Abbey & buying a repo

littlened

On the 12th December we had an offer accepted on a repossession property, and the usual 28 days to complete.

Over that weekend we provided our IFA with payment details so that Abbey could instruct someone to value the property. They got these details on the 15th December. In the meantime we kept getting calls from the estate agent asking when the valuation was going to be done, and I just kept telling them I'd chase it. On the 22nd of December Abbey finally took the £220 for the valuation.

When I checked the status of things with the solicitor before christmas, we were at the stage where we're just waiting for the mortgage offer from Abbey.

Got a call from the estate agent again today, saying they've still had no contact from anyone to value the property, and the company selling the property are getting concerned, as according to their records we're due to exchange contracts on the 9th and complete on the 16th.

It's taken from the 12th of December until last Friday for Abbey to actually let us know what evidence of income etc they want from us, which I sorted over the weekend and emailed over to Abbey today.

My point is, is it usual for things to take this long? At the minute it's nigh-on impossible that the contracts are going to be exchanged for Friday.

I'd assume that because of the Christmas period we'd have a little bit of time to play with, however so far I don't think the company selling the property have seen any indication that we're serious about buying the property, where as if the valuation had been done, they'd be able to see that we'd paid for something.

I've asked our IFA to contact Abbey tomorrow and try and chase up the valuation, but I'm starting to get very concerned about the lack of progress being made. In the two week leading up to christmas, abbey literally did nothing.

Nikki

No idea whether it being a repo makes a difference, but we are in the process of buying and have our mortgage with Abbey. It only took a week for the survey to be done and another week for the mortgage offer to come through - this was all done in the 1st 2 weeks of December.

littlened

Nikki,

How long was it after you had your offer accepted that the valuation was done?

poppysarah

I would ensure the repo company is happy with a delay.

lil'H

I had offer accepted 20th Dec, Abbey still not contacted me either for valuation etc. My broker says they basicly shut down over xmas, but get chasing it if i were you.

icebergx

AT the moment a survey can usually be done within a week of passing on the relevant property info.
I wouldn't worry too much unless the repo company has accepted any other offers on the property. If things can be shown to be progressing, the repo company will be understanding. Get your solicitors doing their bit and the survey sorted ASAP and you should be on your way.

archie9uk

I bought a repo last year and it was an absolute nightmare! We also had delays with the survey and the mortgage, and like you we had bank holidays (Easter) fall during our 28 day period. Try to pester Abbey as much as you can - I got better info from my mortgage company direct (RBS) than I did when my financial adviser called them for me, but they really seemed completely unconcerned about the fact that I had a deadline which they were showing no signs of meeting. The vendor gave us an extension of a few days, and our solicitor was great in dealing with the other side. Our house was due to be auctioned two days after we exchanged and the vendor would not pull it out of the auction until the exchange - hopefully you're not in that position!?

littlened

Thanks for the replies.

I've tried speaking to Abbey directly, but because I've got through an IFA Abbey won't speak with me about it.

Our offer is the only offer on the property, but towards the end we had to put in final offers along with another couple, and ours was the one accepted.

I'm concerned that if there's no progress that the company will go back to the other party and ask if they are still interested in the property.

littlened

Everyone just seems slow.

I've asked the estate agent to contact the selling company and see if they're going to allow any extra time due to the christmas period....we're waiting for a response.

All our proof of income etc was sent over to Abbey first thing yesterday morning, and we're still waiting for some sort of response to say it's either ok, or they need more information.

As for the valuation...I best not hold my breath.

What's worse is I keep having to go to our IFA to get him to chase Abbey, as they won't deal with me direct, it's just a real pain. I know Abbey are snowed under, but it's possible our purchase will fall through because of these delays.

It's just so frustrating that I can't do a single thing.

space_rider

When I bought my house with a mortgage from Abbey they didn`t instruct a valuer until they knew they were going to give me a mortgage. I got the mortgage offer 2 days after the valuation survey and they transferred the funds to the vendors solicitor the next day. I bought a builders part exchange property and did it all in 2 weeks. I exchanged and completed on the same day as I did not have a property to sell. I was able to speak to Abbey even though my mortgage was done via a mortgage broker.

In this day and age you wouldn`t think they would be snowed under.

poppysarah

Spacerider when did you get your mortgage?