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Part-Exchange
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ChrisStaples
Posts: 16 Forumite
Hi All,
We are in the process of buying a house that the current owners are part-exchanging with David Wilson Homes for their new build. Solicitor is getting jumpy because they will be going through the selling process without the property being transferred into David Wilson Homes' name. According to agents this is pretty standard practice but our solicitor cannot advise us to go with it in case something happens. Just want to check if there are many others out there who have gone through a similar process and emerged unscathed on the other side. They want to complete by their year-end at the end of June.
Ta in advance.
We are in the process of buying a house that the current owners are part-exchanging with David Wilson Homes for their new build. Solicitor is getting jumpy because they will be going through the selling process without the property being transferred into David Wilson Homes' name. According to agents this is pretty standard practice but our solicitor cannot advise us to go with it in case something happens. Just want to check if there are many others out there who have gone through a similar process and emerged unscathed on the other side. They want to complete by their year-end at the end of June.
Ta in advance.
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Comments
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What "something" are they concerned about?ChrisStaples wrote: »our solicitor cannot advise us to go with it in case something happens.0 -
I guess that completion does not go ahead..0
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Do they just mean because the timescales are linked to construction of the new house? That's because they're buying a newbuild, not something peculiar to it being a part-exchange.ChrisStaples wrote: »I guess that completion does not go ahead..0 -
I have no issue with the timescales, just that my solicitor has worries about the legal limbo of us going through the process of mortgage/deposit etc without DWH technically being in a position to sell/transfer the deed directly. Am sure it is above board and solicitor covering their backs as they have to. Only weird thing is that DWH solicitors doing everything to hold up the process despite being apparently desperate to complete (not releasing password for over 2 weeks for our solicitors to view search documents which have already been done by DWH).0
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