Buying a reposessed flat...not exchanged on time! 30 November 2009 at 5:02PM in House Buying, Renting & Selling 3 replies 542 views

Gingerbread_Girl_3

Hi there,

I could really use some advice/information...I am in the process of buying a repossessed flat. The exchange date was on Friday and completion is due this Friday. I have done everything needed and am ready to go (money paid, contracts signed, mortgage offer in etc). The problem is with the repo companies' solicitor. They haven't responded to all of my solicitors questions and therefore we are unable to exchange.
I just wanted to know if this is a common problem. I'm concerned that this won't go ahead now and wondered if anyone has a view on this, or am I worrying for no reason (my EA has told me I am but i'm a FTB and am very new to this). Any advice/experiences would be much appreciated.

Thanks,

princessamy86

Very very common, if you're ready then about all you can do is sit tight. Get the EA to chase the repo company for you, they will be able to put some pressure on the solicitors. I know it's nail biting, particularly with a repo but this isn't uncommon at all. Good luck!

Doozergirl

It's happened to me as well - it was tight anyway with Easter and May bank holidays but it was their fault, not mine - they didn't mention it at all though we of course kept the EA informed that we were being delayed - the EA is definitely your friend when buying a repo, they actually seem to have some clout

G_M

But unfortunately on repos nothing is certain till you actually do Exchange...