Repossessed property?

Question

What happens to money left over from repossessed properties after the debts have been paid. Is the property auctioned well above the recoverable debt or would a property be sold for the exact amount of debt owed.In this case the property had no mortgage and the repossession was for unpaid ground rent. Does the extra money if any go to the land owner or to the treasury?(U.K)

Answer 1

I believe there is an obligation to return the surplus to the owner of the property.

Note that if there is more value than debts it is likely less costly for the owner to arrange a private sale. The legal fees associated with a repossession are not going to benefit the owner.

Answer 2

The property will go for the maximum the auctioneer can achieve, that's why they go to auction. Any money left over after debts and expenses are repaid should be paid to the land owner.