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Conveyancing and contract
JCMH
Posts: 19 Forumite
Not sure what this means, I am hoping someone can help.
I have my mortgage offer and now it’s with a solicitor. My MA has contacted for an update and they have said searches are on hold while they wait for contracts. Who would they be waiting for? T
I have my mortgage offer and now it’s with a solicitor. My MA has contacted for an update and they have said searches are on hold while they wait for contracts. Who would they be waiting for? T
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A draft contract is given to your solicitor by the sellers solicitors in the first instance i believe. This outlines the sale etc and then forms the basis of their enquiriesFTB- 90% LTV
Nationwide Application
DIP - 27/08
Full Application - 28/08
Valuation Booked - 01/09
Hard Search - 07/09
Valuation Completed - 09/09
Valuation Reviewed & Accepted - 28/09
Mortgage Offer Received - 29/090 -
I have letters of administration for my late mums house. The house I am buying I am selling if that makes sense. Valuation and offer has all been done.0
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Searches are done, enquiries get raised, they should come back from other side, then report on title, then contracts & TR1 to be signed.
Ask then to clarify why they have put searches on hold.29/7 - App Submitted
30/7 Soft Search
3/8 Text App Rec'd by NW
13/8 Hard Search
18/8 Further Docs Req
21/8 Valuation Done - text rec'd PM same day
22/8 Update to Case - Valuation all ok & approved
10/9 Further doc submitted-back from furlough letter
15/9 Offer Issued0 -
I think the point is that the OP is "the other side" as they're buying from the estate they're administering! There won't be a contract.lisatops said:Searches are done, enquiries get raised, they should come back from other side, then report on title, then contracts & TR1 to be signed.
OP, talk to your solicitor, as either they or your mortgage adviser seems to have misunderstood what's going on.0 -
Who is the solicitor representing the Estate with regards to the sale? Are you the sole beneficiary?0
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I don’t have a solicitor managing the estate i done it myself. Yes I am sole beneficiary.0
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JCMH said:I don’t have a solicitor managing the estate i done it myself. Yes I am sole beneficiary.This doesn't make a lot of sense, if you are the sole beneficiary of the estate why are you buying the house from yourself?If you want to raise funds by mortgaging the property that is fine, but you should complete the administration of the estate and transfer the house to your name, then get the mortgage as far as I can see?0
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There is a mortgage still on the property. That’s why I am getting the mortgage.0
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So presumably there are not sufficient funds in the estate or the proceeds from an insurance policy to pay off the mortgage?Have you asked the mortgage company if you can simply takeover the existing mortgage?0
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... otherwise it is still a little puzzling as surely you have briefed your solicitor on the facts regarding the estate and your role as beneficiary and executor of the estate?
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