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I've read through the other repo threads but can't find my answer
spirit
Posts: 2,886 Forumite
Fistly a quick overview. The house I want to buy started off as an assisted sale. My offer was accepted by their bank just over 4 weeks ago.
Their agent told me that from then on i would deal with the owners as far as the contract etc was concerned. After just over a week of my offer being accepted, I'd not received any paperwork from my solicitors. It turned out that the selling agents gave the bank lawyer details not the sellers solicitors.
Another week goes by and still nothing. the story being given by the selling agents, is that the sellers didn't have photo id for their money laundering checks. Then last Thursday the agent said that the sellers had sent off the id last Monday. By last Friday my solicitor still hadn't recieved the contract pack.
The selling agent today tells me that the lenders have also lost patience with the sellers and if they don't provide the paperwork within a certain time frame (agent wouldn't tell me when this is) that the bank will repossess from them. They moved out in November apparently so is empty.
I wish I'd asked her at the time but have been thinking since that phone call this afternoon. She said something about a 28 day dealine and a financial penalty after that. The penalty is the question I have and can't find information on. I will ask my solicitor tomorrow but does anyone know?
I think they have a cheek if they want to impose this on me since I have been chasing them hard for the last 4 weeks and it is their client who has been holding things up. What if the searches don't come back quickly enough? Apparently the local council searches are taking about 2 weeks and of course the bank holidays will further hold it up :wall::wall::wall:
Their agent told me that from then on i would deal with the owners as far as the contract etc was concerned. After just over a week of my offer being accepted, I'd not received any paperwork from my solicitors. It turned out that the selling agents gave the bank lawyer details not the sellers solicitors.
Another week goes by and still nothing. the story being given by the selling agents, is that the sellers didn't have photo id for their money laundering checks. Then last Thursday the agent said that the sellers had sent off the id last Monday. By last Friday my solicitor still hadn't recieved the contract pack.
The selling agent today tells me that the lenders have also lost patience with the sellers and if they don't provide the paperwork within a certain time frame (agent wouldn't tell me when this is) that the bank will repossess from them. They moved out in November apparently so is empty.
I wish I'd asked her at the time but have been thinking since that phone call this afternoon. She said something about a 28 day dealine and a financial penalty after that. The penalty is the question I have and can't find information on. I will ask my solicitor tomorrow but does anyone know?
I think they have a cheek if they want to impose this on me since I have been chasing them hard for the last 4 weeks and it is their client who has been holding things up. What if the searches don't come back quickly enough? Apparently the local council searches are taking about 2 weeks and of course the bank holidays will further hold it up :wall::wall::wall:
Mortgage free as of 10/02/2015. Every brick and blade of grass belongs to meeeee. :j
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Comments
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I think you misunderstood the agent. There can be no penalty on you in this situation.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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