Talk Morgan Forums Community The Malvern Arms Fast Track Conveyancing

I'm considering an offer on a repossessed property, owned by the bank.

The property has been empty for several years and the owner has basically "done a runner".

Being a corporate sale, even if my offer is accepted, the property will remain advertised until contracts are exchanged. In addition a public notice will be generated advising the sale value and inviting higher offers, again valid until contracts are exchanged

Hence I'd like to complete in double quick time in order to reduce my chances of being gazumped with the subsequent loss of several hundred pounds in various fees.

Does anyone have experience of fast-tracking the conveyancing in similar circumstances ?

There is such a thing as exchanging contracts "subject to satisfactory searches" . It may be worth asking the Bank if they would agree to this method so that you can enter into the race but there is still likely to be some lesser delay before your solicitor gives you the OK.

Don't......
Get a proper solicitor and impress upon them the need for speed, ideally someone you can go and sit in front of in necessary.
IF........ it falls through or you lose it, so be it. Your solicitor may uncover something which may make it not worth buying.....🤷🏻‍♂️
The bank's repossession sale process is what it is, it's a game, and one to be played on their terms by anyone who wants to play.......
Waaaaay better to lose a few hundred pounds on an aborted deal than be stuck with a property which, for whatever reason, proves to be unsuitable....!!

Good luck

🇬🇧🇬🇧

One of the usually delays is the searches.............and that's something not to skip on. The most important aspect is to make sure you get clean and good title to the property, no matter how long it takes.

Having gone though the hassle of moving last year, fast & conveyancing really don't go together, searches are often outsourced and out of your control, we're still arguing with the land registry over inaccurate plans 15 months later.

But good luck with your purchase

You could always ask Angela, sure she would know a way round things!

Sir P