Conveyancing in 28 days

graduate

Hi,

We are looking to purchase a repression property and the vendor would like to complete within 28 days. Does anyone have any experience of firms that can complete in this timeframe? Would it be better to use a local firm or an online firm that advertises to complete quickly?

Firms that I have found online so far are:
Move28.com
Fridaysmove
Express conveyancing

Thanks

G_M

Use a local solicitor where you can go in and sign papers next day, and hastle them if required.

Ignore online conveyancing[STRIKE] farms ([/STRIKE]oops firms).

28 days is standard target with repos, but is not set in stone. If you are a week away from Exchanging, do you really think they will refuse to sell to you from day 29?

But remember if another buyer appears at the last minute offering more (whether day 27, 28 or 29) you may lose out.

So yes, move fast.

graduate

G_M wrote: »

But remember if another buyer appears at the last minute offering more (whether day 27, 28 or 29) you may lose out.

So yes, move fast.

Exactly which is why I would like to find one that can move fast!

G_M

graduate wrote: »

Exactly which is why I would like to find one that can move fast!

So follow my advice!

Walk up your High Street. Go in to 3 firms and ask to see a conveyancing solicitor for a quote. Ignore any that palm you off with a secretary or similar. Explain your requirements and get a commitment on speed. choose the one that appears most efficient/genuine.

Richard_Webster

Have you found out how long local searches take in your area?

Do you have a mortgage offer - if not - how long will your lender take to issue one?

These factors can make a difference and have nothing to do with how efficient your solicitor is.

Some lenders are sensible and allow more time in practice, others rely on intermediary companies that organise repo sales and can then make quite irrational decisions to pull cases and remarket them even though it doesn't really make sense.

ethank

In my area, it's three weeks for searches..... no way that we would have exchanged in 28 days!

graduate

Richard_Webster wrote: »

Have you found out how long local searches take in your area?

How can you find this out?

Richard_Webster wrote: »

Do you have a mortgage offer - if not - how long will your lender take to issue one?

Yes

Person_one

Don't stress about the 28 day thing.

I've bought two repossessed properties, the first one was about 6-7 weeks from offer to completion, the second was simpler and was 32 days.

In theory, the seller has a legal duty to get the best price they can to minimise the debt passed on to the previous owner who was repossessed. In reality, if you have progressed to a point where a sale is a certainty within days or weeks, its incredibly unlikely that you'd be dropped in favour of a better offer that isn't certain.

graduate

Person_one wrote: »

Don't stress about the 28 day thing.

I've bought two repossessed properties, the first one was about 6-7 weeks from offer to completion, the second was simpler and was 32 days.

In theory, the seller has a legal duty to get the best price they can to minimise the debt passed on to the previous owner who was repossessed. In reality, if you have progressed to a point where a sale is a certainty within days or weeks, its incredibly unlikely that you'd be dropped in favour of a better offer that isn't certain.

Thanks that is reassuring. When making an offer on a repossessed property how did you judge how much to offer under the asking price? The agent has given an idea of the level of offer they would accept but don't know how much to trust them.

pinkteapot

Are you sure you have a mortgage offer, and not just an agreement in principle? It sounds like you haven't offered yet and you can't get a mortgage offer until you know the address of the property you're buying and the amount of mortgage you need...

I second the suggestion to find a good local solicitor, not an online one. When you ask them for quotes, ask them how long local searches are taking at the moment. They'll know the answer for your local council without having to check with them as they'll be requesting searches frequently.

phoebe1989seb

ethank wrote: »

In my area, it's three weeks for searches..... no way that we would have exchanged in 28 days!

This ^

On our recent house sale (in Wiltshire) searches were taking four weeks, something our buyer hadn't reckoned on when they suggested an early exchange. Our own searches - different part of the country - took two weeks, but in the end the conveyancing process dragged on for nine weeks.

DS bought a flat recently where the vendor wanted a 28 day exchange - not a repo so obviously different to the OP's circs - but due to issues with DS's own sale, it ended up taking twice that long. DS was concerned that the vendor would remarket, but tbh once you're that far into the process it's unlikely you'd want the hassle of starting from scratch - although this was Brighton where flats were selling like hot cakes