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Repossessed Properties
A "repossessed property" is a property which is sold by a mortgage lender after they have repossessed the property. Properties are usual repossessed if the owner is in serious breach of their mortgage conditions such as not paying the mortgage.
If you are considering buying a repossessed property you should bear in mind:
- that the lender is obliged to obtain the best price for the property. They will usually continue to market the property even after they have accepted your offer.
- that as the owner is not involved in the sale you are unlikely to receive important factual information about the property.
- often the property has been neglected, will be in a poor condition or works will only be partially completed.
A survey of the property is essential. This should include the appliances, the central heating system and electrics.
We will provide you with full, clear and easy to follow reports to enable you to understand the paperwork behind the property that you are hoping to buy.
To speak to someone who can help with buying a repossessed property call, email or request a call back from one of our specialist lawyers.