At the start
Surely you will be able to buy it out later on?
( sporters I’m sincerely gratitude to you, Mon 21 Nov 2011, 11:42, 1 reply, 13 years ago)

This is how a normal mortgage works surely

( Naked Ape call me Caitlyn, Mon 21 Nov 2011, 11:43, Reply)

Well dur!
I meant with the shared ownership part
( sporters I’m sincerely gratitude to you, Mon 21 Nov 2011, 11:44, Reply)

a mortgage is an intense form of charge
because it actually gives the lender an interest, ie a proprietary right, in the property. this is different to a normal charge, which just secures you repayment equal to the value of the loan when the house is sold. VERY few people know this, impress your friends... if you have any...

technically a mortgagee can always take the property, but of course in practice they'd only do that if you default, since they make much more money waiting for the loan to be repaid over the course of the term.
( rachelswipe with a fork, Mon 21 Nov 2011, 11:47, Reply)

The people upstairs from us have had warrant of repossession granted against them.
I will be pissed off if the bailiffs break the lock on the shared entrance.
( Fucking hell Jeff I am not a robot, Mon 21 Nov 2011, 11:50, Reply)

they have to be careful there
it's a criminal offence to deprive people of access to their homes. they should really be making appointments with all of you to hand over new keys.
( rachelswipe with a fork, Mon 21 Nov 2011, 11:51, Reply)

If I am in when the bailiffs turn up (which we think will be in a week or so) I will let them in at the main shared front door.
They can do what they like with the flat upstairs - the owners are a bunch of wankers.
( Fucking hell Jeff I am not a robot, Mon 21 Nov 2011, 11:53, Reply)

is it a mortgage repo or just let to tenants?

( rachelswipe with a fork, Mon 21 Nov 2011, 11:54, Reply)

Mortgage repo.
Warrant was granted in April, they have now applied to execute it.
( Fucking hell Jeff I am not a robot, Mon 21 Nov 2011, 11:55, Reply)

sounds like you could be getting rid of them then
you should whack in a silly offer to buy it, bank can only say no...
( rachelswipe with a fork, Mon 21 Nov 2011, 12:02, Reply)

Our place is much nicer (and larger) and I don't want to take on any financial commitments in London as we might be moving to Edinburgh next year.

( Fucking hell Jeff I am not a robot, Mon 21 Nov 2011, 12:04, Reply)