Nervous shared-ownership FTB - timescales for draft contracts?

Bargain_Rzl

I'm buying a shared-ownership flat ... The housing association wrote to me on Monday accepting my application and reservation fee, and saying that the particulars have now been sent to the solicitors ... The HA have imposed an exchange deadline of 18th September or my purchase is not guaranteed ... My solicitor, at last time of asking (yesterday p.m.), now awaits draft contracts from the HA's solicitors ... How long should I expect this stage of the process to take? Pardon my ignorance, just a bit nervous and trying not to let anything get delayed

DopeyDora_2

Hi Bargain Rzl

I am at the same stage as you. The vendors are iasking for a 28 day exchange, but my solicitor is awaiting a "contract of sale" from the vendor's solicitors before the searches and so on can be done (didn't stop them cashing my cheque though!). Someone on this forum told me that the 28 days can't start until their solicitor has released this paperwork which has made me feel a bit better. I am phoning my solicitor for an update as I last spoke to her last Friday.

It is all a bit nerve jangling isn't it? I'd also be interested to know how long this can take, bearing in mind I've been told the local searches in this area can take 2 weeks to come back...

Dora x

Bargain_Rzl

Thanks Dora! ... I've been told pretty much the same thing, that they can't do anything else until they receive the contract ... Like you, I've had my cheque cashed ... In my case though, it's a fixed date (18th Sept) not "28 days from xxx" so if I haven't heard more within the next few days, it would seem that the onus is on me to work out what's going on! :rolleyes: ... You'd think that producing draft contracts would be a piece of cake ... They must have standard forms of contract where virtually all they have to do it fill in the blanks, surely?

Jorgan_2

It really depends on how switched on the HA solicitor is on getting the paperwork out to your solicitor. If a week passes & your solicitor hasn't heard anything, get onto the HA & tell them that you are doing all you can but their sol isn't helping matters. Make sure you get a contact name at the HA & try & speak to the same paerson each time.

Bargain_Rzl

Update: contracts arrived at my solicitor's office this morning after the HA kicked their solicitor up the backside (metaphorically I hope! ). This leaves me with 34 days until the deadline. Any news on yours, DopeyDora?

DopeyDora_2

Hi Bargain Rzl,

Glad things are moving now for you. Seems like these solicitors do need a bit of nagging!

Lots seems to have happened here this week. The searches have been done & are back with the solicitor. They were really quick, taking less than a week. Should have a copy of those in the post when I get home from work tonight.

The mortgage valuation has been done, received a copy in the post yesterday. That's all fine, the only comment was that the house needs decoration/minor repairs to update it (knew that already, just needs a good scrub & a lick of paint).

The solicitor is awaiting the fixtures & fittings list from the vendor. Hopefully that will be with them early next week (the vendor has already moved out as she was relocated with work, so presume she will have to make a trip here to complete the list, hopefully over the weekend).

So all being well, we should get the mortgage offer on Monday apparantly & be able to sign contracts by the end of next week ready for exchange. Fingers, toes & everything else crossed.

Feel less frazzled this week!

Dora x

Bargain_Rzl

Hi Dora ... Latest source of stress is the fact that my mortgage valuation has been very slow in being arranged ... It's due tomorrow ... I'm panicking about it because the block of flats has shops (well, they WILL be shops, they're not yet let) on the ground floor, and I'm worried that it's going to make the lender turn me down (my broker knew about the shops before we applied) ... Still I would think (maybe naively?) that HAs developing "affordable housing" designed to be bought with a small mortgage, wouldn't offer properties that were almost impossible to get a mortgage on

DopeyDora_2

Hiya,

I'm sure unless there's going to be a nightclub, late night pub or similar premises in one of the units there won't be any problem, but completely understand that everything is a worry/source of stress when it's all an unknown.

I just want the mortgage offer now!!! The broker called an hour or so ago & said he reckons Nationwide will be busy at the moment because of the rate changes (cue panic), but then said he thought it could be late this week/very early next before we get the offer (fine by me, phew!).

Let me know how it goes. I reckon we should both end up moving around the same time, all being well!

Dora x

Bargain_Rzl

We do seem to have a lot in common! I've also applied to Nationwide (through a broker) ... Perhaps I'm being naive but I would have thought that a building purpose-built for mixed retail/residential occupancy would have terms in the retail lease agreements including what sort of businesses are or aren't allowed to operate on the premises? That's certainly something I would ensure if I were the freeholder! ... The flats have a communal entrance which the shops do not share ... "My" flat faces the rear of the building and does not overlook the shops ... According to my broker "the Nationwide likes new-build" ... So fingers crossed, and we'll see what they say!