Brains said:Purchase should be fairly smooth, in that your are dealing with one end of the chain (the bank) and as they are a professional outfit they just want it off their hands.
It would really help if you get the name/number of the person in the bank head office who is dealing with the sale to ensure stuff is done.
The problems can start after the sale in that the property will probably be on the blacklist of every credit agency, and every time you apply for any form of credit (even buying a TV at Comet) you get the address being flagged up. You are also likely to get knocks on the door from large ex rugby players looking for the previous occupants.
You may also find that you get an entire new front door, locks, frame and surround supplied by the local boys in blue when they stove the entire thing in at 5am one Saturday morning looking for the previous occupant.
On a slightly more serious note, how much renovation is required ? Because somewhere that has had the bathroom and kitchen stripped out and all the internal doors removed by the departing party, you can also find out later have also removed all the copper piping under the floor, removed meters of wire in the walls and half sawn through floor and roof joists. All repairable, but you need to go in with very open eyes, pay for the best building survey you can afford, so that if stuff like that is missed by the surveyor you get paid for the mistake (or more the point, they pick up the tab for the first month of the builders work and materials, thank very much)
Uncle Mort said:But not all of these happen through reckless lending. One acquaintance of mine had his home repossessed. He wasn't a bad risk, but a series of really unfortunate events beyond his control meant he lost it. It could happen to me and I'm a financial control freak.
Crackle said:Yeah, house next door to us was re-possessed. Illness and misfortune were the reasons, in fact a grimly sad tale, one that is not as far away from as many of us as we would like to hope it was.
Uncle Mort said:But not all of these happen through reckless lending. One acquaintance of mine had his home repossessed. He wasn't a bad risk, but a series of really unfortunate events beyond his control meant he lost it. It could happen to me and I'm a financial control freak.
Crackle said:Yeah, house next door to us was re-possessed. Illness and misfortune were the reasons, in fact a grimly sad tale, one that is not as far away from as many of us as we would like to hope it was.
MacB said:Grimly sad indeed and not always the most financially sound decision. Especially if rehousing a family can result in rent benefits that are higher than the mortgage maintenance would have been.
Debian said:This is what I mean by helping borrowers who fall into debt through no fault of their own. Banks, umbrellas and rain spring to mind.
The Gov is quite happy to pour billions into the banking system but not into helping those caught out by it.
Even a sale by a mortgagee in possession has to have a HIP, which must include a local authority search and drainage search.Hacienda71 said:Also when buying a reposessed property you may not get precontract enquiries answered and therefore may not know if you are connected to mains sewers or if utilities etc are connected.