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How Do I Fast Track My Sale ?
thequant
Posts: 1,220 Forumite
I have just had an offer accepted on a property, I'm FTB and property is chain free.
The vendors position is that she is an elderly lady who is now in care.
Mortgage wise, I have an AiP from the post office, online reviews say they are very quick at processing.
I'm currently converting my AiP to a formal application, just missing a few details for the survey which I need to get from EA.
Solictors, I've contacted one to instruct them, but I don't seem to be getting much back from them at this stage. i.e. I have yet to be presented with their terms of engagement and asked for the usual ID.
Also I've not been asked in for an appointment (is one needed ?), I've emailed them a few times and dont seem to get much response except questions about who my mortgage is going to be with and responses from her talking about who "is or isn't on her panel".
property concered is a leasehold flat, share of freehold with 999 year lease.
What else should be I doing at this stage to speed things up, and what things should I expect to hold up the process later on that I can anticipate?
The vendors position is that she is an elderly lady who is now in care.
Mortgage wise, I have an AiP from the post office, online reviews say they are very quick at processing.
I'm currently converting my AiP to a formal application, just missing a few details for the survey which I need to get from EA.
Solictors, I've contacted one to instruct them, but I don't seem to be getting much back from them at this stage. i.e. I have yet to be presented with their terms of engagement and asked for the usual ID.
Also I've not been asked in for an appointment (is one needed ?), I've emailed them a few times and dont seem to get much response except questions about who my mortgage is going to be with and responses from her talking about who "is or isn't on her panel".
property concered is a leasehold flat, share of freehold with 999 year lease.
What else should be I doing at this stage to speed things up, and what things should I expect to hold up the process later on that I can anticipate?
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Comments
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I think about going with someone else if they are already slow at this early stage. Although there will not be a lot for them to do until they receive details from the estate agents and vendors solicitors its not a good sign they are failing to respond to your questions.
Our solicitors were very prompt at the beginning. But now we are near completion they take several days to reply to emails if at all and don't return phone calls. I only seem to get through when I withhold my number so I expect I am being ignored intentionally!!0 -
Do you understand fully each stage of the process? If not, get yourself a book on property buying. They are free from the library!
If solicitor is being slow, shop around for another one? Though checking your mortgage lender is a good sign as it is pointless instructing a solicitor not on the lender's panel - so they are obviously on the ball there.
Have you decided what survey to get, if any?0 -
I think about going with someone else if they are already slow at this early stage. Although there will not be a lot for them to do until they receive details from the estate agents and vendors solicitors its not a good sign they are failing to respond to your questions.
Our solicitors were very prompt at the beginning. But now we are near completion they take several days to reply to emails if at all and don't return phone calls. I only seem to get through when I withhold my number so I expect I am being ignored intentionally!!
I've just a googled re. solictors being on a lenders panel, didn't realise how important this is. Hence why the incessant responses about who my mortgage is going to be with. Hence I guess it's prudent that she establishes this before accepting my instruction ? (as far as I can tell, I dont think she has accepted my instruction)0 -
Do you understand fully each stage of the process? If not, get yourself a book on property buying. They are free from the library!
If solicitor is being slow, shop around for another one? Though checking your mortgage lender is a good sign as it is pointless instructing a solicitor not on the lender's panel - so they are obviously on the ball there.
Have you decided what survey to get, if any?
I totally dont understand each stage! will get a book and have a good google!
Didnt realise that a solictor has to be approved by a lender, only just read the importance of this. So yes she's on the ball there and did the right thing. So this hold up is my fault (I hadn't gave her who the mortgage was going to be with as I was still shopping around and didnt this was important)
Yes getting survey, I'm getting the full month buildings survey through lender.0 -
I've just a googled re. solictors being on a lenders panel, didn't realise how important this is. Hence why the incessant responses about who my mortgage is going to be with. Hence I guess it's prudent that she establishes this before accepting my instruction ? (as far as I can tell, I dont think she has accepted my instruction)
Yes that is important to establish before they take on your case. Whoever you do go it is important to chase them up. Ask what you are waiting on and phone the estate agents to ask them to chase up the vendors solicitors. I found no one will do anything until you chas them up!0 -
Yes that is important to establish before they take on your case. Whoever you do go it is important to chase them up. Ask what you are waiting on and phone the estate agents to ask them to chase up the vendors solicitors. I found no one will do anything until you chas them up!
I'm using my LL who is a solictor, I'm hoping the good relationship we have with them as tenants is reciprocated by a good prompt service.
We have promised to be flexible as to when we move out, and to help them with marketing of the property which should minimise the risk of them incurring a void.0 -
Talk about conflict of interest! Your LL has a pecuniary interest in delaying, obstructing and thwarting your purchase.I'm using my LL who is a solictor, I'm hoping the good relationship we have with them as tenants is reciprocated by a good prompt service.
We have promised to be flexible as to when we move out, and to help them with marketing of the property which should minimise the risk of them incurring a void.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
property concered is a leasehold flat, share of freehold with 999 year lease.
?
IMHO you are out of luck
There are certain things that you reasonably need the flat's MC to perform before you should exchange/complete on the purchase. (You can go ahead without but IMHO you would be a fool to do so)
As they have absolutkly no incentive to speed the process up, the chances of them doing so are slim and you are simply stuck with however long it takes.
As an example, the last flat that i looked to buy it took the MC more than 3 months to supply a copy of the Insrance certificate, getting repies to more complicated items took over five.
I'm not saying that these figures are normal, just that if the MC in question is this tardy there isn't a flipping thing that you can do about it.0 -
tim123456789 wrote: »IMHO you are out of luck
There are certain things that you reasonably need the flat's MC to perform before you should exchange/complete on the purchase. (You can go ahead without but IMHO you would be a fool to do so)
As they have absolutkly no incentive to speed the process up, the chances of them doing so are slim and you are simply stuck with however long it takes.
As an example, the last flat that i looked to buy it took the MC more than 3 months to supply a copy of the Insrance certificate, getting repies to more complicated items took over five.
I'm not saying that these figures are normal, just that if the MC in question is this tardy there isn't a flipping thing that you can do about it.
I've been hearing similiar things about other peoples purchases of flats
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Talk about conflict of interest! Your LL has a pecuniary interest in delaying, obstructing and thwarting your purchase.
Very true and that is a serious worry, I hope I've gave the LL lot's of assurance and incentive on working quickly for me to mitigate this. But admittedly I still have my worries about this 0
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