will take the charge off. All this time we have been dealing with the BOS but we find out today the BOS actually have 2nd charge on the property and A&L have the 1st charge as the main mortgage company (it was BOS who repossessed it though).

The solicitor says it shouldn't be a problem she just needs a form back from BOS solicitors saying the charge will be taken off.

Can they stop the sale though as they have 1st charge? or demand a higher selling price? or infact anything else?

I'm so worried that we will lose the house now...
:rotfl:
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Comments

  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do you know if the amount you are paying is greater than the sum of the two charges? If so, it'll just be a paperwork job.

    If the sum of the two charges is greater than your offer, then it's a question of how much less really.
  • papermoney
    papermoney Posts: 583 Forumite
    PasturesNew wrote: »
    Do you know if the amount you are paying is greater than the sum of the two charges? If so, it'll just be a paperwork job.

    If the sum of the two charges is greater than your offer, then it's a question of how much less really.

    OOh I have no idea. When I spoke to the EA they didn't really give anything away. Originally the house was up for 139999k it then went to 135999 - I offered 120k which they rejected but we agreed on 1245000k

    Im assuming there is no way I can find that sort of information out?
    :rotfl:
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They're really only interested in getting their money back. Extra isn't theirs, they won't get it, they won't care. So, the bottom line to how quick/easy it'll be is whether they'll get their money back.

    You can download the details for £4 from Land Registry - to find out who is owed what on it - I think. I've never done it, somebody will be along in a minute to confirm this or whatnot.
  • Terrysdelight
    Terrysdelight Posts: 1,202 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    PasturesNew wrote: »
    They're really only interested in getting their money back. Extra isn't theirs, they won't get it, they won't care. So, the bottom line to how quick/easy it'll be is whether they'll get their money back.

    You can download the details for £4 from Land Registry - to find out who is owed what on it - I think. I've never done it, somebody will be along in a minute to confirm this or whatnot.

    Yes, the landregistry will give details of who has charges on the property.
  • papermoney
    papermoney Posts: 583 Forumite
    Terrysdelight wrote: »
    Yes, the landregistry will give details of who has charges on the property.

    Thanks - I know who has a charge on the property so that bits not the problem. From what I have seen on the Land Registry you can't see how much each charge is for.
    :rotfl:
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    No. The amount of the Charge is not shown on the LR Title.

    Both lenders will have to agree to the sale and to removing their charge. Potentially A&L may refuse, though if they have the 1st Charge they will get 1st call on the available money so if there's not enough it is BOS who will lose out!
  • betmunch
    betmunch Posts: 3,126 Forumite
    Assuming the money you are paying covers whatever A&L are owed there wont be a problem. Its the second charge lender thats going to lose out and you say they are ready to sign it off so its reasonable to assume they are going to get some money from the sale.

    If the 2nd charge lender is going to get "some" money then the 1st charge lender will get all their money back.

    Cant see this being a problem, just a delay
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • papermoney
    papermoney Posts: 583 Forumite
    Thanks everyone. I am just panicking that something will happen. We desperately want this house (once we have exchanged we are putting our current house up for sale). With my logical, being sensible head on I realise that for A&L and BOS getting some money back is better than getting none at all (as would be the case if they didn't sell).

    It's just having a deadline to work to, although saying that it is not us who are the ones delaying it, it's their side. The EA have been good an although they are advertising the offer on rightmove they put the offer notice in a further distance 'local' paper. I don't want anyone to try and offer above us.
    :rotfl:
  • ess_pee
    ess_pee Posts: 3 Newbie
    Personally I wouldnt worry. The 2nd charge company won't block the sale. They will (probably) just be wanting info from the estate agents to advise that it is the best offer and not a private sale etc.
  • papermoney
    papermoney Posts: 583 Forumite
    ess_pee wrote: »
    Personally I wouldnt worry. The 2nd charge company won't block the sale. They will (probably) just be wanting info from the estate agents to advise that it is the best offer and not a private sale etc.

    Thanks, I'm not sure it makes a difference but it is the 2nd charge who instructed the sale and took repossession. It's the 1st charge (the main mortgage company) who hasn't agreed (yet).
    :rotfl:
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