Surveys "essential" for repossessed properties

Investors making international payments to purchase repossessed properties have been urged to be cautious when buying new homes.

Real estate expert Property Frontiers recently warned Brits to check that buildings have not been neglected by their previous owners.

Christopher Chadd, head of research at the company, encouraged UK investors to get properties surveyed in order to pick up any structural problems and other defects.

"Repossessed property can often mean the previous owners may not have had the money to carry out running repairs," he said.

"Sometimes the properties can have underlying structural and internal problems. So surveys are essential."

In addition, Mr Chadd highlighted the need to check that land titles for potential homes are clear and fully owned by the previous occupier.

Figures from the company show that Brits making money transfers to acquire repossessed homes may pay 30 per cent less for their homes due to the current economic climate.

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By Linsey Summers