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Buying a reposession... Assets been frozen!

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  • Buying a reposession... Assets been frozen!

    I've currently been buying a reposession, and everything has been fine, we have established it was 2 investors who had purchased the property... and we have got everything in place. Mortgage sorted, Searches complete, all ready to pay the deposit and start exchange...

    When this day arrived, my solicitors phoned me, they told me that they has been a big problem with the property... Currently the house has been frozen, and can't be sold, because of the previous occupants who have had it reposessed have been involved in a crime.

    What it appears to be is a massive fraud case, the 2 people in question have owned 8 companies, or directed 8 companies since 2006 when they started going into business, and as the property prices have dropped over the last 8 years, each business has gone into liquidation... one of the companies has a net worth of -2,000,000

    I've tried searching into this and tried to get in touch with the solicitors from the vendor, but they won't tell me anything.
    Their not moving very fast at the moment, so my solicitor can't get any information out of them.
    At first the Vendors solicitors had been told they have some loops to jump through before they can get the house ready for sale, but another solicitor has told me that it may be a case of waiting for the court case to pan out... which could be 18 months...

    trying to get information out of the court is near impossible, because without a claim number or a case number, they won't give me details of when the trial may be starting.

    Has anyone ever encountered anything like this? and how long could it possibly take to be resolved? Is they any way the vendors solicitors can release the property? Or is it fully locked down until the court case is over?
    Thanks for any help!

  • #2
    Re: Buying a reposession... Assets been frozen!

    From the situation you describe, it sounds as if the house might be considered as possible proceeds of crime. If that is the case, it could eventually be seized by the courts. How long could it take for this to be resolved? I'm afraid to say that it's the legal equivalent of a piece of string. It will take however long it takes to bring the case to court and with more than one defendant, multiple alleged offences, complex fraud, etc, it may take a couple of years. Then, of course, you have to consider the possibility of any appeals either against sentence, or conviction, or both. If the house is deemed to be proceeds of crime, it will not be disposed of until the avenues of appeal are exhausted.

    I am sorry that you are facing this difficulty but the best advice I can offer you, unfortunately, is to walk away.
    Last edited by Jeannie D; 31-08-2012, 09:06 AM.

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    • #3
      Re: Buying a reposession... Assets been frozen!

      Some good news from this matter, I've found out that they isn't a hearing now, so we have applied for a Variation of Restraint order, or our solicitors have, and it's just a case of waiting for this to be approved...

      Apparently it can take 1 week... or 6 months, theres no set time on these unfortunatly, but apparently it's a simple process and it's just a case of when someone gets round to signing off on it.

      I'm hoping it's within 3 months because thats when our mortgage offer expires!

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