Apr
23
buying a repossession property?
By
I am considering buying a house that was repossessed from the previous owners. Where would I stand if they had secured other loans etc against the property, is there any possibility that creditors could come and take the house off me in the future because of these debts the previous people have run up?
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5 Comments
April 23rd, 2010 at 12:53 pm
I doubt your solicitor would let you buy a property that had charges against it (loans secured on it) by someone else.
April 26th, 2010 at 5:52 pm
you need to do a “search” on the property before you buy it, there are law searchers who do this for you. This will determine if there are any Judgments or Mortgages on the property. They will have to be released before you buy or you will be responsible for any.
April 28th, 2010 at 5:47 am
When you buy the house the creditors will take the money from the proceeds of the sale, not from you, don`t worry about it, they can`t hold you liable in any way for someone else debts.
April 29th, 2010 at 10:02 pm
Hi there,
As I understand it, the house would have been repossessed either because the previous owners could not pay the mortgage or could not pay other loans that were secured against the house.
When the house gets sold, whoever is owed money will get that money. If there is any debt left outstanding, the previous owner is the one who sorts that out.
You will not have to pay anything nor worry about losing the house – the debt is really tied to the owner, rather than the house.
Repossessed properties can have a stigma attached to them, but in all honesty you can usually get yourself a bargain because they need to sell quickly. I recently viewed a repossessed apartment and it was worth at least £20k more than the asking price. I would speak to the agent and a solicitor – but you should not have any problems or concerns.
xx Emmie
May 2nd, 2010 at 10:57 pm
you cant be held responsible for loans that are not your own
all secured loans or liens on the property will be released before you can buy it