Our solicitors specialise in repossessions and can help you through the stages of this complex journey.
SOLVING PERSONAL LEGAL MATTERS
Buying repossessed property involves purchasing a property that has been repossessed by the mortgage lender due to the previous owner being unable to meet their mortgage repayments. A specialist conveyancer will advise on the legal implications of buying a repossessed property, carry out necessary searches, and handle the transfer of ownership from the lender to the buyer.
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.
A repossessed property is a home which has defaulted back to the mortgage lender as the previous owner is no longer able to repay their mortgage. The lender (usually a bank or building society) will then sell the property to recoup the money they are still owed, which is known as a repossessed property.
There are some specific rules and challenges with buying repossessed properties that you wouldn't necessarily find with the standard homebuying process, including a short deadline set by the seller for completing on the property, usually within 28 days.
Help from an experienced legal team is vital because buying a repossessed home in the UK 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 when buying a repossessed property.
Another point to remember when considering buying 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.
Our team includes experienced property repossession solicitors, used to handling these kinds of transactions and aware of all the potential challenges involved. Or solicitors specialising in repossessions can help the entire process to go as smoothly and quickly as possible, with the specialist knowledge to handle any eventuality and a dedication to keeping you up to date with progress at all times.
The team at Forbes can offer this expert help at every stage of the process for buying a repossessed house or flat.
When buying a property that has been subject to repossession, there are certain requirements that may not apply to most other house purchases, which can cause problems if you use a conveyancing service with no expertise in this specific kind of transaction. Our team have the necessary experience to deal with the challenges of buying repossessed houses.
Repossessed properties from homeowners who defaulted on their mortgage are often marketed by estate agents in a very similar way to standard home sales, or they may sometimes be sold at auction. The seller will usually not overtly disclose that the property is a repossession, but there are usually signs to watch out for.
When viewing a repossession property, the appliances and fittings often have warning tape over them in the kitchen or bathroom and when viewing online, the description may contain a caveat about the seller accepting higher offers even once an offer has been accepted, or mention of a short completion deadline. This is because they have a duty to get the highest amount possible for the property and want the transaction done as soon as it can be.
The process of buying a repossessed house in the UK is similar to buying a standard home if it is marketed by an estate agent, but there might be some differences when it comes to the speed of the conveyancing process (usually completion is required within 28 days of offer acceptance) and it isn't uncommon for someone else to put in a bigger offer even after yours has been accepted.
If the repossessed property is being sold at auction, then all of the usual requirements will apply as they do to buying any auction property, which also requires speed and specialist knowledge during the conveyancing process.
Usually, when you buy a repossessed house, you will have to complete on the property within a fairly tight deadline (often 28 days) so it's important that the conveyancing process is started straight away to give it the best chance of resolution in time.
There may well be limited information available on the property itself as the seller won't know much about the home or its history, so it's even more important that the conveyancing process is carried out thoroughly, along with a survey to check for any structural issues.
Once you have completed on the property, there might be some issues that you wouldn't need to consider when buying a home that has just been vacated by the seller. E.g. services will usually have been disconnected in a repossessed property during the sales process, so you'll need to arrange for reconnection.
Our expert repossession conveyancing team can help give you a quote on our fixed fee conveyancing services for buying a repossessed property, to ensure that there are no unexpected surprises when it comes to these costs. Get in touch to find out more.
Partner, Conveyancing Solicitor, Blackburn