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Can't complete on reposession in 28 days, what then?

If I sell our house, and am successful in my offer being excepted on a repossesion, what if my buyer can't complete in 28 days? As I understand they will want a quick transaction completed. Do I have any kind of protection in this case? As I will have to have it valued and a full survey done, I might lose that money, if I can't complete quick enough, where do I stand, would they allow me more time? Any advice? Thanks also for all your previous answers.

Asked on Sep 16 2010, General in Salisbury | Report content

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  • Unfortunatley there is no protection, I would suggest that to minimise cost you use a no sale, no fee solicitor and get the best mortgage deal with minimum arragement a survey costs, provided there are no redemption clauses you can remortgage after you move in. Get a buyer with the shortest chain possible. On certain occassion the lenders may extend a deadline as long as they see you are doing everything you can and are close to exchange. Good luck

    Answered on Sep 16 2010, Report content
  • Mark is right you have little protection. If the 28 days expires the company can simply place the property back on market or ask the agent to approach the other interested parties. However if you are virtually there in reality will another buyer exchange quicker?

    Answered on Sep 17 2010, Report content

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