# Vulture options on unoccupied house ?



## michaelg (8 Feb 2021)

Posted this in a different forum topic but it might be more relevant here.

What options do a bank/vulture have in dealing with an unoccupied house on their books, where the owner went bankrupt and the other joint owner has emigrated and cannot be contacted ?

Can they still repossess if the ISI now owns half the house ? or can they rent it out ?

Its a big shame that the house in question is sitting empty when there is a shortage of housing available.

Many thanks


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## TLO (12 Feb 2021)

Chances are that the ISI owns half of the beneficial interest in the house, rather than the house itself.  The house probably remains in the names of the original borrowers who can sell it, or let it be repossessed.  Or if they are real cheeky, go and live in it.

The lender should apply to the court for a possession order.  With a possession order the lender can then sell the house.

Alternatively, if the original loan agreement permits, and the house was a "buy to let", the lender could appoint a Receiver who could sell the house on it's behalf.


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