enact Conveyancing Ltd

jumperabv3

I received an offer 2 days ago (18/02) from the bank. Now I'm waiting for a company called "enact" to send me a "welcome pack", which basically that is login details to download forms, sign them and upload them, and some docs need to be sent by post.

Has anyone used them in the past? If you did, do you remember how long did it take you to receive that "welcome pack" via email?

Whats_your_forte

Their portal is fine. Allows for the forms to be complete and easy communication to the case handler. They had issues at the end of 2019 in terms of service and not answering phones but things seem to have improved.

You should get the link in the next few days

jumperabv3

WYF. thanks for your reply.
I believe the valuation was also conducted by enact and it was conducted pretty fast, it looks like the last hurdle is the legal step and I'm anxiously waiting for that email to arrive - the reason is as I explained in this thread:
https://forums.moneysavingexpert.com/discussion/6105332/mortgage-investment-question
Unfortunately I got no replies, but basically in short version there is a project I want to invest in a 2nd BTL but I am concerned of reserving a unit before moving forward with enact and I've read some reviews claiming it's been taking some people MONTHS to get to completion and I'm quite scared to put myself in a situation where I commit to buy and then have a problem to pay.

Can you suggest what's the best thing to do? I'm slowly starting to think I should forget the project that I saw (which would be really sad for me), and then wait to get to completion and then find another project but have a better "upper hand" because I'd be a cash buyer without any limits... what do you think is the best thing to do? 
Can I also ask if you think I shouldn't give up on the current project - do you think giving a call to enact to inquire about the login email can expedite things or it's best not to talk to them whilst I wait?

Whats_your_forte

Overthinking it. 28 days is not set in stone (mine took 9 weeks due to solicitors). 

Your deposit money is sorted with the mortgage offer and do you need the money for exchange or completion? Explain to a developer where you currently stand and they will be fine.

As for buying the other property, that's your own decision to make but timings of this wouldn't worry me

FtbDreaming

It sounds like this is your first time going through the property purchase process. If it is I would just do one at a time and learn as you go. BTL is complex and not to be done in haste. I’d get yourself through the first one, see how it goes then look at a 2nd etc. 

As for conveyancing, I put on a similar thread the other day, I instructed last Wednesday and got a letter off them yesterday asking for ID and proof of deposit etc. Their letter also said they'll next be in touch when they receive contracts from sellers solicitor so as much as Id like it pushed through fast, I don't think it can be forced. 

jumperabv3

Whats_your_forte said:

Overthinking it. 28 days is not set in stone (mine took 9 weeks due to solicitors). 

Your deposit money is sorted with the mortgage offer and do you need the money for exchange or completion? Explain to a developer where you currently stand and they will be fine.

As for buying the other property, that's your own decision to make but timings of this wouldn't worry me

Currently I'm relying on the remortgage funds to pay even for the exchange (10%), I somehow might be able to come up with the 10% without these mortgage funds but I'd rather just rely on the mortgage funds to be honest ... and since I haven't received any email so far from enact I am not in a "rush" to even go and reserve the that I like (there are still several units left, but honestly people buying them just like hot dogs, I have no idea how, so many were sold already) .... so I'm in a pickle or a sort of if I'm going with this very project.
I've spoken to the developer, yes, the 28 days don't have to be exactly 28 days but nonetheless I hate putting myself in a position of stress if it's all done just for investment purposes, it's not a place for me I'm buying ... the project is extremely a good one so if the enact email somehow magically can appear as you mentioned in the next few days that would be great, but I don't know how long it would take.

By the way I was asking above if it's worth giving them a call - what's your opinion about it? Is it pointless to do that or can even harm the process?

jumperabv3

FtbDreaming said:

It sounds like this is your first time going through the property purchase process. If it is I would just do one at a time and learn as you go. BTL is complex and not to be done in haste. I’d get yourself through the first one, see how it goes then look at a 2nd etc. 

As for conveyancing, I put on a similar thread the other day, I instructed last Wednesday and got a letter off them yesterday asking for ID and proof of deposit etc. Their letter also said they'll next be in touch when they receive contracts from sellers solicitor so as much as Id like it pushed through fast, I don't think it can be forced. 

I think I might have not explained myself properly ... I already have 1 BTL property I own without a mortgage. I am looking to invest in a 2nd BTL by remortgaging the 1st property (which is owned outright). So I am not sure which "first one" are you referring to? I apologize if I haven't explained myself properly.
Right now the property I wanted to invest in for a 2nd BTL is available but I don't know if in 1-2 weeks from now it would still be available, and I don't know if I can reserve a property without having the piece of mind I'm done with the process - so that's my main pickle here.

Regarding conveyancing - you mentioned "instructed last Wed" - what is "instructed"? does it mean receiving an offer? I am not waiting for any seller's solicitor, it's only myself and enact, as there are no other parties involved with the property - but as much as it sounds straightforward I just don't feel like taking risks and reserve a unit without knowing I am really towards the end of the road with the remortgage process.

So if you have any ideas or tips what's the best to be done I'd appreciate it - as mentioned I am only doing it for investment purposes but indeed it's the very first time I've ever dealt with mortgage in my life, ever ... never done it before and really don't know what to expect - that's my position basically.