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Buying a Repossessed House - High Court Judgement

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  • 24-08-2011 4:15pm
    #1
    ehiggins123
    Closed Accounts Posts: 2 ✭


    Hi All

    We are currently buying a house from a construction company who are now in receivership and the house is now as such owned the the bank. The process has been severely delayed because of the recent Start Mortgages V Gunn High Court judgement whereby the bank that owns our house cannot legally sell it to us due to errors made in repossession legislation last year.

    Is anyone in a similiar position that may have some more information than we have? We have been told that our contract is not legally binding until the legislation is redrafted and passed which could take ages (we have no idea how long).

    Any advice or information would be great!! thanks


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    #2
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Accomodation & Property

    dudara


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    #3
    ShadowHearth
    Registered Users Posts: 22,929 ✭✭✭✭ShadowHearth


    I was in similar situation.

    We were after a house that was repossed by bank. We payed deposit, but then it went all down hill. It took 1.5 month to get basic letter of offer, our solicitor had to jump on theyr balls every few days! Then were still missing loads of documentation. Our solicitor had request again for prove of repossetion. The answer was: there are none, they don't need it...

    2 solicitors told me to stay away from that house. Bank wont even give mortgage on that house...

    2 months wasted.

    Be careful, banks were fast to give out mortgages, but they know jack **** when need to do repossetion documentations.


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    #4
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    I have an offer accepted on a repo property at the minute, but currently awaiting mortgage approval (hopefully) before we get to the fun part about reposession documents. I did ask the EA about it during the bidding process though, having read Shadowheath's story, and he said that the bank in question were very reliable and he was sure there would be no issues.


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