Repossession possession
Question
I'd really like to be able to buy a house and I've finally found one I like and can afford (my budget is small). The problem is the house has been repossessed. There isn't a gas, water or electricity supply and the agent hasn't been able to give me huge amounts of information about the house.
Can you tell me how I can get more information about the house? What sort of things I should look into? And what should I know before I buy a repossessed property?
Answer
If you make an offer on a repossessed property, the lender selling the property may insist on publishing a 'notice of offer' in the local papers. This is a formal notice saying that the lender is still willing to accept higher offers from other buyers by a certain date. If a higher offer is made, you will probably lose the property unless you can match it.
If your offer to buy a repossessed property is successful, you might find that you have to pay for essential services to be reconnected or for any repairs that are needed. You may want to arrange a full survey of the property before committing yourself.
It is also possible that creditors looking for the previous owner may contact you in person or by post, and you may have problems getting credit yourself. This is because the previous owner's details may appear on credit reference agency records.
If this happens, you can check if the information these organisations hold is correct, and change it if it isn't. To do this you can contact the different credit reference agencies: Experian 0844 481 8000; Equifax 0870 010 0583; and Callcredit 0113 244 1555, and ask them for a copy of the information they hold on you. You normally have to pay a £2 fee for this. The agency should send you a copy of the information within seven working days and tell you how you can change the information if it is not correct.
It may help to get further information and advice from your local Citizens Advice Bureau (CAB) or you could ask the solicitor who is dealing with the sale for their advice.
Updated: 12/09/2008
Question answered by Shelter
