Buying a repossession

SiBlood_2

The solicitor has been brilliant all the way through this. In his own words - "It should be about 4% interest, it won't be a kings ransom!"

So fingers crossed again!

Cannot wait for the keys, thanks for everyones advice its kept me sane!

Si.

hethmar

Hi, my son was over 2 weeks late on his completion of a repo - down to the otherside not having paperwork etc. so his solicitor wouldnt allow him to sign (I think your guy should have been more on the ball to be honest re the mortgage offer). He paid no interest at all.

Anyway, at least you seem sorted now Enjoy your flat

hethmar

Hey, just realised what you said - a queue of 1200 mortgage applications? Wow.

WillowCat

The rate is quite often BOE +4% - so 5.5%. That would be just under 18 quid for each days delay.

Of course you would have been paying some (if not most) of that anyway on your mortgage if you had completed.

Good luck!

socrates

Its not an unreasonable cost

SiBlood_2

I'll gladly pay that - its a realistic cost. To be honest as long as I have the keys and this is over its worth doing!

Its been an educational experience so far. Even though its been quite stressful I have still enjoyed finding out about the processes of how everything works. Which brings me to the conclusion that English system of property buying is archaic and completely wrong!

At 27 I now feel ready to take on the world....as long as we get the keys next week! Cheers everyone for your help and support so far.

Si.

SiBlood_2

Just a quick question is it likely to get the keys when we sign the mortgage docs or does it usually take a few days?

Thanks again,

Si.

Richard_Webster

We didn't get to the bottom of what happened here did we?

Was it a case that there had been a FORMAL MORTGAGE OFFER or merely some in principle agreement? Normally lenders would do their credit checks before issuing an offer and wouldn't do any more later. So can we be clear whether the solicitors had a formal offer and mortgage instructions?

Just because OP paid them the deposit doesn't mean that they exchanged contracts. Did they exchange or not?

hethmar

You will get the keys on completion date - ask your solicitor when that will be.

SiBlood_2

Basically we would have lost out on the house as a higher bid was made. So the solicitor agreed with the client's solicitors that if we made an exchange that day then the house would be ours. This involved signing an agreement that basically put ourselves at risk. We signed a letter stating that we could exchange without the mortgage being complete. At the time everything was moving smoothly and I was told by the mortgage people that it would be out "in the next few days" anyway. So we paid the deposit of £14,500 and then a few days later we hit the glitch of basically not having enough credit evidence. Luckily it has all worked out!

Si.