Buying Repossessed Property - What Services do you Need and When? 

Repossessed Property Databases
The best places to find repossessed properties are via auction houses and you can subscribe to Eigroup.  And if you contact us first we will secure a special offer for you. Lenders typically sell repossessions either at auction or via estate agents as they have a duty to prove they tried to secure the best price when selling.

We don’t recommend any other companies as most of their databases we believe are out of date by the time the information reaches you. This is because the best deals to be done are either days BEFORE the property has been repossessed or AFTER it has been repossessed.

You can speak directly to lenders or local insolvency practitioners who tend to handle repossessed properties.

Legal Company
You don’t just need a good legal company to purchase a repossessed property or one under a repossession order, you also need one experienced with the paperwork involved with repossessions. This is because if it’s not done properly you could end up with the debt of the previous owner!

Don’t wait until you make an offer to choose a legal company, find one that agrees to act quickly before you start looking or when you start making second visits to properties.

Where possible make sure you choose a ‘no sale, no fee’ and ‘fixed fee’ conveyancing company, but this might be more difficult to do with a repossession.

We work with three of the best conveyancing businesses in the UK. Visit our Find a Legal Company or Property Solicitor section.

Pre-offer Valuation Services
You need to find reputable and experienced companies and experts to help you with this. Look at finding a surveyor that can work for you on a regular basis, or you could buy into valuation services that Rightmove and Hometrack offer. We do offer a desktop valuation service for £99 per property (inclusive of VAT).

Visit our Property Valuations section or contact us via email or tel 0845 838 1763 for ours.

Mortgage Lenders
There is no point hunting for a property until you know what you can borrow. Internet sites are OK to give you a guide, but you should really visit an independent financial advisor (IFA) that will take into account all your expenditure and income. They will be able to advise you not just on your mortgage but also insurance and making sure if something went wrong, your mortgage would be paid off.

If you are buying at a discount you need to be aware that any incentives such as help with deposits or guaranteed rental schemes need to be declared to the mortgage company. You CANNOT buy a property these days and declare to the mortgage lender you have paid £100,000 if you are only actually paying £80,000. You can also talk to a mortgage broker, local banks and building societies as not all mortgage deals are sold through IFAs. 

Letting Agents 
If you are considering buying repossession property and then letting it out, it’s essential to choose the right agent and typically that will be one that has been approved by the government backed National Approved Lettings Scheme. One of the benefits of agents within this scheme is that if they go bust, any ‘client money’ ie landlord or tenant they hold is insured.

We work with lettings agents on a daily basis, so please email or call us on 0845 838 1763 for help.

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