Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Saved Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Flip

Find financial and money saving discussions including debt and pension chat on our Money forum.

Money matters

DELAYING house buying process!!

10 replies

ButtonMoon · 26/11/2004 21:05

About to buy a house but need extra time to collect finances.......How can I extend the 28 day period that it usually takes to exchange contracts? Any hints or tips?

OP posts:

Thanks

Report

WigandRobe · 26/11/2004 22:10

Message deleted

Thanks

Report

Kaz33 · 26/11/2004 22:45

No set time period that it takes to exchange contracts, 28 days sounds quite fast. Solicitors are experts in delaying matters. Just say to your solicitor that you don't want to exchange yet, he can easily slow the process down. All he cannot do is lie on your behalf - if he gets asked a straight question then he will have to tell the truth. So if the seller asks _ "Is the finance in place ?" he will have to answer.

Be very pernicekty, ask lots of stupid questions about the property that you are buying and then when you get a response answer follow up questions.

Thanks

Report

ButtonMoon · 27/11/2004 19:15

Thanks for the advice...just to be thick...what sorts of questions could i ask ?(it's a 1930s property btw)

OP posts:

Thanks

Report

hunkermunker · 27/11/2004 19:19

Have you had a survey? Is there anything in the survey or searches that looks like it warrants a second look? If there is, can you get a builder or someone in to look at it for you?

We bought a 30s terrace last year and from our initial viewing in April, it took til October to move in. When we bought our flat 18 months prior to this, it took us from November to the end of March. We used a different solicitor, but we had a combination of things go wrong - our buyers went on holiday for a week just as we were due to sign and exchange for one thing!

How much extra time do you think you'll need?

Thanks

Report

ButtonMoon · 27/11/2004 19:24

survey not been done yet..we are getting someone in soon....the vendor wants to get it sorted before the new year!!! our solicitors will not slow process down, already asked and got a icy response so we need to do slowing down indirectly ourseves!

OP posts:

Thanks

Report

hunkermunker · 27/11/2004 19:28

A survey on a 30s house is bound to show 'something' that needs a second look. New Year is REALLY quick for it to all go through. Try not returning calls until the end of the day when it's not possible for them to do anything until the next morning - that way you effectively waste a day. I hope your vendors aren't on mumsnet too!

Thanks

Report

WigandRobe · 27/11/2004 19:29

Message deleted

Thanks

Report

Freckle · 27/11/2004 19:54

Chances are that the process will take longer than 28 days anyway. Have you had your search back yet? Don't know if you could contact the search department at the council and ask them to prioritise other searches . They'll be dreadfully surprised as they usually get calls asking them to hurry up. Might not work if your sellers have provided you with a sellers' pack though.

Has your mortgage offer come through yet? If not, you may find that your lender is not terribly quick at instructing a surveyor to do a valuation survey.

If you are instructing someone to do a survey, ask them not to hurry it too much and tell your solicitor that the surveyor is pretty busy and can't get it done in the time-scale required.

Thanks

Report

prufrock · 27/11/2004 20:07

Why on earth will your solicitors not slow the process down. You are paying them - they should bedoing whatever you want them to do, as long as it is legal. And saying before you exchange contracts that you don't want to rush is completely legal.

Thanks

Report

prufrock · 27/11/2004 20:09

Oops - posted before I'd finished!
It is getting to be more of a buyers market now. If you tell your vedor that you really don't want to complete before New Year I doubt very much that they would want to put the house back on the market - they would be very unlikely to get another offer in, exchange and complete before then with anybody else.