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Purchasing a repossessed property is a great way for homebuyers to get a bargain and help first time buyers get on the property ladder at a great price, but unfortunately this unique process can be fraught with difficulty if you don't have the best legal team working on your case.
Forbes Solicitors have a dedicated conveyancing law team in-house that specialise in helping buyers increase their chances of getting the best deal and securing the property as quickly as possible.
Help from an experienced legal team is vital as purchasing a repossessed property is not as straightforward as other property transactions. As a possession of a property goes back to a lender when a home is repossessed, basic communications and information is not possible, as in many cases the lender (usually a bank) has no idea about the property they have reclaimed.
This can mean they are unaware of any structural faults within the property, have no idea who supplies utilities to the building and will not be able to answer any questions normally asked when viewing a home privately or with an estate agent.
We would advise that you get an independent survey conducted to ensure any faults are brought to light and the relevant searches are conducted.
Another point to remember when looking to buy a repossessed property is that lenders will often refuse to make any amendments to property contracts as they would rather refuse a sale than change a contract. In many cases a solicitor with experience in handling repossessed property transactions is your best and only hope in securing a property such as this.
Forbes would advise those looking to secure a repossessed property to seek legal advice first. As the lender or bank that owns the property has an obligation to always seek the best price for a property, they can change their mind at the last minute and sell it to another buyer. It's important you are legally covered should any issues arise and completely aware of the condition the repossessed property is in.
At Forbes, we can help you ease the stress of purchasing a repossessed property by dealing with any banks or lenders and ensuring you have a complete overview of the property. We make sure your case is handled swiftly and proactively, making sure you're kept up to date every step of the way.
Very professional and courteous staff. Our conveyancing was carried out with diligence and speed. Would highly recommend.
I have always recommended to you friends and associates in need of legal help, and I know that their opinion is as positive as mine.
Having recently sold my house Forbes handled this in a very professional manner with obvious expertise. My interests were always their first priority & I was kept informed at all times.