Solicitor Hell

Anne-_Marie_3

Me and my partner are first time buyers we are waiting for our Mortage Deed to come through, our vendor is moving to a rental which has a deadline of The end of this week!!! So looks as though we wont be able to exchange earliest next week which meens the vendor will loose the rental and have no where to go, i have emailed solicitor and basically she can't do anything to make the process quicker so i was wondering what happens in regards to the sale? Many thanks in advance.

Voyager2002

If you haven't exchanged contracts then nobody is committed to anything.

Standard advice is not to arrange rentals nor give notice until contracts are exchanged, since anything can happen. Leave about a month between the dates of exchange and completion: that should be long enough for your vendor to find a place to rent, as well as leaving enough time for all the things that need to happen after exchange before the sale can take place.

saajan_12

How does this change anything? You continue with any outstanding surveys, searches, mortgage lender queries.. and when you are ready to exchange, you agree a completion date wtih the vendor (via sols).

Ofcourse it depends on the area and how 'unique' a rental your vendors are looking for, but usually shouldn't take too long for them to find another. Also, if its a few days their current chosen rental may be willing to extend if they havent found another tenant. Either way, you need to find a mutually convenient date, as with any purchase.

Anne-_Marie_3

Thanks for you're reply, i have submitted my termination last week which ends 12th dec as i assumed things were moving quite smoothly but now its looking like he is going to have to find another rental ( unless this is a ploy to get us moving quicker i really don't know) so i am contemplating retracting this and resubmitting when we get a date.

Anne-_Marie_3

Thanks for you're reply, i have submitted my termination last week which ends 12th dec as i assumed things were moving quite smoothly but now its looking like he is going to have to find another rental ( unless this is a ploy to get us moving quicker i really don't know) so i am contemplating retracting this and resubmitting when we get a date. All surveys and enq. Are complete also.

Cakeguts

There is nothing to stop someone paying rent on a place that they haven't moved into yet.

TBagpuss

The solicitor is corect - they can't make the lender move aster or send the mortgage deed, so wht you really have is a 'mortgage lender hell', not a solicitor hell.

Unfortunately buying a house is unpredictable and you cannot always guarantee how quickly things will happen, which is why those renting are often advised not to give notice until contracts have been exchanged.

Your vendors will simply have to have an overlap when they are paying both rent and mortgage, if they have already signed a rental agreement, and you may have to do the same if your exchange and completion don't align exactly with the dates you give your landlord notice and that notice expitrres.

Having a bit of an overlapo can be quite helpful, as it allows you, if you want, to (say) complete on a Friday and move on Saturday, then spend some time doing any necessary cleaning etc on your rented propertywhile it is empty before your notice expires and you have your final check out inspection. Simialrly, you can if you want leave the hoseu you are movinginto empty for a day or two while you do any cleaning, immediate decorating and so on. You may find it makes the actual move much less stressful !

marksoton

Anne-_Marie wrote: »

Thanks for you're reply, i have submitted my termination last week which ends 12th dec as i assumed things were moving quite smoothly but now its looking like he is going to have to find another rental ( unless this is a ploy to get us moving quicker i really don't know) so i am contemplating retracting this and resubmitting when we get a date. All surveys and enq. Are complete also.

Resubmitting what?

G_M

By 'submitted my termination' I assume you mean given notice on a rental where you live?

Very unwise until you have Exchanged Contracts on your purchase - there are 101 reasons why your purchase might delay, or fall through completely (and you've discovered number 86!)

Bear in mind that if you fail to leave after giving notice you might have to pay double rent to your landlord. You cannot 'retract' your notice unless the LL agrees.

What did your mortgage lender say when you called them?

Anne-_Marie_3

Well some excellent news we have had a cmpletion date today for the 2nd december less than 2 weeks away ! Not sure exactly what todo now and will not have to retract my notice thank god

Surrey_EA

Unfortunately, until such time as exchange of contracts has taken place any proposed completion date is fairly meaningless, and there is no guarantee that completion will take place on December 2nd.

As G_M says, it is very unwise to give notice on a rental property until exchange has taken place on any property you wish to purchase.

Where has the date of 2nd December come from? Has your solicitor received the mortgage deed from your lender? Has your solicitor sent you a report on the title along with a contract to sign? Is your deposit with your solicitor ready to exchange?

There are only 8 working days between now and 2nd December, and most lenders will need a minimum of 5 working days between exchange and completion to guarantee mortgage funds reach the solicitor.