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Advice on locks when buying repo
bootalishus
Posts: 106 Forumite
Hi
does anyone have experience in buying a repossessed property. Had offer accepted on one. It was owned by an estate agent so he was sensible enough not to trash it. My concern is about all the locks on the external doors. Does the bank change all the locks when a property is repoessed?? If not what is to stop the past owner coming back at any point?
Can I ask them to change all the locks before exchange (whats to stop the past owner comimg in the day of exchange and trashing it?).
Is there anything else we should beware of?
All advice appreciated.
does anyone have experience in buying a repossessed property. Had offer accepted on one. It was owned by an estate agent so he was sensible enough not to trash it. My concern is about all the locks on the external doors. Does the bank change all the locks when a property is repoessed?? If not what is to stop the past owner coming back at any point?
Can I ask them to change all the locks before exchange (whats to stop the past owner comimg in the day of exchange and trashing it?).
Is there anything else we should beware of?
All advice appreciated.
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Comments
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They may do, but then they've got keys floating about ..... for peace of mind change the barrels. It won't cost much and you will feel so much better.
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Banks and building societies will usually change locks when they get possession of property.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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I hope the EA doesnt work for the EA that you are buying through?Pawpurrs x
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Just because the house was repossessed does not mean the previous owner is a theif / vandal. He could have lost his home for any number of reasons, there but for grace etc.
Nevertheless, it is a good idea to change the locks on ANY house you buy."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
bootalishus wrote: »Hi
does anyone have experience in buying a repossessed property. Had offer accepted on one. It was owned by an estate agent so he was sensible enough not to trash it. My concern is about all the locks on the external doors. Does the bank change all the locks when a property is repoessed?? If not what is to stop the past owner coming back at any point?
Can I ask them to change all the locks before exchange (whats to stop the past owner comimg in the day of exchange and trashing it?).
Is there anything else we should beware of?
All advice appreciated.
On the day of the eviction a Bailiff will normally arrive with a locksmith to ensure that the property has vacant posssesion.0 -
I bought a repo in Jan and it came with all new shiny locks, the estate agent said this was standard.0
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I'm a FTB and it's not a repro and I fully intend to change ALL the locks on the house.
Just a precaution I'd feel much safer this way...This signature was previously violated by my wife, that'll learn me to stay perma logged in.
Fortunately, the offending comments have now been removed - my apologies to all who had to read it and laugh at my expense.0 -
My fiance has had to get his house voluntary repossed and he hasn't trashed the house, he wouldn't dream of doing something like that and he has sent all the keys to the lender. So not everyone who has a house repossed behaves in the same way.Married 09/09/090
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bootalishus wrote: »Hi
does anyone have experience in buying a repossessed property. Had offer accepted on one. It was owned by an estate agent so he was sensible enough not to trash it. My concern is about all the locks on the external doors. Does the bank change all the locks when a property is repoessed?? If not what is to stop the past owner coming back at any point?
Can I ask them to change all the locks before exchange (whats to stop the past owner comimg in the day of exchange and trashing it?).
Is there anything else we should beware of?
All advice appreciated.
The first thing a bank does when it repossess a house is change the locks. This is standard. The court baliff turns up and takes possession, but an estate agent and locksmith are sent as agents of the bank to inspect and secure the property.
The main risk is that a house that is repossessed is likely to be in poor state of repair and might have been vacant for a while.0
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