Offer accepted on a repossessed property

waynede

You might want to check with your solicitors what there working hours will be over the holidays, I have just completed but whenever I recieved paper it always stated this:

CHRISTMAS AND NEW YEAR OPENING HOURS :

Please note that our offices will be closed from 1 pm on the 24th December 2010 until 9 am on the 29th December 2010 and then from 1 pm on the 31st December 2010 until 9 am on the 4th January 2011. We wish you all a Happy Christmas and Prosperous New Year.


This will then give you a clearer idea as to whether that deadline is possible.

Milliewilly

Katieprecious wrote: »

I've got the cogs in motion now, applied for a mortgage yesterday and I've spoken to an underwriter today and been advised my application has been successful and I will receive my mortgage pack in the post. I've also paid for the valuation so hopefully this will be processed quickly.

I'm wary that the date I've been given for exchange of contracts is 5th January, fingers crossed all is complete by then but I'm dubious about it with Christmas ect... Does anyone know how strict the "change of contracts date" is?

Thank you in advance

I think this is optimistic - the weather for one will hold up the post let alone the christmas volumes. Valuation is usually done within a couple of weeks. You wont be able to exchange unless you can fund the deposit yourself which is risky if you haven't had your mortgage approved. You can delay exchange but it will give someone else a chance to counteroffer. A condition of my repo purchase was to complete within 28 days not just exchange. I also had to pay the other sides (banks) legal fees - this was buried so far in the contract my solicitor missed it initially.