Despite the doom and gloom of the rather persistent recession it is probably surprising to hear that the number of bank repossessions in the commercial property market, well at least in our region, is surprisingly few.
In most cases the reason for the repossession is clear – the bank wants to recover the loan and does not want specific debt on certain property assets and the obvious – the debt has not been serviced and there is little hope of it being so.
As well as the bank suffering a likely loss inevitably the seller will probably have lost all their equity in the process. However the purchaser may see an “opportunity” to acquire an asset at distressed levels. As such therefore, purchasing a repossession is more than likely a good mover but finding these properties is not that easy.
If you are looking for industrial Property Cambridge then try the Barker Storey Matthews website. We will also use various national databases to ensure we market the property correctly for the lending institution we are acting for. If you are a buyer then you must also accept that often there will be little information to go on and your solicitor may have to carry out more checks than usual. Indeed where we are acting for receivers the vendors will have no liability to the purchasers post completion of the sale so your due diligence prior to purchase will be of paramount importance.
If you are in the process of purchasing a repossessed commercial property it is also important to make sure you arrange for a building surveyor to provide a full and detailed assessment of the building prior to purchase. Barker Storey Matthews can also help in this respect. Finding the right Industrial Property Cambridge is the first step, getting it thoroughly looked at is the next !