Hi. I recently had my offer accepted on a reposession property. The property is owned by the lender, and they have stipulated that they will accept my offer subject to a 14 day exchange of contracts.

Whereas this isn't necessarily a problem, the conveyancing might overrun by a few days due to the searches. I wondered if anyone else have encountered this situation, and what the lender is likely to do if it is a few days over.

I have asked the estate agent, but she doesn't seem to be interested in asking the vendors. My solicitors can't get any sense out of them either.

Maybe ths is standard for a repossession? The vendors would be idiots if they refused to exchange because conveyancing overran by a few days. They would have to put it back on the market, consider offers, and go through the whole process again. In addition, they are unlikely to get such a good offer (over the asking price) from a cash buyer in a hurry.

I think you answered your own question!

Good Luck.

Just go with it. It is very unusual to have a 14 day completion on repossessions most Lenders insist on 28 days which is the norm. for these transactions.
Mel.

Thanks. I am continuing with the transaction, just a bit annoyed that they have decided to add unecessary hasle to the proceeding. I doubt if anyone would be able to exchange in 14 days.

On the issue of the searches, these can now be done online - at least, mine were - the results came back same day.

Well, we exchanged contracts last week, seven days late, but it was the vendors who caused the delay! It just goes to show that these dealines are fairly arbritrary.

Incidentally, a colleague is also buying a repo, but his is mortgageable, so they are after a 28 day exchange. It sounds like mortgage companies try and impose a standard 14 day for cash, 28 days for mortgage limit on buyers.

Despite the obvious work it needs doing to it, it is a lovely property, packed with original features, including an encaustic tiled hallway and path, and a porch with the original victorian tiles. I must admit, things like this helped sway the decision. It is also over 1400 square feet, so not a bad size. It is intended to be a rental property after I've done the work to it.

I am glad you got your house Ana

Ary.