Repossessed house and draft contracts

loujay_2

Hi, we had an offer accepted over a week ago on a repo. The EA stated we had to move quick as we only had 28 days from draft contracts landing on our solicitors desk which would be in the next day or two (week ago). So weve managed to get survey done this Friday, sorted the mortgage and seen my solicitor who says he's able to make the deadline, so where are the draft contracts??
Got a phone call today from my EA telling me that contracts hadnt been recieved by my solicitor. Im aware EA are only keeping me updated but it was as if I was supposed to know where they are. Is this normal for the contracts to be delayed. The EA we are buying from made it all sound like a mad rush and the BS selling to me seem to be taking their time.
Also my solicitor said that my buyers solicitor isnt happy about me buying a repo as it could mean the chain will not complete, due to deadlines, she said I had agreed to move into rented and the repo throws a new light on things. I did say I would move out but only if I couldnt find a property so I wouldnt hold things up. The searches are due back on my property so they have a head start on me. Why is it my solicitor can meet the deadline but my buyers finding it a problem with a month head start?
In the next breadth buyers solicitor has said shes now waiting on my purchase progressing before my buyer can sign. Sign what?
Sorry for the lack of knowledge but its 10 yrs since I first bought a house.

Doozergirl

Well done for beating off the other buyer! :beer:

We were given two weeks, but in reality, they were slower than we were. I think they just need to be sure you are able to move quickly. Good thing for you is that you've got plenty of time to get searches and mortgages sorted at your end.

It sounds like your buyer's solicitor is talking about signing the contract. There should be no problem with her client signing the contract at any point up unitl exchange. It sounds like she's being difficult and I would set your solicitor onto her to find out exactly (and I mean a precise list) of what her problems are so that these can ticked off and you know exactly what is going on. You have to play hardball to keep this moving along quickly and excuses from your buyer's solicitor won't fit here.

It's not easy

loujay_2

Problems??? Please dont say that word....:eek: What problems could I get now? :eek: :eek:
Thanks for replying to my rant and saving my sanity. LOL
What does it mean when we sign the contract?:o and how long is it usually to exchange.
Buyers solicitor already asking about structural alterations to my house..... this came about when surveyor said 'it APPEARS theres been structural alteration to the first floor landing, I PRESUME building regs/ planning were consulted' The walls removed were stud partition walls, I realise surveyors have to 'sit on the fence' but to rectify it I had to beg the Building regs man to come out to check the work. He laughed when he saw it and couldnt believe what had been put in the survey and wrote me a letter to back it up...nice man. Anyway hopefully thats sorted now.
You were right about the stress, I want to go to all solicitors, bank and EA and shout. Come on, come on... hurry up or something like that!!!
Thanks again for replying

Doozergirl

When you sign the contract it simply means that both solicitors are happy with what the contract says and will let you sign it. It will sit in the file until they are both happy for you to exchange.

There is no specific timeline between signing and exchanging because the contract involves dialogue between the two solicitors only. Searches and mortgages all involve outside agencies, so exchange occurs when all questions are answered by all agencies. The order in which things happen just depends on who communicates better or faster.

loujay_2

:T , well I suppose at least the contract part of it must be ok.
Searches back on my house anytime, and my buyers house searches are a week behind my house.
Fingers crossed everythings ok.
Thanks