Conveyancing Solicitors in Manchester

Conveyancing Solicitors in Manchester

conveyancing solicitors:
repossessed properties

If you are considering purchasing a repossessed property it is important that you instruct an experienced solicitor. Whether you are buying from an estate agent or at auction you should be aware of the following:

  • 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. This can particularly cause difficulties if you are purchasing a new build property as the NHBC guarantee relating to the original build and planning permission will be missing. Therefore if you are purchasing with a mortgage any experienced solicitor will not be able to draw down on the mortgage or certify the title to you as it would not be valid. However an experienced solicitor will be able to know how to obtain the additional copies of the missing documents so that the transaction can be processed without problems later arising. We will not charge you additional costs for undertaking these essential checks.
  • 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 Mukthar Miah who has over 15 years 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 necessary 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 with our vast experience 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. We will always try to ensure that the lender treats your offer/transaction as a priority.