repossession property

ajanak

I am in the process of buying repo. According to solicitor, it will be title absolute and apparently this is the best title I can have. Is this going to be any problem. Also any major problem if buying repo. I am aware that I might have problem with house, perhaps debt collector visiting the house etc. I am more worried about any legal hassle
Any advice will be appreciated.

G_M

ajanak wrote: »

I am in the process of buying repo. According to solicitor, it will be title absolute and apparently this is the best title I can have. Is this going to be any problem. Also any major problem if buying repo. I am aware that I might have problem with house, perhaps debt collector visiting the house etc. I am more worried about any legal hassle
Any advice will be appreciated.

Why should Title Absolute be a problem? As your solicitor says it's the best there is! Try Googling 'title absolute'

Is it Freehold or Leasehold?
Most important thing is removal of any Charges on the property. How many are there? What does your solicitor say about them?

Did you buy at auction or via an agent. If via an agent, they have a legal duty to put an ad in the local paper saying they've received an offer of £X for the property, and they will prob accept any higher offer they receive up to Exchange of Contracts - even if they've accepted yours. So the faster you Exchange the better!

Ignore debt collectors. Don't let them in, explain, and send them away. Return mail to former owner marked 'undelivered - moved away'.

jamtart6

yeah you'll get loads of letters after you move in but if you call them or send letters back to the company the company are actually quite friendly and they probably get this a hundred times a day. it isnt a bad enough experience not to buy your dream house for!

Richard_Webster

Repos normally have all the services turned off for insurance purposes so you can't check whether central heating works and there are no leaks etc.

Lender will know nothing about area so worth talking to the neighbours about the house. They may not tell you much, but their attitude might sometimes lead you to wonder whether you want to live next to them!

As long as you are buying form a first mortgagee all subsequent charges etc are "overreached" when you buy from that lender so you can ignore them.