Provada Properties have partnered with several liquidators to offer investors the opportunity to purchase repossessed properties for a percentage of their market value. Before going to auction, properties are offered to investors with an availability period of 28 days prior to listing.
Information on each property is made available, it includes:
Address
Number of bedrooms
Number of bathrooms
Price
Deposit required to hold the property and remove it from visibility
Current market value
Property's state of repair (if known)
The process of purchase is very different to a conventional sale and as such, investors are urged to do their own due diligence as there is very often no opportunity to view the property before purchase due to it being in the process of legal proceedings.
Further to the point above, the following points should be noted:
- keys are not available immediately as the property is not vacant. Upon completion, DCBL will be contracted to serve the court order and remove the tenants. In a worst case scenario this could take 3 months.
- conveyancing does not take place, the sole purpose of the solicitor is to protect the buyers money.
- as surveying is also impossible, any major structural damage (subsidence, asbestos etc) not disclosed in the contract will grant the buyer a full refund.
Investors who express interest will receive a pre-purchase agreement, outlining terms and conditions. A legally-binding contract is drawn up between the seller and the buyer with protections in place against issues such as structural damage. Transactions can be completed as quickly as 3-5 days or can last a little longer, closer to 30-60 days.
TR1 forms are submitted to the Land Registry and proof of application is provided to the buyer. The Land Registry process itself can take a few months but once the keys are received, the buyer is free to do as they please except sell the property on as this can only be done once the TR1 process has been completed.
These properties CANNOT be mortgaged as the purchase value is considerably lower than the market value so cash purchases are the only option. All transactions are secure and both seller and buyer are protected through the contract.
To express interest, please click here
