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  • Mortgages & Finance

    Assisted Sales for Own House Purchase

    Hi Guys,

    Hope you are well, I have found a property that I would like to buy to live in. The property is owned by the bank and needs a full refurb. I am thinking of offering a assisted sale to the bank but just wanted some feedback on how the process works and does anyone have someone that is specialist in the field.

    I assume you need to drawn up a contract to the bank to agree with, and then get a mortgage in principle for the future value of the property.

    The property is worth around 80K now and needs around 30K spending, I have the funds to do the full refurb but just thinking of a better way on doing this. At least I wont need to pay fees twice in the process.

    Just looking for some feedback/help on the situation if anyone have done a similar process?

    King Regards

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    Whilst I think it is a good idea I doubt the bank will accept it. Do you know what stage they are at with the repossession. It is likely that they need to demonstrate best value and a JV of sorts like this does not do that cleanly.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022

    The bank have taken full control of the property and is unoccupied right now.

    It has been on the market for a while and I was thinking of offering a little bit more then current market value to give them an incentive to do the sale with me.

    Do you think they would still no agree with my terms?

    Thanks

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