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Same solicitor... Alternative purchase
asm89
Posts: 136 Forumite
Hi
Some background below. I'm basically wondering if its allowed for a solicitor to act for me on simultaneous conflicting purchases.
I'm in the situation where I'm in the process of buying a new build flat through Shared Ownership (flat 1). Searches have been ordered, enquiries raised on the contract. However so much has gone wrong with my mortgages already.
This was a mistake on my part to let them carry out searches before a mortgage offer but I felt pressured by the 28 day exchange timeline. But in theory it would have all been fine if not for the below:
One lender cancelled my application after valuation as the developer couldn't provide a cladding report within a 3 week deadline. However the flat was valued at the correct price despite the cladding report requirement.
I applied for a mortgage this week with another lender who has lent on flats in the same building, they approved my mortgage subject to valuation. But at valuation stage they said the property had been flagged and it doesn't meet their lending criteria, and my broker thinks this is due to overexposure on the development already.
Because of all of this, I'm likely to pull out of the sale so I went back to some other flats I was previously considering and found one - flat 2 (which is better for me in all honesty, 2 bed and a similar price to the 1 bed) and have passed the HAs affordability assessment., I intend to apply for a mortgage with the first lender I tried.
The developers for Flat 1 have now told me the cladding report is due to come back this week.
I now don't want to officially pull out of buying flat 1 until a mortgage is agreed on flat 2.
The solicitor is aware I'm looking at other properties just in case, and won't charge me for an aborted sale if they act for me on the new purchase. But have said I should tell them what I'd like to do and they'll inform the other side.
I know they act for me, but is it okay for the solicitor to receive documentation for the purchase of flat 2,while still handling the purchase of flat 1?
Some background below. I'm basically wondering if its allowed for a solicitor to act for me on simultaneous conflicting purchases.
I'm in the situation where I'm in the process of buying a new build flat through Shared Ownership (flat 1). Searches have been ordered, enquiries raised on the contract. However so much has gone wrong with my mortgages already.
This was a mistake on my part to let them carry out searches before a mortgage offer but I felt pressured by the 28 day exchange timeline. But in theory it would have all been fine if not for the below:
One lender cancelled my application after valuation as the developer couldn't provide a cladding report within a 3 week deadline. However the flat was valued at the correct price despite the cladding report requirement.
I applied for a mortgage this week with another lender who has lent on flats in the same building, they approved my mortgage subject to valuation. But at valuation stage they said the property had been flagged and it doesn't meet their lending criteria, and my broker thinks this is due to overexposure on the development already.
Because of all of this, I'm likely to pull out of the sale so I went back to some other flats I was previously considering and found one - flat 2 (which is better for me in all honesty, 2 bed and a similar price to the 1 bed) and have passed the HAs affordability assessment., I intend to apply for a mortgage with the first lender I tried.
The developers for Flat 1 have now told me the cladding report is due to come back this week.
I now don't want to officially pull out of buying flat 1 until a mortgage is agreed on flat 2.
The solicitor is aware I'm looking at other properties just in case, and won't charge me for an aborted sale if they act for me on the new purchase. But have said I should tell them what I'd like to do and they'll inform the other side.
I know they act for me, but is it okay for the solicitor to receive documentation for the purchase of flat 2,while still handling the purchase of flat 1?
0
Comments
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Ask them.
But I doubt they'll want to act on two simultaneous purchases knowing only one will Complete. I suspect they'll tell you toinstruct them to abort acting for you on purchase 1 before they will start acting for you on purchase 2.0 -
I think so too. But to be honest, I wouldn't want them to do any work on purchase 2 before a mortgage offer. But the HA will likely send them the contract on purchase 2 while I'm applying for the mortgage. But I don't want any searches ordered. Luckily the HA for purchase 2 set a 6 - 8 week exchange deadline not the usual 28 days so I won't be delaying things.0
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Nothing wrong with them receiving draft contract and sales memos for a new sale. They will just sit on a desk until they receive instruction paperwork from you0
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