All Forum Posts by: Rebecca Browne

Hi BP,

I have been saving for a number of years to buy my first property. Back in June i purchased a property on an auction website. The purchase price was $280,000 and it was independently valued at $320,000 shortly after.

Two days before closing on the property the former owner but a lis pendens on the title and blocked the sale.

Some background as I know it. The former owner had the property repossessed by his bank in 2016. The bank sold off 1 billion of bad debt to a venture capital company in 2017 including the above property. The property has been sat empty and boarded up for the past two years, I bid for it in June 2019.

Since the finding of the lis pendens, my solicitor has been in contact with the venture capital companies solicitor to try and rectify the matter. The disgruntled former homeowner does not want to co-operate and all I am being told for the past 5 months is they are trying to fix the situation but they cannot give me a time frame (and this is the odd time they reply). The venture capital company and their solicitors have my $28,000 10% deposit and don't seem to be doing anything about removing the lis pendens so that I can complete the sale.

I believe the lis pendens have to be declared before taking action? But this was never done, my solicitor and I do not even know what the block on the title is in regards to? Is this information we should be able to find out? We're being left completely in the dark. 

I am so stressed and would love to talk to someone that has experience with this.

Thank you,

Danny

I don't know the circumstances on how the bank to be in control of the property. But the original owner is trying to block the sale 

What I understand is it was being sold by a third party (bank). The day before closing the original owner has put in a lis pendens application on the title

Hi,

I purchased a property via auction that had some kind of repossession. We were purchasing from someone acting for the receiver? On the day before our closing date a lis pendens was added to the title so we couldn't close. The property was boarded up and sat dorment for a long time, we thought there was a death maybe. 

Thrre were some clauses in the contract that left space for this to happen but also others to cover us. It is a very bad contract and I employed a very inexperienced solicitor to look over the paper work before buying the property. 

I have now changed solicitor and she noticed the changed before we tried to draw down. 

The vendors solicitor is now playing hard ball and pointing out a clause in the contract that allowed for this  and plans to try and keep our $45,000 deposit. 

We're a young couple who have saved for years to purchase a property. It is our dream home and we have no idea what we can do to get rid of this lis pendens. Why have they don't this now the day before the closing date. Have we been played by a scam? 

Can anyone help? 

Regards, 

Danny

Hi, 

First of all i would like to say hello to all BP users and thank you for giving me this platform to increase all aspects of my knowledge with people who have been there and done it.

I am Rebecca, 26 from Ireland. I have been living in Melbourne, Australia for the last two years. My boyfriend and i have this dream of buying our first property back home in Ireland. After Irelands terrible recession we decided our best option was to save for a mortgage abroad, as we have friends and family that are in a deep struggle to get out of the rental market and into the house owners.

I long story short, after initial problems with finding ideal work we are now up and running and saving more than we could have ever dreamed. In such a short amount of time we have already passed a 20% mortgage milestone we had set. 

But instead of waiting it out savings for another three years before returning home, we have the itch to get into the market now. We would like to purchase a property, to rent out and then move into once we are home. There is such a high demand for rental properties it seems as some many are struggling to get into the homeowners market. We would love to capitalize on such high rental cash flow available in the area we are looking. 

The one major stumbling block is getting a mortgage for the remaining 80%. I have read that it will be nearly impossible to secure load from abroad. We have parents back home but would rather not get them involved even though they would help. Would anyone know the best course of action to take. I will give an example of the rough numbers below as we believe with our own very big incomes in Australia and the rental returns we could pay off the mortgage in full in 5 years (hoping) 6-9 years (conservative)

Current money saved $81,100 AUD (0.63) E(euro) 51,093 

Property price E 270,000 , mortgage E 220,000

rental monthly income E 1,700 (conservative)

Currently saving per month $6,000 AUD = E 3,780

Could potentially pay E 65,700 per annum off of mortgage.

We know banks don't work like this. But he has permanent jobs and pay slips in Australia for the last 2 years. We could potentially save anything up to $300 per week extra also, but we don't want to be miserable whilst chasing our dream.

Thank you for reading and i hope somehow we can find a solution. 

Rebecca