In the process of buying a property and now it is being repossessed a NATWEST nightmaregreenspun.com : LUSENET : Repossession : One Thread
I am in the process of buying a property and have just been told by the Estate Agent that the house is being repossessed next Friday. I was only a week away from exchanging contracts but the vendors lender would not release the house deeds. The sale has been frozen i.e searches and valuation. Is there anything that I can do? as I still want to purchase the property. Do I have any rights and if so what are they?
-- Miss Suzi Foster (firstname.lastname@example.org), August 09, 2001
It is absolutely worth contacting the vender directly - assuming your solicitor will allow it - to try and find out what the problem is. The likelihood is that they won't release the deeds if the sale is going to result in a shortfall. If this is the case, get the vender to look at this site, and then to talk to their solicitor again.
-- (email@example.com), August 10, 2001.
Dear Suzi ,until you exchange contracts the purchase can be stopped for any or no reason,the vendor has the right to sell the property at the best possible price and this will mean now before it is vacant and subject to a forced sale valuation.He needs to go back to court and let the judge rule,he should win although we don't know the circumstances
-- roger watts (firstname.lastname@example.org), August 15, 2001.