We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying a repossessed property. Complete with 28 days ?!?!?! As from when???
Options
coffee_king
Posts: 186 Forumite
Hey All
We're in the middle of buying a repossessed property and I've been told that it has to be completed within 28 days.
But 28 days as from when? I've searched all over the internet and can't find an answer to this question.
Also what happens if it goes over 28 days?
The bank/sellers solicitor is dragging their heels so much. If it didn't complete within 28 days (which I'm sure its over that deadline now) it wouldnt be our fault as we have everything in place at our end.
(we're first time buyers - mortgage in place and everything!)
So what would happen then? Would we have to go through the whole process again? Its already costing us serious money, would we be able to recoup any of this?
Can anyone advise?
Thanks
coffee_king
We're in the middle of buying a repossessed property and I've been told that it has to be completed within 28 days.
But 28 days as from when? I've searched all over the internet and can't find an answer to this question.
Also what happens if it goes over 28 days?
The bank/sellers solicitor is dragging their heels so much. If it didn't complete within 28 days (which I'm sure its over that deadline now) it wouldnt be our fault as we have everything in place at our end.
(we're first time buyers - mortgage in place and everything!)
So what would happen then? Would we have to go through the whole process again? Its already costing us serious money, would we be able to recoup any of this?
Can anyone advise?
Thanks
coffee_king
0
Comments
-
This happens more than you might think, despite the lenders originally stating 28 day completion they often don't have all the paperwork ready at their end. If you are 100% ready to go, and are just waiting for the sellers to get their act together then I wouldn't worry about it. They are unlikely to want to find another buyer at this stage, and even if they did then the issues they are delayed on will still apply. It's normall 28 days from acceptance of offer, but if you're ready and they're not then there's not much you can do unfortunately. Keep the pressure on!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
Well, I would say either
28 days from the date they accepted your offer, or
28 days from the date they told you about this time limit (i.e. 28 days from that notification....)0 -
http://www.rightmove.co.uk/property-for-sale/property-25391687.html
is a repo and they say its going to auction
but
http://www.rightmove.co.uk/property-for-sale/property-20285290.html
Went sstc 06 February 2009- Status changed: from 'Available' to 'Sold STC'
- So maybe they're threatening auction to speed things up?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards