PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Selling on , no chain , costs advise
izzzzythedog
Posts: 260 Forumite
We are selling our house and moving to a different area to be closer to the Mrs mother whom will need our assistence now and in her later years . Our house is inappropriate for this so were moving on and will be looking for a rental in her area and once settled to the area will look to purchase once more ( in the future ).
Our house is now sold subject to contract , i need to get the legalitys sorted and to be fair i havnt got a clue what im doing .
I assume ..... all i need now is a solicitor to enable the sale to proceed but thats all ?
So i ask 2 questions , am i correct or have i missed a rather large something ? . I will contact my mortgage lender to explain what we are doing but not until we are closer to complete . Beyond this whats to be done ?
The main question is i need to instruct a solicitor . Given it seems to be only half of what goes on in a normal house sale should i be seeking a discount ? It seems they will be there to do a quick looksee to make sure our names are on the deeds , sign a bit of paper and transfer money from their account to ours . Seems very harsh to be paying £700 for this . Am i wrong ? All advise very welcommed .
Our house is now sold subject to contract , i need to get the legalitys sorted and to be fair i havnt got a clue what im doing .
I assume ..... all i need now is a solicitor to enable the sale to proceed but thats all ?
So i ask 2 questions , am i correct or have i missed a rather large something ? . I will contact my mortgage lender to explain what we are doing but not until we are closer to complete . Beyond this whats to be done ?
The main question is i need to instruct a solicitor . Given it seems to be only half of what goes on in a normal house sale should i be seeking a discount ? It seems they will be there to do a quick looksee to make sure our names are on the deeds , sign a bit of paper and transfer money from their account to ours . Seems very harsh to be paying £700 for this . Am i wrong ? All advise very welcommed .
0
Comments
-
izzzzythedog wrote: »Given it seems to be only half of what goes on in a normal house sale should i be seeking a discount ?
Why is selling your property any less difficult than selling any other property? If by 'normal house sale' you mean buying and selling at the same time then yes, this will cost more. But this presumably isn't what your quote is for.0 -
if you have not even instructed your solicitor yet you can expect your purchaser to get very annoyed very quickly as you are delaying the process
assuming you do not intend to do your own conveyancing (and given you have a mortgage you won't be allowed to do all of it yourself anyway as the lender will require a professional conveyancer to be involved for their bits) you need to find a conveyancer/solicitor asap
your idea of what goes on when selling and what risks you as vendor are exposed to is so far removed from reality that it is beneath comment. £700 is not unreasonable.0 -
As above, presumably you have obtained a quote from a solicitor just for the sale of a property, and not a sale and a purchase? Which seeing as you mention a figure of £700 seems to be the case.
You are also employing the solicitor to deal with the enquiries raised by the purchaser and their solicitor, and ensure satisfactory answers are given. £700 sounds about right.0 -
Hi
Understanding ive never sold a property before and on looking around for info specific to us i cant find anything .
I figure ( rightly or otherwise ) that a solicitor has a set amount that is incresed by workload . I would have thought the standard amount would reflect communication backwards and forwards so in our case there is no forward solicitor EA and whatnot to have to communicate with . The buyers are first timers and we do not have a further chain .
So is it fair to say i should ask the price to reflect this on approaching solicitors or would i find im acting incorrectly ?0 -
As above, presumably you have obtained a quote from a solicitor just for the sale of a property, and not a sale and a purchase? Which seeing as you mention a figure of £700 seems to be the case.
You are also employing the solicitor to deal with the enquiries raised by the purchaser and their solicitor, and ensure satisfactory answers are given. £700 sounds about right.
Ive not approcahed anyone as of yet , ive a list as recommended by the EA ( i requested and they pointed out whom is busy and likely to delay the sale ) .
I came up with the figure of £700 based on reading what others have posted about their house moves but ive yet to find a price listed that is an end of chain price .... on the assumption that theres less work load ? , as i say i could be wrong and would welcome educating on this .0 -
izzzzythedog wrote: »So is it fair to say i should ask the price to reflect this on approaching solicitors or would i find im acting incorrectly ?
Of course you get quotes for a sale only rather than sale and purchase, this is one of the things you discuss when approaching someone for a quote.0 -
Whether there is a chain or not makes little difference to the solicitor, therefore their rates are unaffected either way.0
-
if you have not even instructed your solicitor yet you can expect your purchaser to get very annoyed very quickly as you are delaying the process
Good point . I intend to instruct hopefully by the end of the day . Its all going rather fast . We had the house placed on the market Sat , a viewing sunday , 3 on monday with an offer of the full asking from the first people whom saw it , we accepted tues and all but our solicitor being in place was sorted yesterday . Wow0 -
£700 for a sale only is pretty reasonable.
The process cannot begin without you instructing a solicitor, the instigation has to come from your side. They will;
Take all of the information about the property and identify you to ensure you have the right to sell the property
Draw up the draft contract and send it to their solicitor, who will then conduct searches, their solicitor will then respond with queries, which your solicitor will either answer directly or come to you for clarification, or else if all is well they will approve the contract and you can all agree a date to exchange and then complete or either do both together.
Your solicitor will also discharge your mortgage for you, settle any estate agents fees and then transfer the balance to you having deducted their own fees and disbursements.
Check with you mortgage provider how much notice they need to prepare a redemption statement.0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards