Should I use the same solicitor to sell my home and buy a new one?

Richard_Webster

If you are going to sell and move out and live somewhere else for a time and then but then it doesn't matter if you use two separate solicitors.

If you want the sale and purchase to take place at the same time so you move from one house to the other on the same day then it is madness to do anything but use the same solicitor for both - you will wind both solicitors up by doing so and cause unnecessary extra work. Chain Information up and down chains is bad enough as it is - adding an extra link in a chain of transactions is no help at all.

Quote:
Originally Posted by Evilm
It is standard practice to do so. It also means completion will go faster because your sale proceeds don't have to be transferred to another solicitor before your purchase funds can be sent on to the vendors.
We will need to pay off our mortgage early and get a new one my mortgage company tells me. So this wouldnt be so.

Why not? Even if you are staying with the same company it is pretty standard for the whole of the new mortgage amount (including any amount "ported" from the previous mortgage to be sent to the Buyer's solicitors the day before completion. On the day of a completion a Seller's solicitor sends the money to pay off the old mortgage back to the mortgage company . Much easier if it is the same solicitor.

If you want to move from one house to the other on the same day, have you got the money to pay off your mortgage early without selling your house? If not you will need the sale proceeds to do it - so Selling Solicitor gets money from sale and uses some of it to pay off the mortgage, their costs and the estate agents fees and sends the rest on to Buying Solicitor who uses new mortgage money to add to it to make up price of property being purchased. Problem is the unnecessary bank transfer between your two solicitors for which you will pay an extra £35 or so.

Evilm

coffee_king wrote: »

We will need to pay off our mortgage early and get a new one my mortgage company tells me. So this wouldnt be so.

Umm.. why?

We changed mortgage provider with the new house. What happened was this (amounts clearly made up):

Our purchasers sent £100k to our solicitors
Our new mortgage sent £100k to our solicitors
Our Solicitors paid off old mortgage of £50k
We sent £140k on to our Vendors Solicitors
£10k went to fees/ some money back to us.

No need for a second solicitor.

With a second solicitor it would have gone as such:

Our purchasers sent £100k to Solictors 1
Solicitors 1 paid off old mortgage of £50k
Solicitors 1 use £3k to pay associated fees
Solicitors 1 send £47k to Solicitors 2
Our new mortgage sent £100k to Solicitors 2
Solicitors 2 send £140k on to our Vendors Solicitors
£7k goes to fees/ some money back to us.


Doing it with 1 Solicitor makes it so much easier.

William01

[FONT=&quot]A reputable real estate agent can help you [/FONT][FONT=&quot]with the sale of your property and the desire to obtain the greatest profit available to reinvest later or transfer to savings. With the aid of these professionals, a person seeking to sell my home is providing themselves access to the best way to market and complete the sale on their property.[/FONT]

DVardysShadow

William01 wrote: »

[FONT=&quot]A reputable real estate agent can help you [/FONT][FONT=&quot]with the sale of your property and the desire to obtain the greatest profit available to reinvest later or transfer to savings. With the aid of these professionals, a person seeking to sell my home is providing themselves access to the best way to market and complete the sale on their property.[/FONT]

I get that funny feeling.

Gwhiz

DVardysShadow wrote: »

I get that funny feeling.

I know exactly what you mean ... like bile erupting

LandyAndy

And so keen! Up at 6.22. Not many people can face spam that early in the morning.