what are the laws governing bids on a reposession in the UK?

Does the property owner(lender) have to go with the highest bidder on a reposessed house? I have heard that they will choose the best option(cash buyer etc) but i am offering 7k more with my current property already under offer. What are the laws that they have to stick to, because as far as i am aware they have to get back as much as possible for the previous owners? Please help.

[ Previous | Next ]