Ready to exchange - is this normal?

scooter_chick

Apparently I'm finally ready to exchange contracts. This is the first time I've sold a property & I last bought 13 years ago, so I can't remember what happened then. So I need your help - I don't know if this is normal procedure or not.

My solicitor came on a personal recommendation, she's based in a different town to both me & the properties concerned. I have no intention of going to her offices.

So anyway, she's just emailed me the 'report' for the property. This consists of 2 pages of report, the HM Land Reg page, the TA6 (Property Information form), the TA10 (F&F form), a copy of the listing (it's a Grade II listed building), then a few planning docs & damp guarantees. 27 pages in total. She's then said "If you are happy with the report perhaps you will be kind enough to email authority for me to sign the Sale and Purchase Contracts on your behalf and we can then go ahead to exchange with a completion date of xxx"

Now, I've not seen copies of the actual contracts (although we have discussed a couple of clauses over the last few weeks). Is this normal? Surely I should see a copy of what's to be signed, even if she then signs on my behalf. Or are they completely standard beasts?

Would really appreciate the advice of the more experienced people on here, I don't want to hold up the process unduly, but this does just seem odd to me. If I asked to see copies of the contracts, would that be reasonable?

Many thanks!

sonastin

I don't think it is unreasonable to ask what is being signed in your name but how much do you really want to? From what I understand, property contracts are particularly complicated beasts and not very friendly to the un-initiated. Are you actually going to read it and are you likely to understand it if/when you do? If you feel you want to see it either way, I would ask for a copy. Might be that it isn't e-mailable though if the file size is too big.

G_M

Sounds unusual. I've always seen the contracts and physically signed them but maybe recent processes, with email etc.....
If there's no huge hurry I'd've thought posting 1st class each way would only add 2-3 days..

scooter_chick

sonastin wrote: »

I don't think it is unreasonable to ask what is being signed in your name but how much do you really want to? From what I understand, property contracts are particularly complicated beasts and not very friendly to the un-initiated. Are you actually going to read it and are you likely to understand it if/when you do? If you feel you want to see it either way, I would ask for a copy. Might be that it isn't e-mailable though if the file size is too big.

Yes, I actually would read it, no I probably wouldn't understand every word of it, but I think I could manage the general gist. And I have a good friend who is a barrister!

G_M wrote: »

Sounds unusual. I've always seen the contracts and physically signed them but maybe recent processes, with email etc.....
If there's no huge hurry I'd've thought posting 1st class each way would only add 2-3 days..

If only there was no huge hurry... my vendors are pretty insistent we exchange this week, and I want to achieve that too for a number of reasons.

Think I'll ask to see a copy, just for my own piece of mind. I don't want to be back here in a few days/weeks/months with some issue, and have everyone say "Well, didn't you read your contract before you signed it"


Would still be interested to hear if this has happened with anyone else, it does feel a bit odd to me....

Richard_Webster

It is true that contracts are very technical and most lay people would get very confused about their wording.

However I would be unhappy about having a client's authority to sign a document unless they had seen at least a copy of what I was going to sign so they could ask what the various clauses meant if they wanted to.

I am concerned about a 2 page report. How can they possibly explain all the legal implications of buying a property in two pages? Is this one of these tell it is £200 but add on extras and charge you £600 outfits?

G_M

scooter_chick wrote: »

Yes, I actually would read it, ...

If only there was no huge hurry... my vendors are pretty insistent we exchange this week, ..
Think I'll ask to see a copy, just for my own piece of mind.

....

Why not pay a few quid extra and get it delivered and returned same day by courier?

Bananamana

Ask them to email you a copy - its clear they have access to a scanner. You could sign and return it by next day.

You need to check your names, chattel prices and most importantly the price. Also there may be some special conditions.

2 page report is kinda thin - is it all specific to your property or just generic advice?

scooter_chick

Richard_Webster wrote: »

I am concerned about a 2 page report. How can they possibly explain all the legal implications of buying a property in two pages? Is this one of these tell it is £200 but add on extras and charge you £600 outfits?

Yes, I feel a bit uneasy about this too. I was expecting something more than this, but I wasn't sure what's normal, or what sort of things the report should cover.

No, it's not a cheapo outfit - it's a normal firm of sols, that came recommended. I wanted to go with a 'reputable' firm.

Hmmm, really concerned now, not sure what to do

Bananamana

If the title is straightforward and all the documents referred to in the PIF and searches are available then 2 pages may be all there is to say.

Have a read of the papers and give the solicitor a call for a chat to go through some of it. Cant hurt

Richard_Webster

The report needs to deal with all the standard misconceptions like that the local search doesn't tell you half the things people think it tells you.

No good just saying to read the documents - the major points need to be explained and emphasized. How many people have I told to get not only Planning and Building Regulation consent for their proposed extension but also that of a previous landowner under a restrictive covenant - they still plough on and when selling tell me that they phoned the Council and "They said that no consent was needed for the conservatory"...."Didn't you remember I told you that you need XXX's consent as well?" If they don't remember when I have clearly explained it and emphasised the point in bold etc in my report they are certainly going to moan if I say "Well I sent you copies of the old conveyances to read through and you should have realised that you needed consent from the original builder..." I think I would be on weak ground if they sued me...

Bananamana

My point is it may just be straight forward - i do agree that two pages seems thin. There may not be any covenants. If you can't trust your solicitor then there is clearly a problem. As a rough guide what you would want to see in a report at a minimum is:

1. A list of all rights in your favor or being pointed to where they can be found - with an explanation of any complicated rights
2. A list of rights enjoyed by third parties including any onerous rights
3. A list of all covenants affecting the property and proper explanations current / potential future issues. Especially if there have been works done.
4. Issues arising out of your searches - obviously the main point in your case is that it's a listed building and works have been done.
5. Issues arising out of the sellers replies to the PIF and solicitors additional enquiries.

with discussion therein where required.