Purchasing a repossessed property is no different to buying any other house in many ways.
The sale process may however, come as a bit of a surprise to a buyer who has not dealt with lenders or receivers selling before.
Lenders who have repossessed properties can be quite ruthless when setting time limits because of the wish to obtain repayment of the loan.
They do, however, have a duty to obtain the best price reasonably obtainable for the property and consequently they are not usually willing to take the property off the market until contracts have been exchanged.
It is therefore vital that you have an experienced and diligent solicitor, who is able to act quickly yet thoroughly on your side.
In addition, the lenders will have very little or no knowledge of the property.
They will not know if there have been any neighbour disputes in the past, whether improvements have been carried out in the house or who has maintained the boundaries.
You will therefore, have to rely on your survey and your solicitor’s inspection of the deeds.
At Myerson, our solicitors have a wealth of experience in dealing with distressed property situations.
As well as acting for purchasers of this type of properties, we act extensively for both Fixed Charge and Law of Property Act Receivers, as well as trustees in bankruptcy and mortgagees in possession.
This means that we are very well placed to advise you on the position these office holders will take and the negotiations which may be possible and we can save you time and costs by knowing which points may not be worth pursuing.
How We Can Help
A member of our specialist team will be happy to help.
To discuss Repossessed Properties issues, please either use the contact form on the right, email us at firstname.lastname@example.org or call us today on +44(0)161 941 4000 to speak to a member of our team.