Buying a Repossessed Property?
Repossessed House Purchases are tricky and complicated - We will take the stress out of it for you.
When Mortgage Payments are not met a property may be repossessed by a Bank or Building Society. The property will then be sold by a ‘Receiver’. If this sounds like the property you are buying then you need our help.
If you are purchasing a Repossessed Property you need to call Hasson & Company Solicitors today. Your Initial Consultation with us is Free.
What Should I Be Aware Of?
We have included a list of issues to be aware of when buying Repossessed Property:-
- The mortgage lender will usually allow 28 days in which to complete the purchase the property.
- As a repossessed property the bank will be selling as what is known as “mortgage in possession” and it is very likely that much of the paperwork will be missing.
- Properties are often repossessed after a previous owner has been declared bankrupt. This will often lead to charges and notices being registered against the property. We will always ensure that these notices and charges are removed from the register and that you are fully protected as a new buyer.
- When purchasing a repossessed property it is important to consider its condition. Very often the bank will board up the property upon repossession and over time it may fall into a state of dereliction. Therefore whilst you may be getting a bargain you should always consider the costs of carrying out necessary repairs.
- Please also consider when buying a repossessed property that if it has remained vacant for a while the utilities to the property such as gas, electricity and water will usually have been disconnected and the cost of reconnection can often be expensive.
- If you intend to purchase a repossessed property please contact experienced Conveyancing Solicitor John Hasson who has a great deal of experience in these types of transactions. He will do his upmost to ensure that you complete the transaction within the time period specified by the lender and if possible agree an extension so that you do not lose the property.
WARNING: Please note that mortgage lenders are under a duty to accept the best offer. Therefore whilst you may have agreed a price the property will remain on the open market. This means that if someone makes a higher offer even on the day you are due to exchange contracts the mortgage lender has a duty to consider that offer and may withdraw from the transaction. However we will do our utmost to ensure that we complete your transaction as soon as possible and therefore minimise the window of opportunity for other purchasers to make competitive offers.
What Do We Offer?
We are committed to giving you regular updates on how your transaction is progressing and completing the transaction for you in the shortest possible time frame.
If you are worried about Legal Costs, don’t be. We will provide you with an easily understood and very competitively priced estimate. Our Property Solicitors are friendly, approachable and will provide you with a first class service.
If you have already instructed a Solicitor but feel they aren’t doing a good job, call us now. You can switch to Hasson & Co Solicitors, and we will handle the transfer for you.