By Order of the Mortgagees NOT in Possession

[noshow1]

Hi All,

I have seen a flat at auction which states " By Order of the Mortgagees NOT in Possession". What does this mean please ?

Regards

Noshow1

[Mike4]

Hi All,

I have seen a flat at auction which states " By Order of the Mortgagees NOT in Possession". What does this mean please ?

Regards

Noshow1

A total guess. I'd imagine it means the mortgagee is entitled to repossess but held off as the place is rented and producing an income. So it's being sold perhaps with tenant in place.

But like you I've never seen the term in an auction listing until now.

[Gerry557]

Sounds like a repossession.

Could be a BTL that couldn't afford the mortgage but still has a tenant living there for example

[kempiejon]

https://www.google.com/search?q=By+Orde ... e&ie=UTF-8

The mortgage company have called in the loan but not repossessed the property.

Could it be let with tenants in place does anyone think?

[Clitheroekid]

The mortgage company have called in the loan but not repossessed the property.

Could it be let with tenants in place does anyone think?

Yes, that's quite possible. However, the auction particulars would clarify whether it was being sold with vacant possession or subject to a tenancy.