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Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
Hi all

We viewed at house at the weekend that currently stands unoccupied. The estate agent took us around the house, and when I asked her what the story was with the house a couple of things she said didn't sound right. For example, she said the previous owners had to move due to work commitments, but then later on said they were 'just around the corner'. Why would you have to move just around the corner 'for work'?

My feeling is, if the house has been repossessed and the lender are selling it then they might be more open to negotiation.

Is there a way that I can find out? Land Registry?

Many thanks

98elise

4,834 posts

41 months

[news] 
Monday 24th January 2011 quote quote all
Normally a reposessed house will have warning stickers on the taps, toilets, gas appliances etc saying something like "do not use".

The mortgage company are obliged to get the best price, so you are not likely to get a big discount, unless the house needs to be renovated.

Why not make a low offer anyway, they can always say no.

Edited by 98elise on Monday 24th January 12:57

Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
98elise said:
Normally a reposessed house will have warning stickers on the taps, toilets, gas appliances etc saying something like "do not use".

The mortgage company are obliged to get the best price, so you are not likely to get a big discount, unless the house needs to be renovated.

Why not make a low offer anyway, they can always say no.
Ah ok, those stickers were definitely not present. The house was frigging freezing though.

It needs a bit of work, but mostly cosmetic and not what I would consider renovation.

Dogwatch

3,757 posts

102 months

[news] 
Monday 24th January 2011 quote quote all
Ask the estate agent a direct question 'Has this property been repossessed?'.

Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
Dogwatch said:
Ask the estate agent a direct question 'Has this property been repossessed?'.
Are they obliged to answer that?
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Steffan

8,175 posts

108 months

[news] 
Monday 24th January 2011 quote quote all
There is no overall list of repossessed properties each court lender and institution involved keeps their own list.

Equally the property may have been abandoned or the keys handed back WITHOUT a possession order. This will definitely not show. There is a lot of this about.

You could check the land registry free on line to see the extent of the current mortgage. This will tell you the amount the house was previously sold for. If that looks high in relation to the current price then there probably is reason to think its a repo/handback.

Estate Agents are notorious for being economical with the truth. Like politicians. But a direct question might get an honest response. Hope this helps

alolympic

285 posts

77 months

[news] 
Monday 24th January 2011 quote quote all
get an Exorcist in and see if they can feel a presence laugh

Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
Steffan said:
There is no overall list of repossessed properties each court lender and institution involved keeps their own list.

Equally the property may have been abandoned or the keys handed back WITHOUT a possession order. This will definitely not show. There is a lot of this about.

You could check the land registry free on line to see the extent of the current mortgage. This will tell you the amount the house was previously sold for. If that looks high in relation to the current price then there probably is reason to think its a repo/handback.

Estate Agents are notorious for being economical with the truth. Like politicians. But a direct question might get an honest response. Hope this helps
Cheers Steffan

I've just got the title document from Land Registry, which shows the initial purchase price in 2002 (when it was built). There are no other entries, so I think the current owners have had it from new.

But, there's an entry under Proprietorship Register on 14.6.2010:

RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the Charge dated 24 May 2010 in favour of HSBC Bank PLC referred to in the Charges Register.

What does that mean?! Is that maybe just a remortgage?

Also, under Charges Register there is:

14.6.2010 - Registered Charge dated 24 May 2010
14.6.2010 - Proprietor: HSBC Bank PLC


Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
Steffan said:
There is no overall list of repossessed properties each court lender and institution involved keeps their own list.

Equally the property may have been abandoned or the keys handed back WITHOUT a possession order. This will definitely not show. There is a lot of this about.

You could check the land registry free on line to see the extent of the current mortgage. This will tell you the amount the house was previously sold for. If that looks high in relation to the current price then there probably is reason to think its a repo/handback.

Estate Agents are notorious for being economical with the truth. Like politicians. But a direct question might get an honest response. Hope this helps
Cheers Steffan

I've just got the title document from Land Registry, which shows the initial purchase price in 2002 (when it was built). There are no other entries, so I think the current owners have had it from new.

But, there's an entry under Proprietorship Register on 14.6.2010:

RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the Charge dated 24 May 2010 in favour of HSBC Bank PLC referred to in the Charges Register.

What does that mean?! Is that maybe just a remortgage?

Also, under Charges Register there is:

14.6.2010 - Registered Charge dated 24 May 2010
14.6.2010 - Proprietor: HSBC Bank PLC


Steffan

8,175 posts

108 months

[news] 
Monday 24th January 2011 quote quote all
It is a registered charge on the property separate to the purchase so the borrower has added to his debt. Might be a business guarantee. Particularly from a high street bank.

If property was bought in 2002 must have doubled in value so unlikely to be in negative equity. QED its a charge supporting a loan probably for business.

No way to be certain but push the agent.

I spent 30 years in the housing market it sounds like a forced sake to me.


Mazdarese

Original Poster:

18,624 posts

67 months

[news] 
Monday 24th January 2011 quote quote all
Steffan said:
It is a registered charge on the property separate to the purchase so the borrower has added to his debt. Might be a business guarantee. Particularly from a high street bank.

If property was bought in 2002 must have doubled in value so unlikely to be in negative equity. QED its a charge supporting a loan probably for business.

No way to be certain but push the agent.

I spent 30 years in the housing market it sounds like a forced sake to me.
Ok, thanks Steffan. It's not doubled in value, but gone up by a third, not a great deal.

If I find anything out I'll let you know!
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