Buying a repossesion

[LooLoo]

Re: Buying a repossesion

Can i just ask - they have not recommended Countrywide have they by any chance

[SA Gold]

Re: Buying a repossesion

Can i just ask - they have not recommended Countrywide have they by any chance

no Looloo its a local solicitor who just does conveyancing from what i can see.

[LooLoo]

Re: Buying a repossesion

no Looloo its a local solicitor who just does conveyancing from what i can see.

Ah FAB local is always good!!

:0)))))

[SA Gold]

Re: Buying a repossesion

Ah FAB local is always good!!

:0)))))

yeah, it does have its advantages!

[SA Gold]

Re: Buying a repossesion

Just had the paperwork to instruct the solicitors.
Does anyone know with regards to the ownership of the property form (the mortgage is just in the mrs name) - should we keep it just in the name of my mrs, or add myself? The form doesn't actually allow this (although i guess it would be omitted for a single application) but provides two options:

Joint owners (called joint tenants)

and

Owners in common (called tenants in common)

I am just thinking with all this crap in the air with me it would be safer to say the property would be solely owned by her until the time it could be amended, and i am added on - i assume this is possible

[PlanB]

Re: Buying a repossesion

I am just thinking with all this crap in the air with me it would be safer to say the property would be solely owned by her until the time it could be amended, and i am added on - i assume this is possible

Eeeek. That's both an emotional and a legal question. I would say you should both take seperate legal advice because the consequences of getting it wrong could be awkward. But if the mortgage is only in Mrs Missy's name then the lender would normally not want to have anyone else named on the deeds of the property in any event. That could be the answer to your question.

I don't know enough about your *crap* to add anything else useful. But I'd still suggest you should ask a lawyer where you stand if your Mrs ran off with the milkman while the house is in her sole name

[PlanB]

Re: Buying a repossesion

I am just thinking with all this crap in the air with me it would be safer to say the property would be solely owned by her until the time it could be amended, and i am added on - i assume this is possible

It may be worth checking what the tax implications would be if/when Mrs Missy adds your name to the deeds at a later date. There could be Stamp Duty to pay on the value of the portion she transfers to you which can be seen as a *sale* or a *gift with reservation*. If the property is below £125k this probably won't be an issue. Between £125k and £250k it could be 1% of the value of the share she transfers to you at the time of the transfer not the purchase price.

I assume you've both made a Will because not everything automatically goes to next-of-kin if you haven't which can matter if the property is in the name of one spouse and not the other.

[SA Gold]

Re: Buying a repossesion

hey PB, Thanks for your replies, appreciated.

Eeeek. That's both an emotional and a legal question. I would say you should both take seperate legal advice because the consequences of getting it wrong could be awkward. But if the mortgage is only in Mrs Missy's name then the lender would normally not want to have anyone else named on the deeds of the property in any event. That could be the answer to your question.

I don't know enough about your *crap* to add anything else useful. But I'd still suggest you should ask a lawyer where you stand if your Mrs ran off with the milkman while the house is in her sole name

I did have a chat with Nid about this a while ago and the conclusion was not to bother with any type of agreement and just don't have any milk delivered lol.

It may be worth checking what the tax implications would be if/when Mrs Missy adds your name to the deeds at a later date. There could be Stamp Duty to pay on the value of the portion she transfers to you which can be seen as a *sale* or a *gift with reservation*. If the property is below £125k this probably won't be an issue. Between £125k and £250k it could be 1% of the value of the share she transfers to you at the time of the transfer not the purchase price.

I assume you've both made a Will because not everything automatically goes to next-of-kin if you haven't which can matter if the property is in the name of one spouse and not the other.

Although the property is over the current exemption; its an area HMRC have exempt which is rather nice of them! So, i would assume when i am added to the deeds in a few years time (the crap by the way is just the stuff in my diary) it/i wouldn't be hit for stamp duty due to it being 50% of an exempt property anyhow? Assuming they don't change their mind of course!

