Buying a Repossessed Property

publication date: Oct 16, 2012

Checklists

Checklist provided by 

www.propertychecklists.co.uk

 

 
If you are doing this to make money from Buy to Let or Renovation, create a business plan first. For a free version, contact us.
Research and secure finance that can conclude deals in FIVE to TEN working days for help contact us.
Create time to research properties, you won't be able to do this as a ‘weekend' job.  
  Find the best places for you to research repossessed property.
  Choose a Legal Company that specialises in buying repossessed property (so you don't end up buying the current owners debt!). 
  Research the market so you know the difference between a genuine repossession bargain and a property ‘pretending' to be sold ‘below market value' but really being sold at normal market prices.
  Carry out viewings, check what the timeframe is to buy for the owner to avoid being repossessed.
Check what work is required to bring the property up to scratch to rent or sell on.
Make an offer and agree the timescale to purchase the property.
Contact us to find out what to do if your offer is rejected.
Offer accepted.
Organise an Independent Survey.
Finalise your Mortgage Offer and Insurance.
Manage the purchase of your property.
File your paperwork carefully - you'll need the paperwork when you come to sell.
Organise the work required on the property to achieve your objectives eg moving in yourself, renovating to sell on, work required to rent the property out.
Make sure there is nothing in the legals that means you take over the owner's debt or that stops you from being able to rent the property out now/in the future.
Arrange for the deposit to be in place.
Exchange contracts.
Organise Change of Address if you are moving in yourself.
Complete your purchase and start work to prepare the property.      
Pay the Stamp Duty and check the SDLT forms have been filed.

All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
This website is Copyright © Designs on Property Ltd and
Propertychecklists.co.uk protected under UK and international law.