I've bought a repossessed flat - what now?

ecco66

When I looked around it, the toilets were all taped up and said something along the lines of not touching and getting in a professional plumber. Have they drained the system or something? What would a plumber need to do? Is the electric and gas normally cut off? So much to do, but very exciting.

Thanks for your help!

Debt_Free_Chick

I rather suspect that the gas & electric were cut off due to non-payment of the bill way, way before it was repossessed.

And yes - water probably drained. The last thing you want is a leak in an empty property, which you're trying to sell!

SquatNow

I hope you got a bargain.

If it's as bad as you suggest you'de probably be best to gut the place back to a shell and have complete new plumbing and wireing done.

Evee2000

SquatNow wrote: »

I hope you got a bargain.

If it's as bad as you suggest you'de probably be best to gut the place back to a shell and have complete new plumbing and wireing done.

It may not be bad at all. Its normal practise when a locksmith has entered to take possession of a repo property, to tape up the bathroom sink and toilet and to do the same with the metering equipment. I've inspected quite a few repo properties over the last few weeks that were actually quite nice inside. Very sad however.

ecco66

I did get a bargain - it was a new build and according to the paperwork was sold for £249,950 (though probably with an off plan discount) and I have paid £189,000!

It actually isn't bad at all, clean and well kept from my inspection. The only thing is that they were smokers so a quick wizz around with a carpet cleaner, a wash down of the walls and lots of Febreze should sort that out!

Thanks for letting me know this is quite common - does anyone have any idea how long it takes to "fill up" the drained system?

Thanks again everyone, very helpful.

What a nightmare it is trying to find out who the energy suppliers were! Got there in the end though.

SquatNow

£189k from £249k is still overpriced.

ecco66

Well I guess £1 would be overpriced for you!!!

david29dpo

Very common. Simply turn the water on under the sink and check for leaks. If you have a combi boiler, have a look at the pressure dial, it should be about 2 bar. There will be a filling loop to top it up. Bleed the rads and get your local corgi man round to check the gas.

beingjdc

ecco66 wrote: »

Well I guess £1 would be overpriced for you!!!

Depends where. The Telegraph reports 40% price falls for new-build flats in some cities

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/10/01/nproperty101.xml

So yes, buying it at 20% below the peak price would be 20% overpriced.

ecco66

david29dpo wrote: »

Very common. Simply turn the water on under the sink and check for leaks. If you have a combi boiler, have a look at the pressure dial, it should be about 2 bar. There will be a filling loop to top it up. Bleed the rads and get your local corgi man round to check the gas.

Thanks David, that's great advice and I will do just that!

ecco66

beingjdc wrote: »

Depends where. The Telegraph reports 40% price falls for new-build flats in some cities

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/10/01/nproperty101.xml

So yes, buying it at 20% below the peak price would be 20% overpriced.

Yes that's quite worrying for those in the cities. Thankfully I am on the south coast and the prices haven't inflated that much anyway (London is not commutable and the town has a sleepy reputation) so by definition would have less to fall.

The same size and type of flat - in the block next to the one I have just purchased - has, according to my neighbour, just been sold for £215,000.