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Andrew.85
Starting Member
2 Posts |
 Posted - 04 April 2011 : 17:01:10
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I purchased a reposession in Dec 2009.It turns out part of the garden was on a separate deed and missed by the mortgage company.The trustee in Bankruptsy is now dealing with it. I want to buy it but he is asking silly money. I have put in an offer way above market value but now he won't even respond to my letters or phone calls. How long can he keep it and can I go to arbitration or appeal somewhere.
many thanks
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RHB
Senior Member
1159 Posts |
Posted - 04 April 2011 : 17:07:33
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Nope, it's theirs to do as they see fit with. Patience can be a virtue though, & you ma find in time they are only too willing to sell at a price ou find acceptable further down the line.
BTW, it's our solicitor at fault as regards not checking the deeds not the mortgage company. |
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RHB
Senior Member
1159 Posts |
Posted - 04 April 2011 : 17:08:52
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| Unless they can get planning permission to build on it, which may up thhe price. |
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debtinfo
forum expert
2826 Posts |
Posted - 04 April 2011 : 21:29:12
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| yep, if they dont want to sell at your price there is nothing you can do, just the same as if it was your neighbor, makes no difference that it is a trustee in bankruptcy, cold they sell it to anyone else for instance as RHB has mentioned to a builder or perhaps to one of your other neighbors, ie could there be other buyers or would no one else buy it apart from you, this affects your negotiating position significantly |
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olly928
Starting Member
1 Posts |
Posted - 05 April 2011 : 12:18:33
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The additional part of garden was purchased 11 years ago with a covenent that it could only ever be used as garden for my property.All of the surrounding land is owned by a large estate (they sold it in the first place) The chief planning officer has said there is no chance of planning permission. It is around a third of an acre and is of no use to anyone else due the covenant, access etc.
The trustee has to sell it to me and I have to buy it from him.As land it is only worth £1,000 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 05 April 2011 : 19:35:57
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The Trustee doesn't have to sell. He can hold onto the asset for a long time. He also may value it at considerably more than the £1000 as he may feel that it adds significant value to your property.
At the end of the day it is down to negotiation.
Paul Johns
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Edited by - Niobe on 08 April 2011 17:14:07 |
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I purchased a reposession in Dec 2009
