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Buying Repossessed Property
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.
To find out everything you need to know about buying repossessed property, 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.
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.
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.
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 solicitors will act quickly and efficiently to ensure you are legally covered should any problems arise.
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.