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Buying a house that's in receivership

(3 Posts)
Teaandtoast1 Thu 19-Jun-14 23:15:05

The house we are buying is apparently under receivership. What does that mean for us please? I've been told it's not the same as a repo?

I also posted this is property but thought I'd try her too thanks.

OnGoldenPond Fri 20-Jun-14 23:07:37

It's probably a buy to let property that has been taken into possession by the lender. Rules are different for but to let mortgages as the lender does not have to go to court for a possession order they can simply appoint a receiver who will administer the property (collect rent from tenants etc) with a view to selling it.

The only possible problem might be that being a buy to let there may be tenants in situ at the moment. But the lender will be responsible for making sure the tenants have left before the sale takes place. Otherwise should be no difference to any other purchase .

Teaandtoast1 Sat 21-Jun-14 09:41:37

My solicitor finally got back to me. She says it should be ok, no tenants in there luckily. Looks like it's been empty for a while. Yes you are right looks like it was a buy to let etc. I feels bit better about it now ha.

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