House purchase mess - 2 judgements outstanding

S

Sailerman

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I put a deposit on a property back in April and received contracts only to find the wrong name on the deeds, and 2 judgements against it. The wrong name has being sorted out after some months but now we are waiting on the creditors to give the go ahead of the sale to complete. I am so annoyed that the vendor did not disclose this when we agreed to purchase, The judgements goes back to Nov 2012 one bank is owed 400,000 plus interest. Should I pull out at this stage or wait and hope that the sale will go through, has anyone else been in the same position.
 
Sailerman said:
I put a deposit on a property back in April and received contracts only to find the wrong name on the deeds, and 2 judgements against it. The wrong name has being sorted out after some months but now we are waiting on the creditors to give the go ahead of the sale to complete. I am so annoyed that the vendor did not disclose this when we agreed to purchase, The judgements goes back to Nov 2012 one bank is owed 400,000 plus interest. Should I pull out at this stage or wait and hope that the sale will go through, has anyone else been in the same position.
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If you really want the house stay calm and take advise from solicitor. If it all goes through your purchase will be cheaper than a purchase now.
Hope it all works out.
 
Sailerman said:
I am so annoyed that the vendor did not disclose this when we agreed to purchase
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Many vendors can be unaware of outstanding judgements. They can be lodged or removed at any time, so solicitors only review at time of closing to save clients expense.

Next time you go to purchase property, look it up yourself before getting too invested, but bear in mind the status may change and the solicitors will still need to perform the full searches in advance of closing that might unearth something else.
 
jpd said:
What does your solicitor suggest?
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Solicitor says it could take another three months, providing there's no other issues, that will be close to a year since we put a deposit on it. I think the 1st of March we will pull out or at least give them notice that unless it's sorted soon we are pulling out.
Creditors were in court to reposess few months ago until we put a deposit on it, so don't know why the hold up.
 
If there is a lean or judgment on the property your solicitor can advise. The vendors solicitor will need to liaise with their lender's legal team to see to it that their claims are met in full - unfortunately there might be an issue with the sale going ahead depending on which stage the repossession is at. Your solicitor will be the best to advise as they are in touch with the vendors solicitor.
 
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