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sympatex

Question About A Reposession Next Door

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Hi,

I don't post regularly but lurk every day! I would appreciate any appropriate information on the following issue. Does any one know if its possible to find out about a mortgage remaining against a reposession?

We currently rent and next door has been reposessed, it's never been lived in as i had a nose in there while the lock smith was changing the locks on behalf of the halifax (theres no carpets, kitchen goods). I get the impression if its never been lived in ithe mortgage will be about sold price -10% but who knows what kind of a deposit the original purchaser put down. Because its a reposession is there any way of finding out this information?

It was bought from new in 2006 so i guess its not likely to be a steal but would be interested if anyone knew if there was a way to find out more about what exactly the bank would accept besides just putting in low bids until it got acccepted.

Thanks.

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Hi,

I don't post regularly but lurk every day! I would appreciate any appropriate information on the following issue. Does any one know if its possible to find out about a mortgage remaining against a reposession?

We currently rent and next door has been reposessed, it's never been lived in as i had a nose in there while the lock smith was changing the locks on behalf of the halifax (theres no carpets, kitchen goods). I get the impression if its never been lived in ithe mortgage will be about sold price -10% but who knows what kind of a deposit the original purchaser put down. Because its a reposession is there any way of finding out this information?

It was bought from new in 2006 so i guess its not likely to be a steal but would be interested if anyone knew if there was a way to find out more about what exactly the bank would accept besides just putting in low bids until it got acccepted.

Thanks.

land registry doc, but I don't think that is available to the general public anymore

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land registry doc, but I don't think that is available to the general public anymore

You can find the previous sold price using land registry for free. You can also find put if there are any charges against the property by doing a land reg search. Costs about £4 but won't tell you any amounts.

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Land registry can provide the name of the lender but not the amount.

If you were to make an offer, get your financing arranged so you can move quickly if necessary. And of course, start embarrassingly low.

VMR.

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Hi,

I don't post regularly but lurk every day! I would appreciate any appropriate information on the following issue. Does any one know if its possible to find out about a mortgage remaining against a reposession?

We currently rent and next door has been reposessed, it's never been lived in as i had a nose in there while the lock smith was changing the locks on behalf of the halifax (theres no carpets, kitchen goods). I get the impression if its never been lived in ithe mortgage will be about sold price -10% but who knows what kind of a deposit the original purchaser put down. Because its a reposession is there any way of finding out this information?

It was bought from new in 2006 so i guess its not likely to be a steal but would be interested if anyone knew if there was a way to find out more about what exactly the bank would accept besides just putting in low bids until it got acccepted.

Thanks.

Why do you need to know?

If it's been reposessed, the Bank are required to get "best price" for the property whether it covers the mortgage or not.

If you make them an offer, they wont take into account how much of the debt it is repaying, they will ask "is the the best price we could get".

tim

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Thanks for all your replies. Yeah i have the lender and the value it was bought for, just not the mortgage value against it. I suspect this remains secret, i seem to remember reports about how in the late 80's crash properties were sold for less than the mortgage and the banks chased the original mortgagee for the difference. Maybe they still do this, maybe they don't.

The reason we looked into is was because our landlord is selling the flat we're living in, or trying to, unsucessfully. he's already got it up for 15k less than he bought it for in 2006. I suspect having a reposession next door adds to the competition.

I'm going to get flamed here i feel but the interest originally stemmed from my gf inheriting some money and perhaps using some of it as a deposit to buy the reposessed flat next door and have it as a pension income as she has no pension provision as it stands where as i do have a company pension scheme where they match my contributions. (trying to be prudent! you hear me gordon brown!)

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Why do you need to know?

If it's been reposessed, the Bank are required to get "best price" for the property whether it covers the mortgage or not.

If you make them an offer, they wont take into account how much of the debt it is repaying, they will ask "is the the best price we could get".

tim

Tim, i didn't realise that would be the banks attitude and do they deem what is the best price or do the smalmy estate agents? I thought they would keep it until they had the amount which paid off the loan.

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Why do you need to know?

If it's been reposessed, the Bank are required to get "best price" for the property whether it covers the mortgage or not.

If you make them an offer, they wont take into account how much of the debt it is repaying, they will ask "is the the best price we could get".

tim

they'll probably also ask...should our shell company buy this so we can repair our balance sheet?

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Tim, i didn't realise that would be the banks attitude and do they deem what is the best price or do the smalmy estate agents? I thought they would keep it until they had the amount which paid off the loan.

iirc they have to advertise the property for 21 days prior to auction or, as Bloo has penned some companies / banks are now keeping repos and renting them.

Does the property show up on rightmove?

Is there a fore sale sign?

Repo's properties where I live seem to be offered at around 4 / 5 the price of everything else, however, as stated they only need to get best price so if they get one offer of 50% of "market value" they can take it but may choose to auction it instead.

You need to find out who, if anyone, is selling the property.

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iirc they have to advertise the property for 21 days prior to auction or, as Bloo has penned some companies / banks are now keeping repos and renting them.

Does the property show up on rightmove?

Is there a fore sale sign?

Repo's properties where I live seem to be offered at around 4 / 5 the price of everything else, however, as stated they only need to get best price so if they get one offer of 50% of "market value" they can take it but may choose to auction it instead.

You need to find out who, if anyone, is selling the property.

The lock smith told me it was going to a local estate agent. I called them and they said they would wait for a value from the bank. As i have instilled a certain level of hatred towards estate agents i always take whatever they say with a pinch of salt.

The last one i spoke to who was conducting a viewing on our flat said the market had bounced since the last flat was sold in the block (137k in March 09) they are advertising it at 165k 13months later. I'm not convinced its bounced 21% (im not great at maths)

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The lock smith told me it was going to a local estate agent. I called them and they said they would wait for a value from the bank. As i have instilled a certain level of hatred towards estate agents i always take whatever they say with a pinch of salt.

The last one i spoke to who was conducting a viewing on our flat said the market had bounced since the last flat was sold in the block (137k in March 09) they are advertising it at 165k 13months later. I'm not convinced its bounced 21% (im not great at maths)

When it hits the EA it will likely be on RM. The Repo listings I've seen normally say - 21 days, price iro etc. If you want it, when it comes up, there's no harm in starting low, from what you've said 100 k is a good place - remember, you're not dealing with a seller so you don't have to worry about anyone's feelings.

Flats, generally, 'aint doing well!

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When it hits the EA it will likely be on RM. The Repo listings I've seen normally say - 21 days, price iro etc. If you want it, when it comes up, there's no harm in starting low, from what you've said 100 k is a good place - remember, you're not dealing with a seller so you don't have to worry about anyone's feelings.

Flats, generally, 'aint doing well!

Thanks for the insight. I can easily see it going for something in the region of 140 pretty quickly. Will wait and see what the EA puts it up as. I am not convinced its the right option but as a long term investment perhaps its ok combined with the fact owning it would be cheaper than renting (excluding short term capital loss!)

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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