Repossessions

Purchasing a property which has been repossessed by a bank, if the property owner has failed to perform their obligations under the terms of their mortgage, can be an attractive prospect. Often the price you pay will be well below market value, but there can be pitfalls.

It is important that you instruct an experienced lawyer to deal with your matter, so that you can rest assured that you will be made fully aware of the terms of the contract between yourself and the bank’s solicitors. You will also need to act quickly as usually there are strict deadlines for exchange and completion; your solicitor will need to commission your searches and conclude their title investigations swiftly to ensure you are able to meet those timescales.

The agents will continue to market the property until such time that you have exchanged contracts to ensure they receive the best price possible for the property. If you are purchasing with the assistance of mortgage funding you should begin that process so there are no delays on your part which could result in you losing the property and any deposit paid to the agents.

By instructing Sintons you can be confident that we will handle your matter diligently, providing you with all the information you need to understand the process from start to finish.

If you require any further information please feel free to contact us.