vender needs to complete within 28 days!!

suze_g

Hi all, I'm buying a flat and my vendor accepted my offer before looking as advised. My mortgage application has gone in along with the cheque for the survey. Buying through homebuy so loan approved, financial details confirmed etc.
Spoke to my IFA today and she said that the application has gone to the mortgage caseworker to be approved or denied, and that the survey will then go ahead if approved.

My EA called me today to say my vendor has now found a repo and has to complete within 28 days. He was asking me why the survey hasn't been booked yet etc etc. The application for my mortgage only went in last week and they knew the process I was following, as they said they were completely experienced in homebuy, and I've kept them up to date.

So does that mean I have to complete within 28 days as well or my vendor could lose her property? Is there anything I can be doing. or should be doing etc?

Feeling quite stressed now.

S xx

Georgie4

If they need to have the money from the sale of the flat to you then yes they will need to complete before they can have their new property. Most repossessed properties have a 28 day completion on them and they would have been told this up front. If you can't do it within 28 days (which is very optomistic !!) then let them know before you spend out any money on surveys etc

suze_g

Thanks for that, it doesn't sound good though.

I suppose I need to let my IFA know that in the morning.

theartfullodger

As your vendor is now under serious pressure (he will probably lose his 10% deposit if he doesn't do the deed in 28 days) he is very very ripe for a bit of renegotiation on the price you are buying at...

i.e. If he's been daft enough to dig hisself a bleedin' great hole and needs your money quick I'd be inclined to say, OK, I'll do my best to do it in 28 days but you've got to knock £30k off (or whatever number you freel is right).

He won't like you for it. Tough!

Cheers & Good luck!

Lodger

Georgie4

theartfullodger wrote: »

As your vendor is now under serious pressure (he will probably lose his 10% deposit if he doesn't do the deed in 28 days) he is very very ripe for a bit of renegotiation on the price you are buying at...

i.e. If he's been daft enough to dig hisself a bleedin' great hole and needs your money quick I'd be inclined to say, OK, I'll do my best to do it in 28 days but you've got to knock £30k off (or whatever number you freel is right).

He won't like you for it. Tough!




I know what I'd tell you to do if you tried this on me:eek: You are also assuming that they have exchanged on this house

suze_g

Hiya, yes I don't want to do that. We are (I thought) at the very early stages, but I suppose I wasn't thinking that I may have to complete so quickly.

Have emailed my IFA and homebuy caseworker with the info to see what (if anything) they would suggest.

tenke

I think he should respect the normal time that non repo properties take:eek:

It is not your fault, something like a repo he likes came along, things like that will always happen, in this case he should think, ok lets hope this goes quick if not tough !!!

It is not even for sure he gets the repo, so why put all the pressure, even risking his own sale???

Anyway, just a thought:p

Harrybloominpotterthen

Just a thought,
We lost out on a repo recently, however the EA asked if they could come back to us if the buyers backed out for any reason. I said yes.
Anyway the EA which is also part of the company who were dealing with the repo and sale, rang me today to tell me they had completed today.
They were insisting on a 28 day completion also. However the offer was accepted at the end of January!!!! I'm no mathmatician but that ain't no way anywhere near twenty eight days!! So I guess it depends! there are a ridiculous amount of variables at the moment. My personnal opinion is that its actually not your problem. If your in a chain thats just they way it is. We were guzumped by someone in a chain and we are not and as you can see they didnt complete anywhere near the 28 cut off. They didnt lose the house because of it though.
Just my experience of a repo sale anyway