Hey chinmates, it’s been a while since I posted on here. Property law is my area of expertise so wanted to clear a few things up. In order to sell the house, it would need to clear the existing mortgage and any other debts secured against it. If he sold before the court case, it would still have had to have cleared mortgage. Given that he paid a hefty whack for it originally and wasn’t the smartest with money, i imagine he would have put down no more than a 10% deposit.
this means that he couldn’t have sold it for a tiny amount: even if he sold it at a “below market” price to just cover the mortgage outstanding, the solicitor Would have asked why it was being sold cheap. he could have sold it to one of those companies who advertise to those desperate and pay around 20-30% below market and complete in a week or s
The land registry should soon show any new owner as it only takes a few weeks for non newbuild.
hope that helps chinmates
this means that he couldn’t have sold it for a tiny amount: even if he sold it at a “below market” price to just cover the mortgage outstanding, the solicitor Would have asked why it was being sold cheap. he could have sold it to one of those companies who advertise to those desperate and pay around 20-30% below market and complete in a week or s
The land registry should soon show any new owner as it only takes a few weeks for non newbuild.
hope that helps chinmates