Buying a repossessed house

PaulC5

I am in the process of purchasing a repossessed house but im told it isn’t a standard purchase as the previous owners didn’t own it for more than 6 months.

I've done a little research and believe it is called a ‘Pre-Sales’ or ‘SDLC Pre-Completion Transaction’ and is something to do with money laundering by the previous owner.

Can anyone enlighten me on what I maybe letting myself in for and which lenders will be willing to lend in these circumstances as im told it becomes limited?

I am going to see my financial adviser at lunch time today to choose my lender and sign the mortgage paperwork but a heads up and some research by myself this morning will allow me to know what kind of rate I should be expecting.

Any help will be much appreciated.
Thanks.

G_M

I'm guessing your financial adviser has clarified this for you by now.

I believe many mortgage lenders refuse o lend where a property was preiously owned for less than 6 months.

In a repossessed property, the rationale for that seems absurd (clearly the motive was not money laundering!), but often rules is rules!

An independant mortgage broker will advise which lenders might be more flexible.

PaulC5

Thank you very much, I'm not completely sure what's gone on but I do now know we are buying it off the company we buy any home so maybe it's not a repossessed house.

Anyway we have chosen our lender, signed the paperwork and should know by Monday if it's gone through ok then it's onto surveys and solicited searches.

Any tips or previous experiences of buying houses like this would be much appreciated.

Thanks

G_M

PaulC5 wrote: »

..... but I do now know we are buying it off the company we buy any home so maybe it's not a repossessed house.

I doubt very much whether any bank would sell a repossessed property via those charletons!

What made you think this was a repo?

What did your adviser say at lunchtime about this?

PaulC5

Mainly the state the house is in.
All walls need re-skimming
Needs new woodwork throughout
Carpets missing
Wardrobe doors missing

But the kitchen is immaculate and has a rangemaster cooker and what looks to be a fairly new SMEG dishwasher.

She didn’t really say much but plenty of the big names would be fine under these circumstances and the best rate I found with Santander she beat and even beat what their banking customers would get which pays for her fee and then some so we are happy with that.