Ejay
Academy Starlet
Posts: 158
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Post by Ejay on Mar 2, 2004 15:56:04 GMT
Whilst Im waiting for my solicitors to get back to me just thought Id ask for a bit of advice if any1 can help..... Ive been offered a house in Maybank for £60K (Valued last week @ 89K) The reason its so cheap is because the person selling has just gone through bankrupsy and her solicitors have advised her to sell. She has a joint mortgage with her former partner and he wants the house off his hands as well but I need to find out where I stand in regards to her bankrupsy?? I have managed to sort my mortgage out and got quite a good rate (4.75% fixed for 3yrs) All I need to do now to get the ball rolling is to make sure I dont end up liable for any type of re-possession. Any1 help???? Cheers Ejay
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Post by Hooky on Mar 2, 2004 16:23:59 GMT
sorry I didn't get back to you about that other housing advice, my mum never got back to me after i gave her a brief synopsis.
My advice would be speak to the CAB ..... the one in newcastle is pretty good, dunno weather my grandad still volunteers there....I should ask him.
I really would advice getting proffessional help, if noone from the oatie comes forward quickly.
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Post by phil164 on Mar 2, 2004 17:01:42 GMT
Before I say anything please don't quote me, I take no responsibility whatsoever for my advice being legally/factually correct.
From what I understand, if she sells her house to you in due to her being bankrupt then when the deeds are released by her then she no longer has any legal hold over the property. If the money isn't enough to cover her debts then if the creditors have this house's address on file and start sending you threatening letters then a phone call to them should be enough or you might have to sign something proving she has no hold on the house.
Like I said earlier when its sold any she had charge over it should be absolved. But still go to CAB, ask sols etc but now you know what you should expect to hear. £60k for a £89k house - buy it, do it up and flog it making about a £40k profit.
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Post by Widget123 on Mar 3, 2004 9:47:00 GMT
go to your local citizens advice bureau and ask about it. what you'll be wanting to do is check that the house hasnt been used as collatoral as part/whole payment for a loan - this would mean that the company who gave the people the loan own the proceeds from the sale of the property. if this isnt the case my advice is to do what phil recommends above. buy at 65 sell for 90+ then buy another house with the proceeds.
good luck - hope it goes well.
Widget.
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