Reposession properties
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Repossession solicitors you can rely on
Buying a repossession property can be a savvy investment, but it also comes with unique legal risks. At PCS Legal, our experienced repossession solicitors provide the guidance and support you need to move swiftly, confidently, and securely through the process.
What is a repossession property, and why buy one?
A repossession property, which is sometimes called a “repo” or corporate sale, is one where the previous owner has fallen into mortgage arrears, prompting the lender (usually a bank or building society) to take back possession of the home. These properties are then sold on the open market, often at a reduced price, to recover the outstanding debt through court proceedings.
While the circumstances behind repossession can be unfortunate, such as financial hardship, divorce, or bereavement, for buyers, repossession properties can present a valuable opportunity.
Why repossession properties appeal to buyers
The key benefit of a repossession property is price. Lenders are motivated to sell quickly and will often list homes at below-market value — in some cases, offering up to 30% off the typical asking price. Because banks and building societies are not emotionally invested in the property, they focus on efficiency and speed, meaning the sales process is often more transactional than residential.
These properties are particularly attractive to investors or buyers willing to undertake refurbishment projects, as the potential for resale profit can be significant, especially with the right legal advice.
What to watch out for
The flipside of a quick sale is the condition of the property. Some repossessions are simply unoccupied, while others may be missing key fixtures and fittings. In some cases, previous owners may have stripped the property before leaving.
Buyers should also be prepared for strict exchange deadlines and little room for negotiation. It’s essential to inspect the property carefully, ideally with a builder, and factor in the cost of necessary repairs before making an offer.
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Our team has extensive experience in reposession, offering clear legal advice tailored to your situation.
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How PCS Legal supports repossession purchases
Purchasing a repossession property comes with its own set of challenges, from strict timelines to potential legal complexities. At PCS Legal, our experienced repossession solicitors are here to make the process as smooth and stress-free as possible.
We regularly act for clients buying repossessed homes and understand the unique pressures these transactions bring. Whether you’re an investor or a first-time buyer, we provide practical, tailored legal support from day one.
Trusted legal guidance from experienced solicitors
Banks and building societies selling repossessed properties often require the exchange of contracts within a very short time, sometimes just 7 to 14 days. Our proactive legal team works quickly and efficiently to meet these deadlines without compromising on the quality of service or due diligence.
What our repossession conveyancing service includes:
Full legal checks on the property title and any restrictions are crucial in the legal process of conveyancing.
Review of special conditions often included in lender contracts
Liaison with estate agents and seller’s solicitors to keep the process moving
Advice on buying repossessions at auction or through estate agents
Ensuring that vacant possession is secured before completion is a critical step in the legal process of acquiring the property.
Why choose PCS Legal?
You will be assigned a dedicated conveyancer with specific experience in repossession purchases, supported by a knowledgeable legal team. We’re known for our prompt communication, practical advice, and ability to handle tight turnaround times with confidence.
Our fees remain transparent and competitive — the cost of your conveyancing will be no more than it would be for a standard purchase, despite the added urgency involved.
With PCS Legal in your corner, you can pursue a repossession property with confidence, knowing your legal interests are fully protected from start to finish.
Repossession Solicitor Frequently Asked Questions
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A repossession property is a home that has been taken back by a mortgage lender — usually a bank or building society — because the previous owner was unable to keep up with their mortgage payments. The lender then sells the property, often at a reduced price, to recover the money owed.
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In many cases, yes, legal advice is necessary to navigate the complexities involved. Repossession properties are typically priced below market value to encourage a fast sale, often involving bailiff actions to secure possession of the property. It’s possible to save 10% to 30% compared to similar homes in the area. However, these properties may require renovation or come with strict legal conditions, so it’s important to factor in all costs before proceeding.
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Repossession properties are usually sold 'as seen', meaning the buyer accepts the property in its current condition. Fixtures and fittings may be missing, the home may require refurbishment, and you may have limited information about its history. In addition, lenders often impose short deadlines for exchange, so you need to be legally and financially prepared to act quickly in the repossession proceedings.
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Lenders typically require an exchange of contracts within 7 to 14 days of an offer being accepted. This is much shorter than standard purchases, so it’s crucial to have a solicitor in place and your mortgage offer ready. At PCS Legal, we’re experienced in meeting these tight deadlines.
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A repossession solicitor ensures that the property’s legal title is in order, checks for any risks or restrictions, and works quickly to meet the lender’s exchange deadline. They also handle all legal correspondence, review special conditions in the contract, and help secure vacant possession on completion.
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Yes. Due to the legal complexities and urgency often involved, having a solicitor is essential when buying a repossessed property. PCS Legal specialises in repossession transactions and provides expert advice to protect your interests throughout the process.
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Yes, many repossessed properties are sold at auction. If you're buying at auction, it’s important to instruct a solicitor in advance to review the legal pack and highlight any red flags before you bid, ensuring you understand the legal process involved. Once the hammer falls, you're legally committed to complete, usually within 28 days.
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Yes, repossessed properties are almost always sold 'as seen'. This means the buyer is responsible for any repairs or missing fixtures, and cannot negotiate on condition after the exchange. A detailed inspection before committing is highly recommended.
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Yes, you can get a mortgage on a repossessed property, provided the home is mortgageable. However, your lender may require certain checks or valuations, especially if the property is in poor condition. PCS Legal works closely with lenders to help ensure a smooth and timely mortgage-backed purchase, providing essential legal advice throughout the process.
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