Yet another Timeline Query

Nath_2389

Hi Everybody
Really sorry that you've had to read yet another house buying timeline query, but I stand by my thoughts that they should be teaching this sort of thing in schools!
Any advice from experiences would be appreciated and if I've done things in the wrong order... Well, hopefully it won't cause any delays!

• My Partner and I put in an offer on a house on April 20th 2021. The offer was accepted on the same day.
• We had a bit of an issue with a mortgage but that's all sorted and we've had it all confirmed and officially offered by the Bank.
• On Friday 30th April we instructed a solicitor to carry out the searches required (water, local authority etc). They told us it would take about 2 weeks. 
• On Wednesday 5th May, we had confirmation that our independent surveyor (doing a homebuyers report for us) would do that survey on 25th May 2021.

What happens now? Do we just wait until 25th May before doing anything else? 
Just for info, the house we've purchased is freehold and there's currently nobody living in it.

Thanks.

Tiglet2

This is a rough guideline.  There are quite a few steps before you reach exchange.  Your solicitor has only been instructed for 5 working days and I doubt they have the draft contract pack yet from the seller's solicitor and they may not actually order the searches until the papers arrive:

1.   Buyer makes an offer on the property, which is accepted by the seller.

2.   Buyer’s Conveyancer instructed on acceptance of the offer.

3.   Buyer arranges a survey on the property, and makes an application for a mortgage (if required).

4.   Buyer’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.

5.   Buyer’s Conveyancer contacts the seller’s Conveyancer to obtain the contract pack.

6.   Buyers Conveyancer checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and obtains a copy of the mortgage offer.

7.   Sellers’ Conveyancer and seller answer pre-contract enquiries and return these to buyer’s Conveyancer.

8.   Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.

9.   When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Conveyancer in readiness for exchange of contracts.

10.  Seller and buyer agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction.

11.   Buyer’s Conveyancer prepares a draft transfer deed and completion information form and sends these to the seller’s Conveyancer for completion.

12.   Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.

13.    Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.

14.   On completion, the buyer vacates the property by the agreed time and buyer’s Conveyancer sends the proceeds of sale to the seller’s Conveyancer.

15.   Seller’s Conveyancer releases the keys to the estate agent (if one was used) and sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to repay any existing mortgage.

16.   Buyer’s Conveyancer sends the stamp duty payable to HMRC, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.

17.   Buyer’s Conveyancer registers the property in the name of the buyer at The Land Registry.

18.    The buyer receives a copy of the registered title from The Land Registry. Any documents required by the mortgage lender to be retained by them are sent on by the Buyer’s solicitor. 

Nath_2389

Thank you very much @Tiglet2 for the detailed timeline.
By all accounts we're on stage 6 of 18. Slowly getting there!

Nath_2389

Any advice would be appreciated as everything seems to be in the wrong order for some reason and is taking a long time.
Our solicitors have carried out the necessary searches and have reported these back to us. No issues identified.
Our independent surveyor has been into the property and performed a RICS Level 2 report. We've had the report back and no major issues were identified and so we're happy to proceed.
Our solicitors have emailed us to say that they've raised some enquires with the seller's solicitor and are waiting to hear back...

The Estate Agent rang me on Monday to ask how everything is going, so I informed them that our solicitors are waiting to hear back from the seller's solicitor and she seemed quite shocked at that as they wanted a quick sale and she informed me she would chase it up.

So we're currently at point 8 (as above) -   "Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear" (we've not raised any questions).

Point's 9 and 10 don't seem to be happening and I'm not sure why?

Slithery

Nath_2389 said:

Point's 9 and 10 don't seem to be happening and I'm not sure why?

They can't happen until 8 has been completed.

C_N_

Nath_2389 said:

The Estate Agent rang me on Monday to ask how everything is going, so I informed them that our solicitors are waiting to hear back from the seller's solicitor and she seemed quite shocked at that as they wanted a quick sale and she informed me she would chase it up.

So we're currently at point 8 (as above) -   "Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear" (we've not raised any questions).

Point's 9 and 10 don't seem to be happening and I'm not sure why?

The enquires haven't yet been answered by the sound of it. The EA will have to chase it up with the vendor & their solicitor to get things moving again

Tiglet2

Nath_2389 said:

Our solicitors have carried out the necessary searches and have reported these back to us. No issues identified.

Our solicitors have emailed us to say that they've raised some enquires with the seller's solicitor and are waiting to hear back...

So we're currently at point 8 (as above) -   "Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear" (we've not raised any questions).

Point's 9 and 10 don't seem to be happening and I'm not sure why?

Enquiries do take time.  You are still on Point 6 and waiting for the seller's solicitor to respond (Point 7).   While it sounds as though enquiries regarding your searches are fine, there are other enquiries that need answering.  The solicitor raises legal enquiries, i.e. making sure the title is good and that there are no onerous covenants/clauses etc.  They will also review the Property Information Form/Fixtures & Fittings/mortgage offer to ensure that all is in order and that it matches all other evidence/paperwork they have received.  Generally speaking, you do not raise enquiries, unless it's about the Fixtures & Fittings and/or survey.

When ALL enquiries (at least most of them) are satisfactory and the solicitor now has most of the paperwork he needs, he will send you a Report on Title (Point 8), which will contain the Contract and Mortgage Deed for signing.  This is a lengthy document with lots of enclosures for your perusal.  From what you've posted, you haven't got that Report yet.  Only when the solicitor receives all the signed legal documents back from you, are they ready to proceed to Point 9.

Conveyancing always takes longer than you think it will because there is a lot of waiting for documents and replies to be sent and received to third parties.

Nath_2389

Thank you. It’s such a long winded process.
Our solicitors sent us the Property Information Form and Fixtures & Fittings information so that’s all ok too. 

Just have to wait it out I suppose! 

Nath_2389

Quick Update:
Behind the house is a large concrete area where people park. Over the years the dedicated lines per space have eroded and everybody just parks where there is a free space (about 8 cars in total). Back when the property was built, each home had a dedicated space allocated to it which is marked on the original plans and deeds. 

The sellers have contacted our solicitor to say they will be keeping the space due to it being a separate parcel of land on the title plan... As I said, it's literally a bit of concrete road with no markings and is marked as part of the property on the original deeds.



Our Solicitors are now chasing up with the Estate Agents (the original listing states "parking at rear of property") and the seller's solicitors. So more waiting!

Tiglet2

Does the current title plan show the parking space as belonging to the property?

Nath_2389

Tiglet2 said:

Does the current title plan show the parking space as belonging to the property?

It does on the one I've just paid £3 for on HM Land Registry site. 
It says that's not an "official copy" though. I'll fill out the OC2 form to get that!