Repossessed Property Conveyancing
f you are looking for legal advice on 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.
To find out everything you need to know about buying repossessed property conveyancing, call the specialist solicitors at JMW today on 0345 872 6666. Alternatively, complete our online enquiry form and let us now a suitable time to call you back.
HOW JMW CAN HELP
When you contact us for help purchasing a repossessed property, we will need to work quickly. This is because repossessed properties are often sought after and the seller will want to complete the sale as soon as possible. To give you the best chance of securing the property, we will work efficiently to minimise any delays.
We will hold an initial consultation to determine what exactly you need assistance with - whether you have already started the process and need advice on a specific aspect of the process, or you have no idea where to start, our team will be able to help you. We will explain the process and help you to form a plan so you know exactly what next steps you need to take.
Before you purchase the property, we will help you to understand what your legal responsibilities will be after the deal is completed, and what you can expect when you acquire the property. We can facilitate communications with a professional surveyor, who will make sure that the property legally satisfies tax requirements and is liveable.
BUYING REPOSSESSED PROPERTY
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.
Legal advice is often necessary before embarking on a search of repossessed properties for you to try and buy. It is important that you raise any questions when doing so, as the lender will likely not have previously occupied the property, so they will not be able to answer many of the questions that are usually asked to the owner. Therefore, the onus will be on you and your solicitors to find out the details of matters such as planning permissions and NHBC certificates through the conveyancing process.
It is also 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 a sale than change a contract. Our expertise will offer you the best chance of reaching a compromise with the lender.
However, you must remember that lenders have an obligation to get the best price for the property. This means they won’t remove the house from the market once an offer has been accepted, in the hope of getting a better price from elsewhere.
WHY CHOOSE JMW?
At JMW, we understand that timing is everything when it comes to purchasing a repossessed house, especially as lenders or banks can easily change their mind at the last minute for a better price. Our specialist conveyancing solicitors will act quickly and efficiently to ensure you are legally covered should any problems arise.
Due to our successes, JMW has been recognised by The Legal 500 as one of the UK's top law firms, and the reputation of our property law team is a key reason why we are so highly regarded. You can trust that we will have your best interests at heart, and that our team will use its decades of experience to ensure that you have the best chances of safely buying your new property.
We will be with you from the very start, ensuring you are aware of the property’s condition, liaising with the lenders and/or banks on your behalf and keeping you up to date on all proceedings. We will explain everything you need to know in jargon-free, easy to understand language so you can be confident that your conveyancing process will go smoothly.
FAQS ABOUT REPOSSESSED PROPERTY CONVEYANCING
HOW LONG DOES IT TAKE TO BUY REPOSSESSED HOUSES?
From the date of accepting the deal to purchase the house, you will have 31 days to pay for the property. While there is a lot of legal ground to cover before you can actually move into the property, you could hold ownership over it within a month. This makes purchasing a repossessed property a considerably faster process than going the usual route of taking out a mortgage loan.
IS IT EASY TO BUY REPOSSESSED PROPERTY?
It is not easy to buy any property. Conveyancing is a necessary and complex legal process that comes with many pitfalls that could prove costly and time-consuming if attempted without the help of an experienced conveyancing solicitor. However, if you have the funds, it may be easier to purchase a repossessed property than to apply for and pay off a mortgage for a different property.
WHAT IS THE DIFFERENCE BETWEEN BUYING REPOSSESSED PROPERTY AND A NORMAL HOUSE?
One of the main reasons buyers look for repossessed properties is because they are often more affordable - sometimes offered at up to 70% of the price they would have otherwise been sold for. This is a considerable saving that makes repossessed property highly sought after. However, the process of purchasing a repossessed property is much the same as that of a normal purchase.
Buyers should be aware that repossessed properties come with some risks, however. Since properties that are repossessed are acquired from homeowners who could not finish their repayments to a mortgage lender, the properties can sometimes incur credit issues, which may be mixed up if a new owner moves in quickly after. In this case, you may expect a visit from the bailiffs and you will need to explain to them that you are the new owner. If you incur credit issues from buying a repossessed property, you should speak to a professional solicitor as soon as possible for advice.
Additionally, repossessed properties may have their appliances removed and can be disconnected from the utilities. This will require some maintenance to fix, and this can rack up costs. You should make sure you understand what a property that you are looking to buy is missing before doing so, and make sure that you will have the funds to carry out the necessary maintenance.
HOW MUCH DOES A CONVEYANCING SOLICITOR COST?
For more information about our service costs, call us today and we will discuss your situation and be able to provide you with a quote.