What are the legalities when buying a repossesion please???

LadyMuck

Hi,

DH and i have had an offer on repossesion accepted but we have stalled for a week while we have one final check over the property.

We are FTB and didnt expect our first offer to be accepted so we're now getting cold feet.

Im aware of how fast the process is, they want to complete within 21 days, which is finr for us but what would happen if something at our end held things up and we went over the 21 days. Surely a solicitor wouldnt let this happen???

Any advice about the buying process would be appreciated (i've owned 2 houses before so i know the normal buying process)

Doozergirl

You shouldn't have waited that week really - it's okay if you're getting the mortgage arranged ready to go as soon as you give word and working behind the scenes.

The house is on the market until you exchange contracts. If you miss the 21 day deadline then as long as things are moving at a pace they will continue with you but you just have to be aware that at any point, someone else can come in and offer more. That's all really. They want to sell the house so they won't just drop you like a stone.

Richard_Webster

The lender knows nothing about the property and the area etc so it is very important to talk to neighbours about the property (they may know that cowboys repaired some subsidence damage) and the area generally. Talking to the neighbours will also give you some impression of what they are like...Lenders won't have information about disputes etc with neighbours.

I would tell any buyer to visit the area on different days of the week and at various times of day. You won't get told about the heavy lorries that go down the road at 6am each morning - or the innocous branch railway line that seems just to get a two car diesel train every hour or so - but also twice weekly carries very heavy mineral trains that rumble along and make nearby houses shake! More important than ever to look around and ask around when buying a repo!

Rebchappers

I completely agree with Richard Webster. We were in the process of buying a repo and its true that the seller knows NOTHING at all about the property. It turns out the extension on the house was built without planning permission, no buillding regs and was built over a public sewer!! After speaking to the neighbours, they reported that the drains get blocked up every two weeks, highly likely as the result of a collapsed drain (due to it being built over a sewer!)

This all became apparant the day before exchange.... it would have cost us literally thousands to sort out. Speaking to the neighbours is the best advice i can give. Please dont let this put you off though... we are currently offering on another repo...not all are bad, but you just have to be that extra bit vigalent (sp?) and do a bit of digging for yourself

Hope this helps x