in middle of buying a house which unknown to us was subject to repossession : LUSENET : Repossession : One Thread

We made an offer on the property which was accepted by the owner/ occupier and had proceeded to the point of instructing our solicitor, having a valuation report, local searches etc. The property was then repossessed by Halifax Bank, locks changed, estate agent we were dealing with lost control and it was transferred to Halifax Property services. Although our price was agreed by the owner,(and subject to a #2000 retention by our valuer)and we understand that it is more than enough to cover the debt, Halifax have valued the property at #5000 higher and are insisting on remarketing the property through their agents, and refuse to consider a higher offer from us until it has been marketed over a weekend ( effectively 3 weeks from date of repossession). What can we do - if we lose the house is there any way we can reclaim the money already spent?

-- Tracey Forrester (, February 14, 2000

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