repossesion buying problem

flashash_2

i am in the process of buying a repossesion, i am at the stage where i am ready to exchange contracts but have been told that i cant yet because the old owner will not sign the contracts and so the solicitors have applied for a court order.

ive not had much luck getting any info from the agent.
i just dont understand why they need to sign anything as its been repossesed?
and would anyone know how long it is likely to take getting a court order?
we are on a fairly tight time scale due to tennenents moving in to our house so getting a bit worried!
thanks

DVardysShadow

You should not be making arrangements to move [eg tenants] until contracts are signed. And especially not on a repo. But this does not look like a repo if the old owner has to sign - it looks more like a divorce with an empty house being sold as a repo and now one owner is kicking up. Or something. But not a repo. Do you have the name of the owner on the memorandum of sale? Is it a bank?

flashash_2

thanks for your reply.
yes the old owners names where on the paperwork to sign. i was told it was a repo but what you said makes more sense.
so how long might a court order take? im guessing weeks or months!

flashash_2

although there was a notice stuck to the window saying they had 14 days to remove their belonings or they would be dumped, they were not allowed back into the property after this time. that wouldnt be the case if it was a divorce settlement would it?

DVardysShadow

Months. Your only avenue now is to consider reducing the price considerably or pull out if exchange does not happen within say 7 days. Assuming you have warring ex partners, you need to give them some time to get their heads around the possibility of losing any sale at all.

Personally, I think that the EA may well have conned you - selling an unfurnished house as a repo - because purchases from warring ex partners are notoriously difficult.

DVardysShadow

flashash wrote: »

although there was a notice stuck to the window saying they had 14 days to remove their belonings or they would be dumped, they were not allowed back into the property after this time. that wouldnt be the case if it was a divorce settlement would it?

I still think there may be an element of deception

flashash_2

did you see my post above? i think you may have been writing when i wrote it.

also the property is being sold by a bank via a repo company, this all makes it seem like a repo but still dosent make sense as to why they need to sign!

thanks