Buying Apartment with Judgement Mortgage outstanding against common areas?

F

Ferguson111

Registered User
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Hi there

I am looking to purchase a property which is in a good area and has been well kept since the owners took over from the mgmt company 5 years ago.

It is only 17 years old and apartment is great condition with the only issue is the developer is still on the title and had a judgement mortgage outstanding against the common areas of the apartment. For some reason my solicitor can't find out how much the judgement is for which I don't understand.

Will the bank still loan me the money or is it unlikely? The judgement has been awarded 10 years ago and only 2 years left to run on it. Should I proceed with the purchase?
 
Brendan Burgess said:
What does your solicitor say?
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He said he would probably go ahead as there is little risk of the bank getting the money back but it may affect my ability to resell the place in future. Obviously all going well, the debt will be cancelled in 2 years but the bank could issue proceedings to extend it another few years.
 
Seems reasonable.

How much is the judgement for?

How many apartments?

What price are you paying for it?

Brendan
 
Brendan Burgess said:
Seems reasonable.

How much is the judgement for?

How many apartments?

What price are you paying for it?

Brendan
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Issue is my solicitor says there is no way he can details of the judgement amount which seems crazy. It's over 15 apartments. Around 350k.

Thanks.
 
Ferguson111 said:
Why? Any insight?
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issue is the developer is still on the title and had a judgement mortgage outstanding against the common areas of the apartment.
my solicitor can't find out how much the judgement is for
Will the bank still loan me the money or is it unlikely? Unlikely.
it may affect my ability to resell the place in future.

And it has not been sorted out to date.

mf
 
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