Exchange/Complete scheduled for tomorrow but there is a problem - need advice

jumperabv3

She replied as follows:

I have asked if the solicitor holding the original deeds will be able to give an undertaking that they will send it as soon as reasonably possible.

I have also proposed the retention as suggested in your previous email in the event the solicitor who holds the original deeds will not give an undertaking.

You must consider there is a possibility that there is a ‘deeds pack’ held by the solicitors who originally acted for the seller when they purchased but that it does not contain the original Transfer and they will therefore be unable to give any undertakings in this regard. I have not been privy to conversations with the solicitors that hold the original deeds so I do not know for certain whether the original Transfer deed is actually contained in the documents they hold or whether this is just a likelihood this is the case.

I must reiterate that proceeding as you have instructed may delay things and mean that completion is unable to take place tomorrow.

So basically,
Just proceed taking into account the indemnity policy is in place for the "worst case" the document is not the one I need?

Also what's the latest time to buy building insurance for tomorrow assuming we exchange/complete tomorrow? I already have a quote in place - is it safe to buy it anytime before midnight tonight?

MovingForwards

When the solicitors asks if you want to exchange and confirms you have, that's when I would get the insurance. It may take a few hours for the money to go from your solicitors account to the sellers solicitors account and be seen by their accounts department.

jumperabv3

MovingForwards said:

When the solicitors asks if you want to exchange and confirms you have, that's when I would get the insurance. It may take a few hours for the money to go from your solicitors account to the sellers solicitors account and be seen by their accounts department.

Thanks. There is 100% no problem buying insurance same day?
What happens hypothetically if you buy insurance and then 30 minutes later the house burns? Wouldn't the insurance companies claim it happened before you bought the policy or something like that?

davidmcn

jumperabv3 said:

MovingForwards said:

When the solicitors asks if you want to exchange and confirms you have, that's when I would get the insurance. It may take a few hours for the money to go from your solicitors account to the sellers solicitors account and be seen by their accounts department.

What happens hypothetically if you buy insurance and then 30 minutes later the house burns? Wouldn't the insurance companies claim it happened before you bought the policy or something like that?

Then it will depend on whose evidence the court prefers. You could theoretically have the same issue even if you got the insurance now, couldn't you? Hopefully the tenants will survive and can tell everyone when the fire started.

jumperabv3

davidmcn said:

Then it will depend on whose evidence the court prefers. You could theoretically have the same issue even if you got the insurance now, couldn't you? Hopefully the tenants will survive and can tell everyone when the fire started.

Thanks again, David.
What about this specific question above? Can I ask what's your opinion?

jumperabv3 said:

So basically,
Just proceed taking into account the indemnity policy is in place for the "worst case" the document is not the one I need?

CheesyWiggles

jumperabv3 said:

davidmcn said:

Then it will depend on whose evidence the court prefers. You could theoretically have the same issue even if you got the insurance now, couldn't you? Hopefully the tenants will survive and can tell everyone when the fire started.

Thanks again, David.
What about this specific question above? Can I ask what's your opinion?

jumperabv3 said:

So basically,
Just proceed taking into account the indemnity policy is in place for the "worst case" the document is not the one I need?

Genuine question - why are you asking strangers on the internet for advice rather than asking your solicitor. I mean this with all due respect to David, I’m sure he’s knowledgeable, but you can’t expect him to tell you how to proceed, surely?

jumperabv3

CheesyWiggles said:

Genuine question - why are you asking strangers on the internet for advice rather than asking your solicitor. I mean this with all due respect to David, I’m sure he’s knowledgeable, but you can’t expect him to tell you how to proceed, surely?

These strangers brought up the point of undertaking, which for some reason wasn't brought up by my solicitor, so they seem to be capable of being innovative with their ideas, and I think for such a genuine question - brainstorming ideas is a good approach, as it's currently night anyway and I won't be able to speak to my solicitor until tomorrow and until then getting a few more insights can only be helpful and not harmful. In another words I see no harm in asking.

greatcrested

Insurance is not the issue. I assume you've chosen your preferred insurer/product, soall it takes is a phone call or mouse click to activate the policy.

Given it seems there is doubt about whether the solicitors in question actually hold the original, they are unlikely to give an undertaking.

jumperabv3

greatcrested said:

Insurance is not the issue. I assume you've chosen your preferred insurer/product, soall it takes is a phone call or mouse click to activate the policy.

Given it seems there is doubt about whether the solicitors in question actually hold the original, they are unlikely to give an undertaking.

Thanks.

Hypothetically if this solicitor holds the original - would there be any trouble obtaining it from the solicitor later on? It sounds to me they might charge for their time to scan the docs/send by courier - but they shouldn't object sharing this information if they hold it, with or without an undertaking, correct?