We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Skipping exchanging contracts, straight to completion.
Options
Comments
-
My husband has often done this with commercial property. He has bought from The Church Commissioners and at one time when a few people were after the same property he had bought it while others were still trying to negotiate.
In theory it can be done on residential property but it would be unusual.0 -
Mrs_pbradley936 wrote: »My husband has often done this with commercial property. He has bought from The Church Commissioners and at one time when a few people were after the same property he had bought it while others were still trying to negotiate.
In theory it can be done on residential property but it would be unusual.
I've done some research and the vendor usually sell at auction (to close within 28 days) When they accepte my offer, the agent said they want to close in a month. Maybe the point of excluding contracts is so that the sale goes through quickly, but the Conveyancers, have really messed everyone about with their lack of knowledge.
I spoke to them earlier and they said that if I am OK with it (I already told them that I was), then they would tell the lender and see what they say. I dont think it will be the first time that the lender has come across this situation.
Lesson learnt as a first time buyer, I will use qualified solicitors next time. I've had lots unecessary hold ups with the conveyancers that I used. I think that a solicitor would have breezed through it.
Thank you all for you advice and opinions1ST TIME HOMEOWNER!:beer:
(After 2.5 months of flapping conveyancers)
FTB - Awaiting Nationwide Home valuation
That was 8 years go I'm now debt Free!! [STRIKE]Halifax £202.86 (was £1400) /Virgin credit card £812.41 (was £1100) interest free till oct 2008 / Barclays overdraft £2100 (was £2100) :mad: / HFC loan £166.56 (was £200)[/STRIKE]0 -
The usual process when a property is sold at auction is that contracts are in place before the auction, and are exchanged on hammer-fall, with completion due within 28 days.0
-
Another thought, the TR1 could form the basis of the contract without a separate document. Could this be what they're actually using?
It's not uncommon, particularly for same day exchange and completion. People seem to pooh pooh it on this board, but same day isn't that rare. xxx0 -
Well if the property is purchased a contract is created, they just won't want to write an explicit one.
You could compare it to selling a second hand car. Rarely does anyone write a contract for those, simply give seller the money and they sign it over. Same thing here. However for a residential house purchase it doesn't seem like a great idea.0 -
AnnieO1234 wrote: »Another thought, the TR1 could form the basis of the contract without a separate document. Could this be what they're actually using?
It's not uncommon, particularly for same day exchange and completion. People seem to pooh pooh it on this board, but same day isn't that rare. xxx
It makes sense.
When the agent first told me that there won't be a contract I panicked. That was until I did some quick research. I wanted to see if anyone had anything that I was missing, because sometimes you only want to see whats favourable to you.
Thank you1ST TIME HOMEOWNER!:beer:
(After 2.5 months of flapping conveyancers)
FTB - Awaiting Nationwide Home valuation
That was 8 years go I'm now debt Free!! [STRIKE]Halifax £202.86 (was £1400) /Virgin credit card £812.41 (was £1100) interest free till oct 2008 / Barclays overdraft £2100 (was £2100) :mad: / HFC loan £166.56 (was £200)[/STRIKE]0 -
The usual process when a property is sold at auction is that contracts are in place before the auction, and are exchanged on hammer-fall, with completion due within 28 days.
Ok, so it would make sense that they want to skip exchanging contracts to make things quicker? Or keep costs down on their side? Or both?1ST TIME HOMEOWNER!:beer:
(After 2.5 months of flapping conveyancers)
FTB - Awaiting Nationwide Home valuation
That was 8 years go I'm now debt Free!! [STRIKE]Halifax £202.86 (was £1400) /Virgin credit card £812.41 (was £1100) interest free till oct 2008 / Barclays overdraft £2100 (was £2100) :mad: / HFC loan £166.56 (was £200)[/STRIKE]0 -
To be clear however, in law there will be a contract. Offer, acceptance, intention to create a legally binding agreement, consideration = a contract. Every time you buy something there will be a contract.
What you (or the vendor) seem to be suggesting is that this will not be in writing. Your conveyencer appears to be advising you correctly in that a written contract will protect your interests.
Don't contracts for the sale of land have to be in writing?
ETA yes they do:
http://www.legislation.gov.uk/ukpga/1989/34/section/20 -
I have sold property without a contract. The buyer and I just signed the deed of Transfer TR1. The solicitors described it as "straight to transfer".
In this case, the reason was speed. The buyer didn't want to wait for a contract to be drawn up and agreed.
My solicitor had no problem with this as I was the seller - the buyer is taking all the risk.
For example, it would normally be in the contract that the property is sold with vacant possession. With no contract, there is no guarantee of vacant possession.
I very much doubt that a lender would be happy with no contract (e.g. because of no guarantee of vacant possession)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards