I don't think I can make exchange of contracts deadline!!

shakey999

Okay, so we're buying a repossessed property with a 28 day exchange. This ended last Wednesday. Our valuation, mortgage and searches have been approved. I called the solicitor today and he wanted us to post the signed deeds today (which we' e done) in hopes to exchange tomorrow, apparently, this is the deadline the sellers have put.

So we contacted my brother to send us the gift money, so we can send to solicitor. Except instead of sending by Chaps he sent it by Bacs, which probably won't be cleared until Monday/Tuesday now!!

Will the sellers care to extend the deadline? I'm concerned that they probably think they can sell it for more.

ACG

Nobody can answer that question as its entirely down to which way the wind is blowing.

They may do, they may prefer to hold out for more money. Depending on how much we are talking it may not be in their interest to everything again from scratch.

anselld

Normally with a repossession if there is any chance to sell it for more they will do that anyway. But of course the longer you leave it to exchange the more chance another buyer may come along.

Seems careless not to have the funds in place when you are already late for exchange. Has brother sent to you or solicitors? If sent to you you need to bear in mind you will still need CHAPS it to solicitors and that is only guaranteed same day if you do it before 11am I think.

shakey999

anselld wrote: »

Normally with a repossession if there is any chance to sell it for more they will do that anyway. But of course the longer you leave it to exchange the more chance another buyer may come along.

Seems careless not to have the funds in place when you are already late for exchange. Has brother sent to you or solicitors? If sent to you you need to bear in mind you will still need CHAPS it to solicitors and that is only guaranteed same day if you do it before 11am I think.

We were unaware of the deadline until today, and we didn't thi.k the 28day exchange was set in stone, we have done everything super quick.

The property is still on the market for 127k, we got 120k accepted, and the valuation was 118k but was accepted. I think it would be silly for them not to wait a couple of days.

anotheruser

Well that's because you are biased.
If someone has the funds right now and will pay a few thousand more then why wouldn't the vendor accept that?

SG27

Friends of mine bought a repo and went about 4 weeks over the 28 day deadline. It came went without anybody even mentioning it.

ging84

I'm buying a new build
I have gone well over the 28 day deadline by 3 weeks, and am not even close to signing.

krispy444

The vendors will give you a deadline to exchange and until you exchange they are marketing the property as they are obliged to get the best price for the property. Saying that though as long as you are being proactive in trying to get to exchange and informing the vendors solicitors of your current position then you should be ok. If it carries on too far past the deadline date then they may withdraw the contract from you but re-issue it when you are ready. Hope this helps.

G_M

As others have said, itall depsnds if another buyercomes along.

If there is no other buyer on the horizen, do you think they will refuse to Exchange just becauseyou are a few days late....?

On the other hand......

kingstreet

Repo it's normally a 28 day completion deadline, not exchange.

28 day exchange is usually associated with newbuild.

Either way, as long as you are making steady progress and the transaction is getting close to being finalised, a vendor of any type is unlikely to change horses midstream unless a sizeable extra sum is dangled in front of them.

Thrugelmir

shakey999 wrote: »

The property is still on the market for 127k, we got 120k accepted, and the valuation was 118k but was accepted. I think it would be silly for them not to wait a couple of days.

You could easily forfeit your deposit. The seller represents a borrower. So will act in the best interests of the borrower. If the course of action action results in a larger recovery. Then certainly in the borrowers interests.

Is your solicitor aware of the "gift"? That the funds aren't yours.