SALE - Property Management Pre-Sales Pack

PompeyPete

The cost of a pre-sales pack from a property management company is around £150 + Vat.
At what stage during a property sale should your solicitor request this pack from the management company? What I'm really asking is should your solicitor have first confirmed with the buyer's solicitor that they have received a firm mortgage offer?

Cheers in anticipation.

Richard_Webster

The cost of a pre-sales pack from a property management company is around £150 + Vat.
At what stage during a property sale should your solicitor request this pack from the management company? What I'm really asking is should your solicitor have first confirmed with the buyer's solicitor that they have received a firm mortgage offer?

Unless a seller client specifically makes this stipulation then I wouldn't wait for that information., We don't usually get told by the buyer's solicitors about their client's mortgage, unless it it a reason why they are not able to exchange contracts.

Most sellers want to get on with the transaction as swiftly as they can and so would complain if their solicitor delayed by waiting until the buyer's mortgage came through to request the pack from the managing agents.

It often takes about 2 weeks to get the pack and then it has to be sent on the buyer's solicitors.

PompeyPete

Richard - Thanks.
I'll take that on the chin I suppose.

Before asking a client to sign the sales contract, shouldn't the solicitor have confirmed with the buyers' solicitor that there is a mortgage offer in existence?

Cheers

Richard_Webster

Before asking a client to sign the sales contract, shouldn't the solicitor have confirmed with the buyers' solicitor that there is a mortgage offer in existence?

No, if just selling, the solicitor may well get his client to sign the contract at the earliest opportunity so he has it on his file for when the buyer is ready.

PompeyPete

Richard_Webster wrote: »

No, if just selling, the solicitor may well get his client to sign the contract at the earliest opportunity so he has it on his file for when the buyer is ready.

Thanks.
When we attended the appointment (at the request of the solicitor), he told us that exchange could either be that afternoon or more than likely the following morning.
To me that is basically saying we are ready to exchange.
Should he have said that without first checking with the buyers' solicitor that a mortgage offer had been made by the lender?

Richard_Webster

I would only tell a seller that exchange would be likely the following day if I had already phoned the buyer's solciitors and they had said they were ready to proceed. If they said they were ready I would reasonably assume they were ready. I frankly wouldn't be interested whether or not they had a mortgage offer, as it would be up to the buyer's solicitors tio check something like that before they told me whether or not they were ready.

Often I would simply get the sale contract signed, emphasising that I was doing so only to have it available when the buyer was ready.

G_M

Richard - take a look at the OP's other threads - this and other questions already answered. Unfortunately the OP does not like the answers he's received, and is seeking to blame his solicitor, his estate agent, his letting agent (NOT a surveyor as yet......!) for the collapse of the deal pre-Exchange.

PompeyPete

G_M wrote: »

Richard - take a look at the OP's other threads - this and other questions already answered. Unfortunately the OP does not like the answers he's received, and is seeking to blame his solicitor, his estate agent, his letting agent (NOT a surveyor as yet......!) for the collapse of the deal pre-Exchange.

I don't think that's fair. I'm not an expert on this sort of thing. You obviously think you are, and from your input so far your contribution has been on the defensive. I respect what you've said, but whether I accept your answers as the final authority is another thing.
I've potentially lost a lot of money on this.
I've asked a lot of questions because I've got a lot of questions to ask.
In Richard Webster's last posting I've got the main answer that I needed, and would be grateful if you would lay off.

For info I've had a meeting with the estate agent late this afternoon. He has offered and I've accepted £300 as a gesture. The estate agent spoke to our solicitor this morning (they do a lot of business together), and the solicitor has agreed not to charge us for any work to date.
Our estate agent said that what has happened is bizarre, particularly when all our buyer seemed to be wanting to do was transport his mortgage from one property to another. Why Cheltenham & Gloucester have refused the mortgage offer on our property when they authorised the survey very quickly is a mystery.