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