Few questions re contract of purchase

Doozergirl

Is it really a big surprise that it's dragging on if you are trying to micro-manage and do the solicitor's job for them?

The document you sign just contains variations or confirmations based on the standard contract. The fact that your sheet of paper doesn't explain it is because the standard contract as thick as a book; solicitors don't bother printing off and sending to each other when each knows what is in it, probably backwards. We as lay people don't get it becuase we're not expected to understand it, but we can trust that as it is approved by the Law Society, it is fair.

The 4% is on the full purchase price of the property plus the BoE base rate. It is per annum; it just is. No judge in the country is going to uphold a claim from anyone based on it being 4% over base per day, week or even month. They know what the standard contract is. I know it, your solicitor knows it, your vendor's solicitor knows it.

I'm not surprised your vendor is pushing to exchange if you are trying to rewrite a Law Society approved document.

Were they emailed the searches? My solicitor just forwards everything to me via email. We have an understanding - she sends me stuff, I don't try to do her job for her I dread to think what our relationship would be like if I didn't trust her to do what she is patently qualified for

I know it's hard but I genuinely think the best thing to do in any house buying/selling arrangement is to focus all energy on being relaxed and dealing with genuine issues when they arise. You have to choose your battles carefully if you want to come out the other side of it still sane!

HappyLady_3

Doozergirl thank you for your comments, honestly, you are being unfair now. I have only been asking questions on points that are not clear to me (including contract rate) and I think that my solicitor should work with me and explain everything clearly. I am not micro managing them, if I was to do so, what is the point of me paying them their fee? I would have done conveyancing myself if I wanted to micro manage something or someone. I have left them well alone (with one chase up phone call and few emails re progress) until this week when I finally received contract docs. Please do not forget that contract is exactly contract - and both parties agree to any terms in it and conveyancing contract should not be any different, in fact, as it is the only contract that need to be in writing (under English law), you can't blame me for being careful. Querying is not illegal and any good solicitor should have patience to explain.
Issue remains - I still don't know everything I would like to know about the transaction that will impact my life and my financial position because solicitor that is working for me is acting the way he is.

HappyLady_3

Just one more point Doozegirl, my solicitor does not email anything. They refuse to, everything comes via post. When I suggested that they could scan Local Authority Report and email it so I have it asap, he responded that he does not have to let me have it, as they do not let their clients have this document.

Richard_Webster

Doozergirl has already explained the point about the interest rate quite adequately so I won't go further into that.

Your solicitor should get the money from your bank the day before so there is no problem getting the money to the seller's solicitors by 2pm. If the money arrives after 2pm technically they can charge interest on it. Because chains can be quite long and there can be problems with the banks in doing the transfers most solicitors try not to charge interest if they get the money after 2pm regardless of the strict wording of the contract condition (we remember those that do just for the fun of it and are careful in dealing with the in the future!).

However it is there for a reason. If we have to pay off a mortgage by using an electronic transfer there has to be enough time to set that up and send it before the bank system closes down sometime between 1530 and 1600. So if I get the money in on a sale at 1527 it could be too late to redeem the mortgage and I would then charge the buyer the lesser of the contractual interest rate or the daily interest rate on the seller's mortgage. If the lender will accept a cheque to redeem the mortgage (e.g. Nationwide) then I wouldn't charge.

As far as providing copies of local searches I don't always do this because, frankly, some of the stuff is so technical that we can get asked loads of questions on it because the client has been confused by the information supplied. Having said that, trying the charge a client for a photocopy of it or a scanned copy by e-mail is a waste of time and calculated to cause ill will. If I was asked I would just supply it - life is too short to get into arguments about that sort of thing.

HappyLady_3

Richard your comments are very helpful.
How about answers to the queries that you (as sol) would raise with the vendor's sols re covenants, and others? Would you not provide this to your client? If he / she asked?
It seems that as I am new in this buying houses thing, I am breaching some sort of secret code of behaviour on what can be asked LOL.
Do I have a right to see the whole conveyancing file (including all the correspondence ect) if I wish to?
Could you clarify for me? Much appreciated!!

HappyLady_3

Richard your comments would be appreciated, thank you!

Richard_Webster

You do have a right to see the conveyancing file if you have paid your solicitor's bill.

Most solicitors will produce a written report on the legal aspects of the purchase with copies of the relevant documents when they send you the contract and other documents for signature. They should then highlight any matters that might be a cause for concern, or which could concern you if you take a particular action e.g. need for consent for alterations under covenants, but property not presently altered.

If we send people copies of questions and answers on their own we will be bombarded with all kinds of questions many of which will be covered in the final report. Also, if we have not had satisfactory replies to some of the questions a client is likely to ask for a detailed explanation and we can end up explaining lots of possible scenarios based upon speculation about what further answers we might get from the seller's solicitors. If we wait until we have the answers then we only have to explain them rather than speculate about lots of possible scenarios and thoroughly confuse and worry the client.

Its a bit like what happens if you go to hospital with some serious symptoms. The doctors will tell you they have to carry out a series of tests. They will not necessarily explain the significance of each of the tests and how they relate to each other, but will present you with an overall prognosis once they have done all the relevant tests.