buying a derelict house, how ?? :/

something_totally_different · 6 Jul 2009 at 19:50

there is a property near by that myself and a friend whose a builder are looking at buying, been empty for about fifteen years, ive purchased the land reg details and gotten the owners names but they have been totally untraceable, so either they are in prison, live abroad or dead. possibly the latter given im told two of the four named people were old.

does anyone have a clue what my next step is??

alexakasloth · 6 Jul 2009 at 20:05

Squat in it lolz.

Raymond Lin · 6 Jul 2009 at 20:06

See a Solicitor. Seriously.

something_totally_different · 6 Jul 2009 at 20:08

Raymond Lin said:
See a Solicitor.

*sighs* they cost money we dont have at the moment as the loan for the house purchse and renovation is contingent on us finding the people and making a deal first. but i guess you are quite right none the less.

Strife212 · 6 Jul 2009 at 20:12

Squat in it lolz.

You probably actually could just move into it.

Raymond Lin · 6 Jul 2009 at 20:14

I "think" you apply for a possessory title, and then after 12 years? you can apply for absolute title.

Although, without absolute title, banks are VERY reluctant to give you a mortgage on it.

something_totally_different · 6 Jul 2009 at 20:17

Raymond Lin said:
I "think" you apply for a possessory title, and then after 12 years? you can apply for absolute title.

Although, without absolute title, banks are VERY reluctant to give you a mortgage on it.

Well we have another house worth 120K with 60% of the mortgage paid so far to use as collateral but we didnt want to be holding onto this next property for more than 12 months.

Chabsy · 6 Jul 2009 at 20:19

something_totally_different said:
*sighs* they cost money we dont have at the moment as the loan for the house purchse and renovation is contingent on us finding the people and making a deal first. but i guess you are quite right none the less.

If you cant afford a few hundred quid to pay a solicitor what are you gonna use to pay the loan? But this sounds very legally involved and if it were something easily resolvable it probably would have been done already rather the the house falling down

something_totally_different · 6 Jul 2009 at 20:25

Chabsy said:
If you cant afford a few hundred quid to pay a solicitor what are you gonna use to pay the loan?

the loan itself. you factor in your costs as best you can, take out a five year loan with early payback option, renovate, sell and repay, and split what evers left. if it doesnt sell you rent the bugger out to help cover the loan and sell in 12 months.

*Moangroan* · 6 Jul 2009 at 20:50

What about a neighbour...preferable an elderly 80 year old that has lived next door or a few doors down since the begining of time. May shed light on the owner or relative.

semi-pro waster · 6 Jul 2009 at 21:48

If you can't afford a solicitor at the moment then why not go to see the CAB and find out if they've got any advice for you. Another possible option is that depending on where you work you may have access to free legal advice, some offer it as a perk of sorts so that may or may not be an option.

Realistically though it isn't something that you will find easy to do without someone to guide you through the legalities I suspect. I don't know much about English property law and where/how it differs from the Scottish so I won't attempt to advise you beyond generalities but you might like to take a look at this Guardian article for some general information and if you haven't already reported it to the local council then you may wish to report it derelict as I believe at that point they will send a notice to the registered owners asking them to secure it and they may offer advice about how to claim it if the people fail to do so - get advice though before you do this.