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Repossessions And Title

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Could anyone shed any light on this;

When a house is repossessed, who is listed as the owner on the LR?

Is it the bank or does the owners name remain on the documents until its sold?

TIA

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I've just completed on a repossesion last week.

In my case the owners name is still on the LR documents, which I believe is the usual way.

The final part of the process is that the solicitor registers the property in the new owners name after completion, which is the stage I am at now.

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Could anyone shed any light on this;

When a house is repossessed, who is listed as the owner on the LR?

Is it the bank or does the owners name remain on the documents until its sold?

TIA

Depends how long the Bank has been holding the property on its books.if it has been a while ie over nine months it would be in the Banks nameI

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Depends how long the Bank has been holding the property on its books.if it has been a while ie over nine months it would be in the Banks nameI

My understanding was the bank could never register itself as legal owner especially since it transfers as mortgagee in possession.

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My understanding was the bank could never register itself as legal owner especially since it transfers as mortgagee in possession.

So theres no way of directly contacting the mortgage company and making an offer?

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My understanding was the bank could never register itself as legal owner especially since it transfers as mortgagee in possession.

I'm not certain about this, but the chargee/mortgagee holds any realised funds in trust for the mortgagor (borrower). So I guess the mortgagor's name remains on the title in the meantime.

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Try phoning the LR and asking. I did this and they were very helpful.

Make sure you know the registration date and the transaction date; lenders have an anti-laundering clause that they will not lend on a property until it has been registered with the LR for 6 months.

Edited by Van

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Ok, just to clear things up.

I know of a repo on the market and we talked about making an offer for it.

It was a good offer but the EA said the repo people wouldnt accept it because they had a higher offer - within 2% of asking. :rolleyes:

Now the property is still on the market and I suspect they may be holding it for a 'friend'.

I'm sure there was a thread on finding the repossessing company somewhere, but what I dont get is how the poster found out who the reposessing company was.

I'm trying to find who 'owns' the property (the repo company) so I can make an offer directly to them.

Anyone?

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Ok, just to clear things up.

I know of a repo on the market and we talked about making an offer for it.

It was a good offer but the EA said the repo people wouldnt accept it because they had a higher offer - within 2% of asking. :rolleyes:

Now the property is still on the market and I suspect they may be holding it for a 'friend'.

I'm sure there was a thread on finding the repossessing company somewhere, but what I dont get is how the poster found out who the reposessing company was.

I'm trying to find who 'owns' the property (the repo company) so I can make an offer directly to them.

Anyone?

The repo people are the chargees - you find them in section C of the register entry. Sometimes they all have possession orders, other times just one of them.

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The repo people are the chargees - you find them in section C of the register entry. Sometimes they all have possession orders, other times just one of them.

Sorry I dont understand what that means; "they all have possession orders, other times just one of them."

Do you mean there may be several charges on the property from different companies?

If so, surely theres only one company managing the sale?

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Sorry I dont understand what that means; "they all have possession orders, other times just one of them."

Do you mean there may be several charges on the property from different companies?

If so, surely theres only one company managing the sale?

Yes, there are often several charges. But what I mean is that each charge may have led to a possession order, so there can be several orders in existence at the same time. The chargees can decide among themselves who applies for the bailiff's appointment. In the end, the distribution of funds will be the same.

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  • 312 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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