Going Mad

BeccaBell

I think this is just me venting though if anyone has any suggestions on how to cope without commiting a crime they are welcome!

Me and my OH are buying a reposession and we have to exchange and complete on the same day and we have been ready to exchange/complete since August 6th the original exchange date being August 9th. This was changed to August 13th due to a discrepency in ground rent and after much faffing we were told on the 12th by our solicitor that the other parties solicitors weren't ready and could we do Monday 16th instead. We agreed to this and speant the weekend packing and making sure we were stocked up on cleaning products as the place has been empty since Feb.

Monday 16th arrives and we are all set until 10am, we recieve a phone call from my solicitor informing us that the banks solicitors have still not responded to two queries and we will not be able to do the simultaneous completion/exchange today. I have the mortgage funds sent back and try not to scream at people.

The two queries are 1. Putting in writing an agreement to a £300 retention allowance for the service charge and 2. Confiriming in writing from the freeholder that there is no outstanding ground rent.

I spent the majority of last week calling and emailing everyone vaguely atttached to this purchase to feel as though I was doing something (though OH confiscated phone on Wednesday!) simply because I felt totally useless and unable to do anything as even though I had it confirmed verbally with the freeholder that there was no outstanding ground rent my solicitor has said my bank will only accept it in writing from the freeholder.

After finally snapping on Friday 20th I called the freeholder again and (suprisingly calmly:A) told them the story. They could not have been more helpful sending a copy of the statement to my solicitor, the selling solicitor and me. All going well once more and sellers solicitors tales of "We have been calling, emailing and faxing" exposed as lies when they admit they only actually sent one letter regarding ground rent issues. On 19th August. By Post :mad:

So as the only thing left is the sellers solicitors putting in an e-mail the agreement to the retention fund, a new exchange/completion date of 26th August is agreed, mortgage funds re-ordered and I actually manage to enjoy a fairly chilled weekend.

Cue Monday morning and the bank changing there mind about the retention fund :eek:. My solicitor asking for a reason (still havent got one) and me on at the EA due to the sudden (so it appears) change of heart.

By yesterday afternoon the EA has claimed they have been on at the sellers (a repo compnay) that they will sort all problems and we will be fine for Thursday. I speak to my solicitor who has heard a completely different story from the EA and has been told we are unlikely to complete this week. So I played directly into there hands and told her if we can complete this week we will waive the £300 retention. She has passed this onto the selling solicitors and we await there answers.

On top of all this EDF are refusing to take my mortgage agreement as proof we will be moving into the property and will only take a letter from the solicitor or council tax bill. So if I do get in I am faced with a long weekend without electricity or paying £50 (plus Vat) for a letter from the solicitor.

Sorry for the long post but I really needed to get this off my chest. I also advise if you are highly strung person at the best of times DO NOT BUY A REPO you will go mental and lose all faith that there are decent people out there!

RacyRed

Bless you Hun! What a nightmare. I'm sorry I have no suggestions, other than you keep ranting at your solicitor, who should have been on top of all of this.

Fingers crossed for you.

sonastin

Hi BeccaBell. I'm with you on this one. Trying to buy a repo myself. Turns out that the garage extension and the loft conversion don't have building regs approval / sign off. Vendors offered to apply for regularisation but the Building Inspector has provided us both with a long shopping list of things that need putting right before he'll sign it off. Vendors are now getting a quote for the work that needs doing but I have no idea what they are going to do with the info once they have it - reduce the price or do the work?

Have ended up living with my mother :eek: because I couldn't make my buyer wait while we find out what the Vendor is going to do. Buying a repo is definitely not for the highly strung!

BeccaBell

Hi Sonastin,

If we dont complete this week its back to Mum's for me :eek:

You poor thing! Repo properties are not for the faint hearted I am getting a bargain an I do appreciate that I am profitting from someone elses misfortune! I really lay the blame at the door of the selling solicitors as they are dealing with a bank and its is quite imperonal they seem to have forgotten me and my partner are people who just want to get into our first home!

I am very tempted to call the bank and tell them their solicitors are behaving appallingly and slowing down the sale so they may have to go another month without any money!

PasturesNew

These are the problems you get when buying a repo. The path is never smooth, nothing's assured - and nasty, hidden problems can come to the surface due to dilgence of the professionals you're paying to help you.

It's just the way it is. Especially trying to exchange/complete on the same day, exchanging first then completing is a far less stressful way of doing things because then at exchange "you know" and can plan for the completion date.

BeccaBell

We were given a standard contract and were not allowed to make any ammendments to it, which is quite standard when buying a repo. One of these stipulations is the property is not offered with vacant possession which is a stipulation of our mortgage the only way around this is to exchange and complete on the same day. It is not my choice.

sonastin

In my case, I don't really feel like I'm profitting from someone's misfortune. The previous have cut too many corners and the "improvements" show too many signs that they were trying to make a fast buck by borrowing loads, extending the place and then selling for a profit before anyone noticed the poor workmanship. Then the recession hit, there wasn't the easy borrowing to get it finished and there wasn't the housing bubble to sell it on quick and they've been caught out.

Some folks who face repossession are just unlucky and don't deserve to be in that position, but I think the pair who owned this place have definitely brought it on themselves.

BeccaBell

I really do feel for you Sonastin and all those who go on about getting the properties at well below market value should realise there is often a big problem with the property and no one to answer your questions.
The minute we move in the kitchen needs to be changed as the current one was an Ikea job the previous owner clearly fitted himself. Badly. On the plus side the bathroom is all Italian marble and incredibly well fitted.
Still no reponse if we will be completing tomorrow.:mad:

Milliewilly

BeccaBell wrote: »

I really do feel for you Sonastin and all those who go on about getting the properties at well below market value should realise there is often a big problem with the property and no one to answer your questions.
The minute we move in the kitchen needs to be changed as the current one was an Ikea job the previous owner clearly fitted himself. Badly. On the plus side the bathroom is all Italian marble and incredibly well fitted.
Still no reponse if we will be completing tomorrow.:mad:

Any 'big' problems would be picked up on a Survey. Badly fitted kitchen etc is obvious on viewing. If the house sells below market value then it reflects the work needed.

Having been outbid on several repo's since last September the ones that don't need work end up going for 'normal' or in some cases way above advertised prices anyway.

BeccaBell

Well we certainly wont be exchanging/completing today. We are pushing for tomorrow and I am using the idea of pushing positive thoughts into the universe to make the selling solicitors get off there bums and write an e-mail!!! Because as far as I can see (and my solicitor is telling me) we are simply waiting on them confirming something in writing!!!

BeccaBell

Hello!

After what feels like forever we are moving in TODAY! i would just like to say a BIG THANK YOU to all the MSE'rs who have offered me advice and support over the past few months it's been hugely appreciated! :beer:

Now off to the home improvement boards with me to make my new place lovely... the MSE way of course! :money:

THANK YOU

BX