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
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By Order of the Mortgagees NOT in Possession
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- Lemon Half
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Re: By Order of the Mortgagees NOT in Possession
noshow1 wrote: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.
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- Lemon Quarter
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Re: By Order of the Mortgagees NOT in Possession
Sounds like a repossession.
Could be a BTL that couldn't afford the mortgage but still has a tenant living there for example
Could be a BTL that couldn't afford the mortgage but still has a tenant living there for example
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- Lemon Quarter
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Re: By Order of the Mortgagees NOT in Possession
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?
The mortgage company have called in the loan but not repossessed the property.
Could it be let with tenants in place does anyone think?
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- Lemon Quarter
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Re: By Order of the Mortgagees NOT in Possession
kempiejon wrote: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.
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