Repossession - timescale

jaffs

I am in the process of buying a repossession, i was warned when i started that there is a strict timescale in which to complete - 28 days. However since i started the process the weather has been rubbish - loads of snow and as a result lots of things have been delayed - post not arrived etc.

I am fairly sure i have no chance of completing within the 28 days, how strict is this.

Does anybody have any experience of this, does this get extended.

The delays are not down to me, i have done everything as soon as i can, things are proceeding bt just with delays.

G_M

It's often quoted, rarely adhered to. Often the delay is caused by the selling bank. Just progess as fast as you can.

At the end of the day they want to sell. They are not going to tell you to 'F-off' just because 29 days has passed. Unless, of course they have another buyer lined up and ready to Exchange......

Flat_Eric

jaffs wrote: »

I am in the process of buying a repossession, i was warned when i started that there is a strict timescale in which to complete - 28 days. However since i started the process the weather has been rubbish - loads of snow and as a result lots of things have been delayed - post not arrived etc.

I am fairly sure i have no chance of completing within the 28 days, how strict is this.

Does anybody have any experience of this, does this get extended.

The delays are not down to me, i have done everything as soon as i can, things are proceeding bt just with delays.

Have you exchanged contracts i.e did you purchase this property at auction ?

papermoney

We have just completed today on a repo. It took just under 28 days and that was with a 2 day delay due to the weather.

I was told that if the solicitors can see that every effort is being made then extensions do happen.

Good Luck.

g_attrill

Mine was bought with a 28 day limit but ran over, not a repossession but a bulk sale of houses. I think if it is clear you are working continously and chasing everything as fast as possible then it will be ok, but perhaps make sure your solicitor has told the other side what is going on at each stage and how long the rest should be taking.

jaffs

Flat_Eric wrote: »

Have you exchanged contracts i.e did you purchase this property at auction ?

Not through auction, just Estate agents.

So far offer accepted, mortgage agreed subject to valuation, survey being done, got solicitor awaiting paperwork.

waynede

I exchanged on a Repo last Wednesday due to complete this Wednesday, I exchanged about a week after the 28 days deadline this was due to searches being late and other enquiries about the property being made.

The selling solicitors where contacting my solicitor regarding the hold but where very understanding that we where looking to go ahead with the purchase as quickly as possible.

From my experience I would suggest that you should be fine, but if you have any doubts might be best to contact your solicitor and just ask about the timescale.

sonastin

My 21 day deadline expired in August. I'm still waiting for the mortgagee to get on with their stuff to sell it to me! (And looking for something else in the meantime...) As long as you are making progress and not sitting pulling fluff out of your belly button (like my vendors ) then you don't need to worry about the deadline.