If you would like to speak to one of our residential conveyancing specialists in relation to purchasing a repossessed property contact us on 08442 451 000. We understand your concerns with regards to this type of property transaction, therefore we will only charge you if the transaction successfully completes and we can charge a fixed amount of £395 plus VAT and disbursements for the conveyancing. As speed is of the essence we are able to turn the conveyancing round in an efficient and timely manner which will prove crucial with this type of home purchase.
In 2009, property repossessions reached an all time high and many people were attracted to purchasing a repossessed property. However, although there are, in some instances, substantial savings to be made it is important that the differences associated with this type of purchase are dealt with by specialist conveyancing solicitors.
The main difference which has implications is who is selling the property. When a house is repossessed possession goes back to the Mortgage lender. Therefore the ‘normal’ dialogue and amount of information that is available in a standard sale of a property may not be available. For example there maybe little or no information on who the current providers are for services to the home. It is also important to get a good survey conducted as you may not be aware of the faults that could become very costly if the transaction is successful. It is also vital that all the relevant searches are conducted on this type of property.
It may seem illogical to spend money on surveys and solicitors fees for this type of property in advance of exchange and completion, because unlike other property transactions the bank has an obligation to get the best price for the property. The mortgage lender can accept better offers right at the last minute. However, if you are successful you do not want to find you are left with a financial drain as a result of there being extremely costly issues associated with the house.
