First time buyers hoping to buy a repo

onix22

Hello all,

We found a repo flat in London which we likea lot, but we have no knowledge of how to move fast and complete in 28 days. The estate agent told us it could be done in two weeks tops. Is it true?

Can anybody recommend a very good and reliable solicitor in London who can do the job as quickly as can be?

Many thanks,
Oli

ACG

2 weeks would be if you were buying using a bridging loan I would imagine.

Quickest I have done is about 3 1/2 weeks. You need to make your offer, get your application in and start the legal work at the same time.

Bare in mind that with repossessions they typically stay on the market until exchange of contracts. So you could end up being out bid at the last minute after incurring costs.

onix22

No bridge loan, ACG, we need a mortgage. So there is no chance to complete earlier than 3 weeks?

Any recommendations for a good, speedy solicitor, please?

Thank you.

ACG

I would not have thought so, I could be wrong but I have never seen it done in 2 weeks.

Good, speedy and on the lenders panel...
I would ring a couple of local solicitors and ask them if they can do it in 3-4 weeks. If you go over the 28 days, nobody will mind. It is just that they would want to see you all but done by then.

amnblog

Repos can often be umortgagable due to the condition they are left in.

If bridging a good size deposit is necessary.

Therefore FTBs and Repos do not mix well.

Get some advice from a Broker.

enthusiasticsaver

My daughter bought a repo flat about 4 years ago and stipulation then was exchange in 28 days. She was a FTB and the mortgage lender were really helpful in expediting the offer and valuation. She hired solicitor on basis he could do searches quickly and luckily management company were quick. I think it took 5 weeks from offer to exchange but luckily the bank selling the flat were willing to wait the extra week as she had done everything in her power to speed up the process.