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Diary of a Buy to Let Purchase Part 13– Time is running out

So this endless saga which is my buy to let purchase continues.

And you won’t be surprised to hear that since my last blog, which was over a week ago, there has been no further update from the vendor’s solicitor.

Because it’s not like we are under any sort of time pressure and this hasn’t been going on for three months now.

I have known marriages which have lasted less time than this purchase has taken.

As luck would have it, the estate agent called me up today to ‘check everything is on course’. Poor man didn’t know what hit him with the tirade he received. This is how it went…

Me: We still haven’t heard from the vendor’s solicitor and I have to complete at the VERY LATEST on the 31st March.

Estate agent: Don’t worry, we’ve still got a whole month.

Me: Er NO, I don’t think so. It is Easter this month which means a four-day weekend starting on Friday 25th with no one working until Tuesday 29th. The reality is that the very latest my solicitor can submit the Certificate of Title is Wednesday 23rd March, i.e. three weeks to day.

And my lender also needs five working days’ notice for funds, so the very last day for this is also 23rd March at the absolute latest.

Together with the outstanding legal work, I also need to arrange for the Independent Legal Advice (see previous blog) which I am simply not willing to do until I see that this is actually going to happen as it’s expensive. Realistically it will take me a few days to get an appointment to get this done.

This means that if I haven’t heard that all enquiries are dealt with and my solicitor is waiting ONLY for me to get the ILA done by the 16th March, then the reality is that this purchase isn’t happening… I’ll be pulling out!

Calmly, my estate asked me if I could put that in writing. His final comment to me was:

Estate agent: I’ll keep an eye on it.

Well that’s encouraging... not.

Oh god, as I am typing this I’ve suddenly remembered that I will also need to sort out the tenancy agreement, the tenant’s deposit and arrangements with the tenant all still need to be sorted out too.

Again, I am waiting on ‘the others’ for this.

It’s not looking good, is it?!?!?!?

Diary of a Buy to Let Purchase

Follow Jeni as she recounts her experiences of becoming a buy to let investor for the first time.

Part 1 - It was that or a Range Rover

Part 2 - I've made £800 already and I haven't got the mortgage yet

Part 3 - The demise of Nathaniel Pig

Part 4 - Call off the dogs...

Part 5 - @***** bank account

Part 6 - Business bank account interview or Center Parcs?

Part 7 - Reality bites...

Part 8 - The method behind the madness

Part 9 - Join me in a buy to let fist pump?!

Part 10 - The silence is deafening  

Part 11 - Throwing toys out of prams

Part 12 - Stuck with the Mini... for now

Part 14 - The end of my sad little tale...

Part 15 - Just call me Peggy

Part 16 - A year on my buy to let portfolio grows by default

Part 17 - If Carlsberg made tenants - shame the same can't be said for the tax man

Part 18 - Always open the envelope

Part 19 - OMG EPC FFS

Part 20 - Buy to let mortgages and tenants are like buses



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