Solicitor ready to report

Delphblue

Hi all

I had a call this morning from my EA to say that the buyer's solicitor has received answers to the queries raised by the searches, and is now ready to report. I'm not entirely sure what this means (the Ea said it's preparing a report for the buyer), so this is a good thing? Would they prepare a report if the weren't happy with the replies to the search queries? Also, does anyone know what happens after this? Are we getting close to exchanging?

Thanks

Delphi

kingstreet

Have you all agreed a completion date?

Without that, you can't exchange contracts.

The solicitor is preparing the report on title, which is the trigger for the mortgage lender to release the mortgage funds on the agreed date. He also has to have the balance of the purchaser's funds, fees etc in place too.

Delphblue

Thank you

No, we don't have a completion date yet. There isn't any lender involved - we're selling and renting for the time being and our buyer is a cash buyer.

Thanks

kingstreet

That means you aren't ready to exchange.

Once you've been asked for your preferred completion date(s) and that's been agreed with the other parties in the chain, then exchange can take place if everything else is done.

Delphblue

Thank you. We're hoping that this is the home stretch now and that all of the difficult stuff is done. We've found a nice place to rent, but the landlady wants to start the lease on the 14th July. Hopefully we'll be all sorted out by then

G_M

The buyer's solicitor has done searches. And probobly reeived answers from the seller/seller's solicitor to Enquiries. This may all show nothing alarming. Or may have indicated an issue. Or issues.

The solicitor will send a report to his client(s) ie the buyer and mortgage lender if there were one, explaining what the searches/enquiries show.

Without seeing the report it is impossible to say what it might indicate!

The buyer will read the report and decide whether to

* proceed
* seek further information
* withdraw or
* re-negotiate on price

Delphblue

Thank you. We know that the searches threw up some queries relating to the lease, 2x transfers and the title. We were able to supply the missing lease a one of the transfer documents on Monday, and we have paid for an indemnity insurance because the title is apparently good rather than absolute. Not sure what else we can do to help move things along.