Q: My brother has got himself in various financial problems and his house is on the edge of repossesion. It is valued at 60k. I offered him to buy for less than this, do it and sell it on. After I give him the remaining 10k I can not afford to give him. Or maybe late for a while first then sell it.
I have many concerns about this as I have never done anything like this before. I know nothing about the rental / property developing countries etc. My main concern is whether my brother has a secured loan on the house I do not know about. How do I find out (my brother would not talk about it) Would I be liable for all insured at the house when I bought it? Any tips or thoughts on any part of this situation would be greatly appreciated.
You should be able to find what you are looking for at http://www.landregistry.gov.uk/about_us/
However, I am not a lawyer and would strongly recommend that you use one if you are buying a property. Not only will they be able to find out if a motorway is going to be built through your living room, but whether there are debts on the property and how to stop further debts being put on the property while you are buying it after you have checked with the land registry.
Good luck.
http://www.landregisteronline.gov.uk/
Your solicitor would not let you buy the property if the debts are not settled. It would be your brother's solicitor's responsibility to ensure the debts are dealt, which of course, they are duty bound to do.
Don't let it out, just sell it. He obviously needs the money and there's rarely anything to be made from BTL.
tags: financial trouble, repossesion
posted in mortgage by admin
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