First Time Buyers Questions

Wellplayed

Hi all, I am a first time buyer and I had an offer accepted for a flat with 10% equity.

I've used my Bank services to provide a Solicitor and Surveyor.

Vendor originally suggested they were very flexible with the move and could move out sooner however now they are asking to Exchange within 4 weeks and Complete in possible December or even sometime into 2017.

My question is, can Complete date be written into the Exchange agreement? If it can be written into the Exchange agreement can this date be amended by the seller?

Also I need help with 3 other issues that Solicitor which I have chased Solicitor for but haven't responded since asking them last week.
1. Solicitor requires me to provide 'Proof of Identity' a signed copy of either my Passport or Driving license to state a true likeness This can only be done by a Solicitor, Licensed Conveyancer, Charter Legal Executive or an Independent Financial Advisor who is regulated by the FSA. Any tips where to get this done as my budget is already tight.

2. Solicitor is also asking for Proof of Address from a Utility Bill, Council Tax, Council Rent Book, A Mortgage Statement. I don't have any of these as I'm 24 and living with my parents.

3. Deposit is in a Help to Buy ISA and shares purchased through Company Employee Share scheme. Do I need to liquidate all this and stick into one account before I exchange or can this be done before completion?

Sorry about all the questions but putting this into writing and getting this off my chest is better than constantly trying to worry about things I have no control over or experience in! I am very much on my own.

G_M

Wellplayed wrote: »

Hi all, I am a first time buyer and I had an offer accepted for a flat with 10% equity.

I've used my Bank services to provide a Solicitor and Surveyor.
Why> Banks are financial institutuions. Shop around for specialist services

Vendor originally suggested they were very flexible with the move and could move out sooner however now they are asking to Exchange within 4 weeks and Complete in possible December or even sometime into 2017.
Exchange will happen when everyone is ready, not to some pre-arranged timetable

My question is, can Complete date be written into the Exchange agreement? If it can be written into the Exchange agreement can this date be amended by the seller?
Yes it is always written into the contract.
No it cannot be changed.

Also I need help with 3 other issues that Solicitor which I have chased Solicitor for but haven't responded since asking them last week.
1. Solicitor requires me to provide 'Proof of Identity' a signed copy of either my Passport or Driving license to state a true likeness This can only be done by a Solicitor, Licensed Conveyancer, Charter Legal Executive or an Independent Financial Advisor who is regulated by the FSA. Any tips where to get this done as my budget is already tight.
Your solicitor will do it free as part of the conveyancing servie (another reason to shop around for a local conveyancer rather than use the banks legal 'warehouse'.)

If your budget is so tight that you are concerned about a few pounds, you are over-stretched. Buying property always throws up unexpected costs. You need a contingency fund of several thousand.

2. Solicitor is also asking for Proof of Address from a Utility Bill, Council Tax, Council Rent Book, A Mortgage Statement. I don't have any of these as I'm 24 and living with my parents.
Speak to your solicitor.
Driving licence? HMRC tax statement with your address? Pension provider?

3. Deposit is in a Help to Buy ISA and shares purchased through Company Employee Share scheme. Do I need to liquidate all this and stick into one account before I exchange or can this be done before completion?
You'll need 10% at Exchange and 90% tat Completion. Your 90% mortgage will only be released at Completion

Sorry about all the questions but putting this into writing and getting this off my chest is better than constantly trying to worry about things I have no control over or experience in! I am very much on my own.

Go to the library today and borrow a book on house buying! eg

https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_3?s=books&ie=UTF8&qid=1474371638&sr=1-3&keywords=property+buying+dummies

You are spending £x00,000 - find out how to do it!

Wellplayed

Thank you so much, I did shop around however Bank gave me a quotation £300 cheaper than 4 local Solicitors.

Unfortunately Solicitor appointed to me is 250 miles from me which seems bizarre however this is a mistake I have made! I didn't know where the Solicitor was when I instructed the Bank to provide this service.

G_M

Wellplayed wrote: »

Thank you so much, I did shop around however Bank gave me a quotation £300 cheaper than 4 local Solicitors.

Unfortunately Solicitor appointed to me is 250 miles from me which seems bizarre however this is a mistake I have made! I didn't know where the Solicitor was when I instructed the Bank to provide this service.

After you Complete, come back and tell us what other 'extras' you ended up paying the solictor, and whether it is still cheaper than the local quotes........

Realistico

I just signed up to reply to this knowitall!

They have already stated they have signed up to the Bank service, no need to compound matters by suggesting there will be added extras that will make local Solicitors seem like peanuts.

What an appalling tone you have.

anotheruser

Don't worry about the solicitor being 150 miles away.
A friend of mine didn't even meet his - did everything online.

Realistico

I'd like to offer some constructive advice, there is no need to go buy a book and waste money when we are on a Money Saving forum! If you want to ask any question no matter how insignificant ask away.

During Exchange, it will be stipulated when the 'Completion date' is and this contract is agreed by both the Seller and Buyer.

Sounds like Vendor made a suggestion they were flexible to entice you into the place you are buying. This is normal and now wants to rubber stamp the sale and moving at their convenience.

1. Go to your Mortgage Consultant, they should be FSA regulated and can easily verify your passport copy for you.
2. Send covering letter to Solicitor when you send your details back stating you dont have items listed but instead you are sending other things instead like Payslip that has your address, Mobile phone bill, Car ins etc
3. You only need your Deposit ready when you are about to Exchange however I wouldn't Exchange early for the sake of Seller dictating exchange date. I work under principle of about 1 month before Completion. If you had money in a ISA or Fund, you are losing potential interest.

Wellplayed

Seems very efficient, after instructing Bank I wanted to use their service received letter from Solicitor within 2 days. My only issue with them is answering my queries! :sad:

anotheruser wrote: »

Don't worry about the solicitor being 150 miles away.
A friend of mine didn't even meet his - did everything online.

hazyjo

Realistico wrote: »

I just signed up to reply to this knowitall!

They have already stated they have signed up to the Bank service, no need to compound matters by suggesting there will be added extras that will make local Solicitors seem like peanuts.

What an appalling tone you have.

You might want to take into account the amount of posts G_M has made and the valuable advice offered to many before criticising with your post count of 2.


These boards are for future use too. Anyone searching who's about to do the same thing may find it extremely useful to read that there will be extra charges. It's a forum - people will give their opinions. You seriously just joined to criticise one of our regular posters? Strange. Do you work for the bank?!
Jx

hazyjo

PS the library lends books for free.

Realistico

I dont doubt their contribution however I objected to the tone and arrogance!

Easy to give advice in hindsight, poster is a first time buyer.

hazyjo wrote: »

You might want to take into account the amount of posts G_M has made and the valuable advice offered to many before criticising with your post count of 2.


These boards are for future use too. Anyone searching who's about to do the same thing may find it extremely useful to read that there will be extra charges. It's a forum - people will give their opinions. You seriously just joined to criticise one of our regular posters? Strange. Do you work for the bank?!
Jx