How long?

alcur

Evening guys,

I'm hoping you can help me.. I posted previously about buying a leasehold flat and I just have a couple of more quick questions.

1. I have received word from my solicitors secretary that they have received draft contracts from the sellers solicitor and that they have sent off for the searches. I am a cash buyer and require no mortgage. Once the searches are back and the draft contract has been reviewed and any queries answered, what comes next? I am hoping to complete/exchange in November. Does this sound feasible?

2. I had to send over ID and proof of funds to the estate agent before she passed on my offer to the vendors. I know the solicitor is going to ask me for proof of funds also. Am I able to black out anything on my bank statement that does not relate to the purchase of the flat? ie just keep the source and the amounts visible and retract everything else or do the solicitors need to see the full bank statement?

Thanks!

SmlSave

1. Has the leasehold information pack come from the managing agents? They will send it to the sellers solicitors (for a fee) initially and is one of the things that most often holds up leasehold sales.
If you are buying without a mortgage you can instruct your solicitor to proceed without it although you will have to confirm that you are aware of the risks of doing so.

2 you can black out your irrelevant bank bits but I've never understood why people do it. Unlike estate agents, solicitors and their staff sign a confidentiality agreement with their work contract and are regulated by the law society, again unlike estate agents

alchemist.1

alcur wrote: »

Evening guys,

I'm hoping you can help me.. I posted previously about buying a leasehold flat and I just have a couple of more quick questions.

2. I had to send over ID and proof of funds to the estate agent before she passed on my offer to the vendors. I know the solicitor is going to ask me for proof of funds also. Am I able to black out anything on my bank statement that does not relate to the purchase of the flat? ie just keep the source and the amounts visible and retract everything else or do the solicitors need to see the full bank statement?


Thanks!

Some people black out the account number and sort code and leave it that. Dont see a reason for blacking out the rest. No one at solicitors will care about the rest of the statement unless there are large deposits of cash.

Whatever you do, dont start blacking your name and address on the bank statement. Sounds like common sense but people do this and renders the statement worthless.