Does anyone know if its a straight forward process to be added on to the mortgage (which i guess would only be required if we wanted to move on, borrow more etc) in years to come and being added to the deeds?

Yes, we both will have a will done when all settled in.

Thanks again!

[PlanB]

Re: Buying a repossesion

It is normally a straightforward paperwork exercise to add or remove the name of an owner to a property subject to everyone agreeing. It's your house you can do what you like with it It's best to get a solicitor to register the appropriate forms with Land Registry just to be safe, and everything has to be witnessed by a third party (the milkman can sign the forms if you like ).

If there is a mortgage then the lender will have a charge on the property so they will have to give permission for additional proprietors (owners) since it's security for their loan and the more people whose names are on the deeds the more people they would have to repossess or evict if things went pair shaped. Most lenders say "No" unless that new person is named on the mortgage. If you want to be added to the current mortgage you would have to be credit checked and underwritten by the lender just like a whole new mortgage application. But if you take out a joint re-mortgage further down the line when you've got rid of your crap I can't see any problem.

All looking good

[SA Gold]

Re: Buying a repossesion

It is normally a straightforward paperwork exercise to add or remove the name of an owner to a property subject to everyone agreeing. It's your house you can do what you like with it It's best to get a solicitor to register the appropriate forms with Land Registry just to be safe, and everything has to be witnessed by a third party (the milkman can sign the forms if you like ).

If there is a mortgage then the lender will have a charge on the property so they will have to give permission for additional proprietors (owners) since it's security for their loan and the more people whose names are on the deeds the more people they would have to repossess or evict if things went pair shaped. Most lenders say "No" unless that new person is named on the mortgage. But if you take out a joint re-mortgage further down the line I can't see any problem.

All looking good

Cheers PB that's good news!
So plod on with the single application to keep any potential maggots away

[PlanB]

Re: Buying a repossesion

So plod on with the single application to keep any potential maggots away

And keep the milkman away too

[SA Gold]

Re: Buying a repossesion

And keep the milkman away too

Will do lol :niddy

[SA Gold]

Re: Buying a repossesion

Im in!
When calling my previous utility supplier (British Gas) they advised the new property wasn't with them and to call Scottish and Southern who would sort it out.
The new property has token meters and i was advised there would be a one off charge to swop them out to go on a much cheaper tarrif on direct debit.
I've since learnt British Gas wouldn't have charged me to fit them. Just a shame the person i spoke with originally wasn't interested in sorting the account out for the new place!
I've contacted the new supplier who advised it is their policy to charge for a meter swop out for new customers.
Whats the easiest way to attempt and recover this money? Call, or write to them basically saying if you refund me the install fee i'll stay with you (i am in no contract with the new supplier), and if not, just use u switch to find cheapest supplier?

Cheers!

[PlanB]

Re: Buying a repossesion

Im in!

Cheers!

I'm glad you finally got your new house Missy even though I had mixed feelings at the time about buying a repossession knowing that the previous owner had their home snatched away by a lender, because by paying a decent price for it before it went into auction you would have probably done them a favour

A new online service launches today offering repossessed homes for sale to investors in the hope of getting a good price prior to getting rid of them at auction for silly money. I suppose that's a good thing, but I also find it depressing at the same time. Banks should not be evicting people from their homes ever

http://www.landlordtoday.co.uk/news_...ice-properties

[PlanB]

Re: Buying a repossesion

They rejected the offer we made - 4K short of the price advertised. The agent advised to wait until Thursday when the property has been in the paper etc. Although the asking price is the very limit we would offer

Am I right in thinking your offer of £4k less than the asking price was finally accepted and then you got a further reduction in the price because of some faults with the property? In which case try not to feel too glum about the £1k it's cost you to fix up the roof/ceiling problem because it seems you still did okay in the long run

For the benefit of anyone considering the purchase of a repossession always have a full survey carried out or you could find yourself with the same problem as the OP in his other thread.


http://forums.all-about-debt.co.uk/s...l=1#post356150