Buying Repossessed Property in London: A Step-by-Step Guide

In short: Repossessed homes are sold by lenders, usually through estate agents or property auctions. Because lenders have a legal duty to get the best price reasonably obtainable, discounts are often smaller than people expect. Properties may be sold as seen, with little information from the seller, so read the legal pack, get a survey, and budget for repairs. At auction, exchange happens when the hammer falls and completion is usually within 28 days, so arrange finance first.