Desperately need advice- sellors solicitors gone bust and probate void

njh82

I will ask for a breakdown , though I know their rates are quite high per hour and they charge 10% of their hourly rate for phonecalls/emails. They have had ti chase every last bit of information, from leaseholder details to boiler service and asbestos surveys etc..instead of just gathering it all and sending it the vendors have sent it in dribs and drabs and not answered forms properly so the solicitors have had to go back and forth and chase for a prompt repsonse etc..at present it stands at 725 +VAT which has racked up over past 12 weeks. Everything is done such as checks draft contract etc..but some outstanding queries left so they can't write up a report for exchange and and no probate so we can't exchange anywyay

they really should't be allowed to put a property on the market or accept an offer if they don't have probate and thus technically not the legal right to sell..its not really fair on the buyers

njh82

So our EA called today and informed me that the vendor had no idea that the probate was being held up and thought it had come through. he 'claims' to have been in the dark himself and was going to call his solicitor to get to the bottom of it---sound dubious?

hazyjo

Doesn't sound dubious to me. Pains me to say it, but I'd trust the EA in this instance!

Jx

njh82

Thank, I do trust the EA, they have been the most help so far. I meant it sound dubious that the vendors solicitors would have kept them in the dark about an issue with probate and the vendor just assume all is ok

FatVonD

If it's a probate sale there may well be several people inheriting the proceeds that are all believing its all in hand, all decisions may have to be agreed by all those parties too which could hold things up so I don't think you'll see much happening (moving in wise) for a long time.

I think you should get your EA to tell them that, while your offer still stands, in view of the uncertainty (and the current falling prices) you will be looking at the market while you wait for them to be in a proceedable position. That way you've not pulled out if you really can't find anything you like more but if you do see anything else acceptable you can use it as a bargaining tool to push their price down knowing you have a back up plan.

I think you might be a bit naive trusting the EA, it does well to remember that they'll say whatever has to be said to keep (and maximise) their commission. Tell them you'll be looking via other agents too, they won't want to lose a FTB with deposit and mortgage agreed in the current climate (in any climate) so make the most of your enviable position, you'll never be in such a good negotiating position ever again (although it might not seem like it now!) You are both a seller's and an EA's dream customer so work it to your advantage!

njh82

Hi FatVonD, are you suggesting we may be in a position to renegotiate our offer? my fears are that we already got it for £12,000 under asking price so everything so far that we have asked them to fix (a few wiring issues) they have refused on the basis of already dropping in price...

We do really like the place and are scared of them telling us to !!!!!! off and withdrawing but also I know probate can take years and we can't rent for years! we have two kitties who are desperate to get out as we took temporary accomodation for 4 months hoping it would be done by then

njh82

hi, is it bad ettiquette to contact the vendors solicitors directly?

DVardysShadow

njh82 wrote: »

hi, is it bad ettiquette to contact the vendors solicitors directly?

Personally, I am not too bothered about 'ettiquette' - there is some in this instance, but it is more that vendor's solicitor won't talk to you than you can't talk to them

LandyAndy

KiKi wrote: »

If the management company haven't done accounts since 2009, you absolutely must NOT exchange without these. There are some unscrupulous management companies (whether it's outsourced or managed by the freeholder/s), and you don't want to get hit for unexpected costs. For all you know they could be in debt from works done to the property, and are about to increase the annual fees by £1000s to cover it. Honestly: do not exchange contracts until you have a FULL picture of the finances of the management company, what costs are coming up, and what the current seller will be paying for.

Let us know how you get on.

KiKi

Assuming it is a private company it has 9 months from its accounting reference date to file accounts.

Therefore it is most likely that the last available accounts will be from 2009.

neverdespairgirl

Richard_Webster wrote: »

Buy a flat and pay a solicitor only £300 for doing it and you may well find you can't sell the flat because he hasn't checked anything!

I agree, £300 sounds very cheap for a flat purchase, with lease / freehold / covenant / managing agents and all the rest of it.

Pay peanuts, get monkeys, sometimes.