Buying Repossessed Property: JMW Solicitors

Purchasing repossessed property offers a unique opportunity for prospective homebuyers to get onto the first rung of the property ladder or unearth a bargain that they may otherwise have not been able to afford.

However, legal advice from an experienced solicitor is often necessary before embarking on a search of repossessed properties for you to try and buy.

To find out everything you need to know about buying repossessed property from specialist solicitors, call the team at JMW on 0345 872 6666 or complete our online enquiry form.

Buying a Repossessed Property - What You Need to Know

If you are considering buying a repossessed property, the specialist solicitors here at JMW will be able to help, offering the information you need to boost your chances of securing a good deal.

The important factors you need to consider when purchasing a repossessed property, include:

  • Raising enquiries - Because the lender will not have previously occupied the property, they will not be able to answer many of the questions often asked of an owner-occupier. Therefore, the onus will be on you and your solicitors to find out the details of things like planning permissions and NHBC certificates.

  • Contracts - It's important to carefully check through the contract provided by the lender with the help of an expert. Many lenders do not accept amendments made to some of the clauses, which are often unreasonable. You have to bear in mind that a lender would often rather withdraw from sale than change a contract. Our expertise will offer you the best chance of reaching a compromise with the lender.

Obligation for lender to get best price - You also need to remember that lenders have an obligation to get the best price for the property. This means that the lender won't remove the house from the market once an offer has been accepted, in the hope of getting a better price from elsewhere.

Contact JMW Today

If you are considering buying a repossessed property, get the expert legal advice you need from the specialists at JMW. Call 0345 872 6666 or complete the online contact form.

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