Repossession 28 Days

ScouseIrish

Robert_Sterling wrote: »

It means that after 28 days you have to exchange contracts. i.e. Pay a deposit, perhaps 10%, and fully commit yourself to completing the purchase at some time later, usually about four weeks.

Does it take that long after exchange of contracts? Surely its only a case of the bank transferring their portion of money and sorting out the land registry stuff?

TopKat*1

I was in the middle of buying a repo, now i dont know whats happening. It was up for 165k we offered 145k and the EA rang back and said it was accepted and we should get things moving quickly (so i did) then Friday the EA rang and said a higher offer had been made so now the procedure was it was still going to be advertised (but at our offer not the higher offer?? is this right) and 7 days after the public notice the repo company will make a decision. If there are a few interested parties they may ask us all to make a sealed offer??? what is the point of this why dont they just take highest?

jamtart6

ScouseIrish - we completed 2 days after exchange, but our solicitor had all of our deposit before the exchange date as we didnt want any hold ups


TopKat*1 - I would say that if it is being advertised at YOUR price, then there probably isn't another party. The bank would 'accept' the offer then the 7 day notice period would kick in, during which time people can place higher offers. I agree, the highest offer should be the one advertised in the paper, which suggests there isn't another party involved.

TopKat*1

but do you think it is because they made the offer friday (apparently) so the repo company werent told until Monday and probably it was too late to change the advert?

Conrad

You mention you believe your Solicitor is beginning to dislike you so I thought I'd give it from the perspective of a Solicitor, as I deal with them daily.

Firstly they do not like being chased, because they infer the client is implying they aren't capable of doing thier job.
Secondly their years of expereince informs them there is no point getting stressed and constantly chasing. If it's going to go through it will.
There are people who think thier chasing makes a difference, but in reality it merely slows everyone down because said buyer / seller creates more work / phone calls. You may find some reply to this comment along the lines that if it wasn't for them chasing, the deal would never have happened, but it simply is not the case.

Think about it; Your own job. Would you work faster if an outsider with no exereince chased you every day? Or would it slow you down because you kept having to answer thier calls?

m_13

You make an interesting point Conrad but ....

Our deadline to exchange on our repossession purchase was the 20th and although everything was done and dusted on the 12th, guess what? The contract and deposit wasn't sent until the 20th.

I remember one particular day when I chased and my Solicitor said her secretary wasn't in so she couldn't get hold of a copy Building Regulations Completion Certificate because she didn't know how to. I rang up Building Control, got the reference and rang her back with it so it could be ordered. I've made over 20 'phone calls to get things sorted out with a variety of people from the water company to the management company none of which I should have had to do. However, I don't think I'll be getting a reduction on my conveyancing bill!

It simply isn't the case that 'if it's going to go through it will'. If both Solicitors took that attitude then nothing would ever complete.

jamtart6

I know what you mean Conrad but as with m_13, our solicitor cocked up big time with sending off our deposit, sending off mortgage forms and delayed the process majorly. Faced with the threat of completing after xmas (2 weeks later) or losing the house all together for breach of contract, the phonecalls definitely made a difference. He still cocked up the last bit anyway and paid the wrong amount to the mortgage company. Out mortgage advisor on the other hand was super. I wish he had been our solicitor.

mstopham

I am with m_13 and jamtart6 on this. In my own job people chase and theirs gets pushed to the front of the queue especially if they push the right buttons. Sometimes this is through forgetfulness or busy periods but also I would admit I will do work for someone if they are bugging me to get rid of the bug. (That or ignore their calls =0)

I my own experience I had a similar issue when buying a flat a few years ago where I spoke to my solicitor and they were waiting for a reference number and I ended up ringing the vending company (who were/are a type of housing association) and getting this to my solicitor to speed things up.

Though I concur with Conrads first point, don't think anyone really likes being chased to work harder.

hethmar

Im with the other guys, Ive seen so many c0ck up by solicitors that I have no trust in them at all.

By the way, son bought a repo, the other side dragged their feet because they didnt have all the necessary paperwork. In the end it was nearer 2 months for exchange and another week for completion.

alisonp_2

Conrad wrote: »

You mention you believe your Solicitor is beginning to dislike you so I thought I'd give it from the perspective of a Solicitor, as I deal with them daily.

Firstly they do not like being chased, because they infer the client is implying they aren't capable of doing thier job.
Secondly their years of expereince informs them there is no point getting stressed and constantly chasing. If it's going to go through it will.
There are people who think thier chasing makes a difference, but in reality it merely slows everyone down because said buyer / seller creates more work / phone calls. You may find some reply to this comment along the lines that if it wasn't for them chasing, the deal would never have happened, but it simply is not the case.

Think about it; Your own job. Would you work faster if an outsider with no exereince chased you every day? Or would it slow you down because you kept having to answer thier calls?

You are correct - but it doesnt take a solicitor long to send a quick email to the Client to let them know what is happening. Even if it is to let them know we are still waiting for information before we can go any further but are chasing it etc., at least the Client can relax knowing his solicitor is working on his matter. Any news is better than no news in what is a very exciting time for most clients. If solicitors and licensed conveyancers took a few seconds to do this this would result in far fewer complaints against the legal profession

But, in saying that, I currently have one client who emails me at least 3 times a day (7 one day!) asking for news. I know she is panicking as she is desperate to move but it is pretty annoying when I am concentrating on something, the emails comes through and if I dont reply to each one within 10 minutes or so she will phone me ! As I am a sole practitioner who answers the phone directly she knows she will speak to me and no one else ! This is over the top and becomes pretty annoying and most of all, time wasting and prevents me getting on with the work I want to be doing.