How Strict is my 21 day deadline :S

Katieprecious

Hi all,
My offer was accepted for a repossessed property on Monday and I've been advised I have 21 days until the exchange of contracts date (5th January) so I need to proceed really quickly, I just can't see the possibility of being able to meet this deadline with Christmas being in the middle of it! So far I've sent my forms and cheque back to my solicitor and my mortgage application has been accepted and I'm expecting to send my identity documents to them today for checking and they will then go ahead with the valuation.

I'm going as quickly as I can I'm just worried that the deadline will come and everything wont be ready.

Has anyone had experience with this? If its out of my hands will it be ok if things aren't quite ready?

Thank you in advance

G_M

It's a guide. They will not tell you to get lost if you are ready to Exchange after 22 days - unless of course they have another buyer who IS ready, but that can happen at any time. Cash buyers have an advantage as no mortgage delays. Just move as fast as you can. Don't use post - take signed documents/ID etc in to your solicitors. Sign the contract while you're there to save it being posted to you and posted back. etc etc

bris

If it's only to exchange contracts then you have nothing to worry about as long as everything is in place and you foresee no problems with the mortgage etc. It's the completion date you need to worry about the most as this is normaly 28 days in these circumstances.

betmunch

Did you go ahead with the HSBC mortgage in the end?

Setting a 21 day exchange target is all well and good, but if your not ready in time, and theres no one offering on the property either, what exactly are they going to do?

They certainly arnt going to refuse to sell to you without another buyer waiting as this would mean they have failed in their duty of care to the repossessed owner.

Personally I would work my socks off to get everything ready for the 21 days, but if it didnt happen and I could look myself in the mirror and say i did everything I could, then I wouldnt worry.

poppysarah

Christmas is tough. Did they change the time of christmas this year and catch you out?

You could tell them it won't happen in 21 days but might happen in 21 working days. See what they say.

How fast is your solicitor? Do they do auctions? (They're usually the fast ones)

sonastin

poppysarah wrote: »

Christmas is tough. Did they change the time of christmas this year and catch you out?

You could tell them it won't happen in 21 days but might happen in 21 working days. See what they say.

How fast is your solicitor? Do they do auctions? (They're usually the fast ones)

Or even 15 working days - that's what you would get during a normal 21-calendar days period.

As long as you are making good progress towards being ready, they won't refuse to sell it to you. Even if you aren't making any progress towards being ready by the deadline, all you would need to do it "start again" when you are ready - re-submit your offer, let them advertise it for 7 days, exchange contracts. As long as no one else comes along with a higher offer you'll be OK.

Katieprecious

No I didn't go with HSBC in the end I went with Post Office Mortgages, all seems to be very quick so far so I've got my fingers crossed all goes well

betmunch

Katieprecious wrote: »

No I didn't go with HSBC in the end I went with Post Office Mortgages, all seems to be very quick so far so I've got my fingers crossed all goes well

Probably a good move IMHO

Doozergirl

Don't worry. Their solicitor won't be responding quickly enough over the Christmas Period for you to do it in time. You push as hard as you can, but don't stress it. The agents will be closed as well so no-one else will be looking.

We've gone over a couple of times - always down to them, not us, and there wasn't a peep. We just carried on and exchanged. The only think you need to worry about is other buyers but the market is soooo quiet, agents don't like selling once they've sold (they'd rather sell two houses than one twice) and they will be closed over the Xmas period.

Just do what you can.