To those selling in these difficult times Part Deux. AKA sellers support network!

Hopejack

I know pawpurrs - I can't go into the whys and wherefors as it's not my property and don't want to land my Mum in it but part of the hold up in the beginning was because my Mum had two houses she was wanting to buy fall through and so they asked for a little patience until they found somewhere. Sadly, two more houses have now fallen through - she's not having much luck - all through no fault of her own! So they are now looking to move in with us short term and then into our rented place once our tenants leave in Jan!

But, having said all that, she's been trying to chase the sale now for the past few weeks. Her solicitor seems on the ball but theirs is rubbish and they are out of the country which doesn't help things!

Survey now booked tho so things looking like it's moving!! It must have been the longest cash sale ever (it's a second home for buyers so they are not in massive hurry - obviously!).

So, anyone elaborate on estate agent fees being paid out of sale proceeds/pot of cash the solicitors have?? Come to think of it, I'm sure we also paid our solicitors from an invoice too - have I got it wrong?

Davesnave

Hopejack wrote: »

Last time I sold a house we were invoiced by the estate agents after the house had sold?? Is this not the norm now then? I'm obviously being dim but I've never heard of estate agents being paid out of a sale proceed??

I have my solicitor's Completion Statement in front of me (January 2009) and the agent's commission is included in that, so the solicitor paid them, paid herself and then passed the rest to us. (There was no mortgage.)

Hopejack

Thanks Dave! Our last sale was a good few years ago so maybe things have changed? EA maybe worried they aren't going to get paid lol!

Being really dim here then (nothing new for me tonight!), so, say we sell for £175k and want to use all that as a deposit on a new place for £250k (and obv mortgage for the rest), how can we ensure that all that £175k goes to the deposit? Do we have to pay another amount into the 'pot' to pay for sols/disbursements and EA fees to ensure we still have the £175k at the end of the selling transaction? That is of course presuming we sell and buy at the same time which in practice often doesn't happen!

Fortheloveofmoney

Speak to your solicitor as they will probably want the money for fees before completion as they take care of paying the EA. This is what happened the last time I bought a house anyway.

Having recently sold (completed last friday) the solicitor paid off the mortgage, took their fee and paid the EA before sending me a cheque for the balance.

Hopejack

Presume you weren't buying anything else at the same time then forthelove?

You are correct, best to speak to our solicitor when we sort one out - just trying to get my head around what we are going to need to do etc.

Davesnave

Oh I'm not saying all solicitors do it the way mine did. I don't sell enough houses to know that!

Here, when we were buying later in the year, the solicitors were very laid back about their fee, but perhaps that's a local thing. After all, I'm still waiting for my electrician's bill for work done two months ago. People in the village suggest it will probably take another month yet to get here!

I would just speak to your solicitor and find out what their procedure is. I'm sure they can vary it to suit your preferences and circumstances at the time.

kymie

Ok I know the answer is how long is a piece of string, but if we find a house this week that is empty...and things work perfectly....how quick could we get it through? Obviously Im thinking stamp duty and VAT increase on 1st Jan :~(

Milliewilly

kymie wrote: »

Ok I know the answer is how long is a piece of string, but if we find a house this week that is empty...and things work perfectly....how quick could we get it through? Obviously Im thinking stamp duty and VAT increase on 1st Jan :~(

Depends on so many things -my Solicitor assures me if he has the money and all the info from the Vendor he can do the conveyancing in a day :eek:.

Its not beyond the realms of possibility to complete between now and 31st December if you've got the mortgage or cash sorted, a surveyor lined up and a good solicitor.

Fortheloveofmoney

Hopejack wrote: »

Presume you weren't buying anything else at the same time then forthelove?

You are correct, best to speak to our solicitor when we sort one out - just trying to get my head around what we are going to need to do etc.

No. The house we sold was mine before we got married and had been empty for a few months.

We'll be buying and selling again next year though.

Hopejack

Kymie - I guess it all depends on the circs of the vendor really. Do they have anywhere to go etc or is it vacant possession?