Buying guides
Buying a repossessed home in the UK
Repossessions are homes a lender has taken back and is selling to clear the debt. They're usually sold through an ordinary estate agent, you make an offer like any other home, and they're often priced to sell.
Who you're buying from
The seller is the lender (or a receiver acting for it), not the previous owner. The lender has a legal duty to get the best price reasonably obtainable, which is why it usually sets a realistic price and wants a quick, certain sale.
Expect to move quickly
Lenders often ask buyers to exchange contracts within a set time and may keep marketing the home until you do. Have your mortgage agreement in principle, solicitor and survey lined up before you offer.
Sold as seen
The lender has never lived there, so it can't answer questions about the home the way an owner would. Get a survey from a chartered surveyor (RICS Level 2 or 3), check the services (water and heating are sometimes drained or switched off) and budget for repairs.
You don't take on the old debt
The previous owner's mortgage is paid off from the sale. Check with your solicitor for anything that stays with the property, such as unpaid service charges on a leasehold flat.
Buying at auction
Some repossessions go to auction. Ask for the legal pack and have your solicitor read it before the day. If your bid wins, contracts exchange there and then: you pay a 10% deposit (plus the auctioneer's fee) and usually complete within 28 days, so arrange your finance first.
In Scotland
The process is different: sellers provide a Home Report (survey and valuation), and your solicitor submits your offer.
Your team
A solicitor or licensed conveyancer, a RICS chartered surveyor, and, if you're borrowing, an FCA-authorised mortgage broker who knows lenders that accept repossessions.
Where the rating helps
Our deal rating shows how far below value it is, how easy it is to resell, and any flags from the listing. It's a starting point, not a survey or legal advice.
General information only, not financial advice. Rules and lender criteria change; confirm with a regulated adviser.