want to purchase neighbours’ repossessed house in UK before it goes to auction?
i have a dilemma.. my parents’ immediate neighbours house has been repossessed as the landlord had failed to repay mortgage payment to the lender. the current occupiers were renting the house, but they have been chucked out as the bailiffs have locked the house. the normal procedure is that the house will go up for auction, but i ideally want to purchase it before it does- so that i can live next door to parents – free childcare etc(!). how can i find out who the mortgage lender is? do parents have first refusal – being the neighbour? the landlord had given the house to the local council to rent out to DSS people etc. what do i need to do, as i know if another property developer type person takes over (like the last one), the house will be in disrepair as its not really taken care of… PLEASE HELP!
i live in slough, berkshire (south east)- have called the number on the notice, its the estate agents and upon calling them they have said to wait 2 weeks as property is to be surveyed to obtain value/ price, after which it will come to market… as for the owner of the house, estate agents said its nothing to do with him now as its been repossessed.. he said that it will come to market as normal- i thought that i might be able to get in there before it does.. any clues as to how – if there is any other way(!)
being an immediate neighbour, do we have right of first refusal??? im sure i heard neighbours did…
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December 26th, 2009 at 3:52 am
Talk directly to the Landlord. He/she will have all that information. The mortgage company will be happy to hear from you. They are in the business of making money. The repossesed house is not making them money.
– Carye
December 26th, 2009 at 7:40 am
Pay for a Land Registry Search and that will tell you who the title absolute is with and the current mortgagees in possession. Then simply write to the mortgagees and ask them for advice on the possibility of buying. Remember that the house remains the property of the repossessed owner ( in this case the previous landlord ) until it is sold so he always has the right to clear the debt at any time and absolve his indebtedness with the lender. Repossessed properties tend to go on the open market via agents unless they are unmortgagable and need the free bidding of an auction to move it on. What you are proposing is not going to be easy but I simply suggest that you start with the mortgagee in possession and take it from there. Also remember that mortgagees in possession have a common law need to obtain the best possible price!
December 28th, 2009 at 10:25 pm
land registry is the only way to go if the house has been reposessed completely the morgage company now own it they will sell it by auction to pay off debt in which case you will have to buy at auction if not the owner can sell it straight to you
December 30th, 2009 at 11:21 pm
Depends where you stay – if you want property checked in Scotland you would go to the Registers of Scotland or one of the companies that do that type of work
January 1st, 2010 at 8:02 pm
You will have to go to the auction fingers crossed you get it.
January 4th, 2010 at 5:18 pm
Neighbors do not get the first right of refusal.
January 6th, 2010 at 7:19 am
would the mortgage holder be listed on your tax records?
Those should be public documents.
I’m in the states.. just grasping at straws.
January 9th, 2010 at 4:36 pm
You have to go through the processes properly. Sorry. Unless you can approach the Vendor in some way. But not the usual way to do things I am afraid.