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Receiver sale issue

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  • 11-08-2017 9:59pm
    #1
    Morillo
    Registered Users Posts: 2 ✭


    Hi, we have been in the process of buying a house from a receiver since April and our solicitor has advised us today that he will not certify the funds from our bank to complete the sale.

    He has requested proof of the reason why the bank respossesed the property and then proof of the sale between the bank and the current receiver? The receiver has denied this information to both our solicitor and Estate agent.

    Has this happened to anyone? Is it a dead duck or is ther anywhere this information can be obtained?


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    #2
    VonBeanie
    Registered Users Posts: 101 ✭✭VonBeanie


    In a bank/receiver sale, your solicitor needs to confirm the that bank correctly repossessed the property. If your solicitor cant confirm this, then they cant guarantee that the receiver is entitled to sell. The previous owner could still claim to own the property and that could leave you (and the bank that is giving you your mortgage) in all sorts of trouble. I know it is a pain, but its a basic requirement for the sale to go ahead, and it needs to sorted.

    The only practical thing I can say is to discuss with your solicitor the possibility of an action against the seller, who has cost you a lot of time effort and cost (surveyors etc) for a sale that they cant prove authority to sell.


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    #3
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Morillo wrote: »
    Hi, we have been in the process of buying a house from a receiver since April and our solicitor has advised us today that he will not certify the funds from our bank to complete the sale.

    He has requested proof of the reason why the bank respossesed the property and then proof of the sale between the bank and the current receiver? The receiver has denied this information to both our solicitor and Estate agent.

    Has this happened to anyone? Is it a dead duck or is ther anywhere this information can be obtained?

    I'm in the same boat. The ea eventually got the receiver to provide info on how they got the property.Im still waiting to see how the bank gave the loan to the receiver.


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    #4
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Tell them to take the finger out and go mortgagee in possession and complete the sale. They are managing their risk exposure, that's what they are doing. Listen to your solicitor and best of luck.


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    #5
    Morillo
    Registered Users Posts: 2 ✭Morillo


    Thanks for the responses, is there somewhere we could obtain the info required if the receiver won't supply it? At this stage I think we have wasted enough time so most likely goi to pull out


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