Middle of purchasing process -the property is getting repossessed

[Lskz]

Hi all,
We're in the middle of buying property, solicitors are instructed and our is waiting for a reply for enquiries.
However, we've been told the property is now repossessed.
What does it mean for us? Should we pull out?
We weren't sure for this property as it needed lots of work, but then decided to go ahead. Now thinking if its a good time to pull out?
Our solicitor doesn't have much information yet.
Anyone had this in the past? What you would do?
Thanks!!

If it's already been repossessed, surely it isn't the sellers property anymore and now belongs to the mortgage lender? So not the sellers to sell.

I think you have to as it no longer belongs to the person you were buying it off
You could see if the mortgage provider would sell it to you but I am not sure how you would approach that

Don't walk in the opposite direction. Run.

It will go on auction for a lower price.

If it's repossessed then the seller (as was) drops out of the picture but the mortgagor will be looking to sell so may be happy to sell to you depending how far the sale process has got as quick and also likely to realise a higher price than auction - BUT any hope you had of warranties and indemnities has just gone out of the window.

If you are in a chain that will slow things up and they will just send straight to auction. They want their money now and will take a lower price rather than waiting around for a higher one.

Thanks a lot for the replies.
We're not in a chain, will it make any difference?
thanks

It seems mad that the lender has repossessed it when a genuine sale was on the cards. I would take advice from your solicitor but yes, these houses generally go straight to auction.

ask the estate agent who owns it now and make an offer. They will probably be glad to sell it for a low price. Good luck.

If the house is already repossessed by the bank or mortgage provider then it will be them that have accepted your offer and should be straight forward. If it is the people living in the house that have accepted the offer and in the meantime the house has been repossessed by the mortgage provider then your solicitor could get in touch with them

House we where buying got repossessed, the receivers messed us around for a month keeping us on the hook, then said they would sell it but they weren't willing to allow surveys or discussions etc... then changed their mind and pulled the sale completely.

Mortgagees in Possession are under a legal duty to get the best price which clearly complicates things