My rented home is being repossessed – can I buy it?

My rented home is being repossessed – can I buy it?

13:37 PM, 22nd April 2014, About 10 years ago 15

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Dear Property118 readers,

We are currently renting our home and have recently discovered that the landlord has not been paying the mortgage so the house is going to be repossessed. The court date is in May.

We would very much like to buy the house. We are able to afford a mortgage and are willing to pay market value.

However it seems that we will have to move out of the house before it can be put on the market. We have three small children and do not want to move.

Is there any way we can buy the house directly from the lender without having to move out?

Many thanks


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Neil Patterson

13:40 PM, 22nd April 2014, About 10 years ago

Hi Rachel,

I am very sorry to hear of your situation, but hope a problem can be turned into an opportunity.

For clarity can we ask who you have spoken to, what they have told you and why?

Industry Observer

13:54 PM, 22nd April 2014, About 10 years ago

If it is a building society possession then very likely you will have to vacate.

On the bright side this is all a clear breach of Quiet Enjoyment so you can sue the pants off the landlord - assuming there is positive equity coming to him post sale?

Chris Best

14:02 PM, 22nd April 2014, About 10 years ago

Seems odd that the bank require you to move out. You do have rights against the bank, no worse than you should have against your landlord (hopefully the landlord did inform the bank that the property was let to tenants). The bank clearly would like you to move out so they can sell the property with vacant possession. You need to tell the bank that you are serving out the remainder of your tenancy, but if they want to sell before the end of the tenancy, you are prepared to offer a reasonable market price. All the bank will want to do at this point is recover their debt as soon as possible and with minimum cost, so you should play on that. As long as they can demonstrate internally for compliance reasons that they have recovered a market price, they should be amenable to any deal that enables them to recover the money quicker than waiting for vacant possession and then selling on the open market, with the delays and costs that will entail. Good luck!

Chris Amis

14:03 PM, 22nd April 2014, About 10 years ago

You need to find out if the LL had permission to let, that will affect your rights.

Also find out quickly if the deposit was protected, if not get in quick with the claim for 3x deposit.

Neil Woodhead

14:09 PM, 22nd April 2014, About 10 years ago

We have experienced this situation on a number of occasions and each time the Tenant has required to vacate with Notice to Quit issued to commence the proceedings. Some tenants have requested to buy but BS stating they cannot demonstrate market value and sell to a sitting tenant. One tenant moved in with parents and then put in an offer when marketed and was successful.

Rachel Aland

14:13 PM, 22nd April 2014, About 10 years ago

We have spoken to the lawyers acting on behalf of the bank after receiving notice of the court date, we have tried to speak to the bank but they will not discuss it with us because of data protection.
Our landlord is heavily in debt, has at least two loans secured on the house and owes many thousands on credit cards. He has moved to Canada and will not respond to any attempts to communicate.
The mortgage is not buy to let and the bank were unaware that there were tenants.
We have started looking at other properties as it seems inevitable that we will have to leave.


15:05 PM, 22nd April 2014, About 10 years ago

Hi, yes I believe Neil is correct that BS/Bank are obliged to achieve highest possible sale value, which relies on them placing the property on the open market with vacant possession. Your best hope is to wait till that happens and then make an offer. In the meantime I'm sure you will be required to leave, sooner rather than later if lender had not given permission for you to be there. If so a law suit against your landlord may be worthwhile if they are solvent which I doubt if they are allowing repossession. Good luck

Industry Observer

15:53 PM, 22nd April 2014, About 10 years ago

BS for certain under the BS Acts.

Banks not so sure tthey never used to have to do this by Law but maybe that has now changed?

Sally T

20:11 PM, 22nd April 2014, About 10 years ago

Could you not ask the landlord to purchase it off him, he could then negotiate with the bank. If it's not too late !

Industry Observer

7:37 AM, 23rd April 2014, About 10 years ago

@ Sally T

Ask the Landlord to purchase what off whom?

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