Waiting times on a repo

tedglen3

Hello, We have just had an offer accepted on a property, however this is a repo. They have told us we must exchange within 28 days. I am slightly worried because searches can take some time? What will happen if my solicitor cant sort it in this time frame?

I have heard a lot on here about average times taking 8-12 weeks

kingstreet

Instruct your solicitor to carry out searches immediately and have them proceeding at the same time as your mortgage application.

I can't see the vendor pulling out if one search takes a bit longer to get back when you've done everything you can.

Let's face it, any new buyer would also need the same searches and would have exactly the same problem!

split_second

make sure your solicitor knows its a repo and pulling their finger out is needed, i completed on a repo in 22 days including 2 bank holidays and that included mortgage going through from scratch with a broker.

these things can be done if those involved know the urgency and are willing to move their backsides accordingly

jaffs

Make sure everyone knows its a repo, banks, solicitor etc so they know the timescales.

If you haven't completed within the 28 days they are unlikely to pull out, when we tried to buy a repo we were told that as long as you are actively progressing the 28 days will be extended, as they would just have to start again with another purchaser.

InkZ

I don't think it is a problem, your main danger is someone else gazumping you just before exchange so you need to exchange asap.

tedglen3

once again, thank you all for your help