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5 Buying and Selling Property

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1. Introduction

2. Dealing with estate agents

3. Problems with estate agents

4. Offers, exchange of contract and completion

5. What the price should include

6. Problems with solicitors and conveyancers

7. Problems with the survey

8. Buying a newly built home

9. Leasehold, freehold and commonhold properties

10. Mortgage and money problems

A mortgage is a loan secured on a property, which means you cannot sell the property without repaying the loan. If you do not keep up your repayments, the lender ultimately has the right to go to court for an order to repossess and sell your home. But there are certain processes to go through before it gets to that stage. If you are having problems with your mortgage (or rent or other bills), see the Gurkha Free Legal Advice leaflet ‘Dealing with Debt’.

Negative equity
If the value of your home has dropped since you bought it, or you haven’t made all the mortgage payments you should have, you may find that, if you sell, the amount you get is less than the amount you owe on your mortgage. This is known as negative equity.

If you are in negative equity, your mortgage lender may refuse to allow you to sell your house or flat. It could also go ahead with legal action to repossess your property, unless you can show you can pay off the amount you owe. But you may be able to get the lender to agree to transfer the negative equity to a new home if, for example, you have to move because of your job.

Voluntary repossession
If you feel there is no other way out of your debt, you may want to ‘hand over your keys’ to your mortgage lender. Only do this as a last resort. If you do it, you will have to pay for somewhere else to live and still pay your mortgage, any arrears and interest until the lender can sell the property. So get independent advice before doing this.

If voluntary repossession means you become homeless with nowhere else to live, you may find that your local council does not have to offer you accommodation. A separate Gurkha Free Legal Advice leaflet, ‘Losing your Home’, explains your rights if you face being homeless.

11. Neighbour disputes and anti-social behaviour

12. Further Help

13. About this leaflet

The leaflets in this series give you an outline of your legal rights. They are not a complete guide to the law and are not intended to be a guide to how the law will apply to you or to any specific situation. The leaflets are regularly updated but the law may have changed since this was printed, so information in it may be incorrect or out of date.

If you have a problem, you will need to get more information or personal advice to work out the best way to solve it. See ‘Further help’ for sources of information and advice.

This leaflet is published by the Gurkha Free Legal Advice (LSC). It was written in association with Shelter.


Leaflet Version: December 2008

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