We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Garage transfer delaying exchange
jdp_FTB87
Posts: 9 Forumite
Hi, this is my first post on here, so apologies if I’m not posting in the right place.
We’re in the process of buying a flat. It’s a small chain that ends with our vendor’s onward purchase. Our offer was accepted in May earlier this year. The conveyancing on our side is complete and we are ready to exchange.
At the end of August we were told that our vendors are working to transfer a garage into a new title, so that it falls within the boundary of the house they are purchasing. It is now getting towards the end of October and this issue is holding up exchange. The latest update we received from the vendor’s agent is that the transfer deeds are now with the vendors and their solicitor for approval. But our solicitor has been told that the vendors are now waiting on the transfer deeds to be signed by the current owners of the garage. We’re receiving conflicting information and it’s difficult to obtain any detail on exactly what the situation is and how long it will take to be resolved.
It’s very frustrating for us and we’re concerned about our mortgage offer expiring in December. We’re FTBs so have no experience of such things and are not sure what the best way forward is. Any advice or suggestions would be greatly appreciated!
We’re in the process of buying a flat. It’s a small chain that ends with our vendor’s onward purchase. Our offer was accepted in May earlier this year. The conveyancing on our side is complete and we are ready to exchange.
At the end of August we were told that our vendors are working to transfer a garage into a new title, so that it falls within the boundary of the house they are purchasing. It is now getting towards the end of October and this issue is holding up exchange. The latest update we received from the vendor’s agent is that the transfer deeds are now with the vendors and their solicitor for approval. But our solicitor has been told that the vendors are now waiting on the transfer deeds to be signed by the current owners of the garage. We’re receiving conflicting information and it’s difficult to obtain any detail on exactly what the situation is and how long it will take to be resolved.
It’s very frustrating for us and we’re concerned about our mortgage offer expiring in December. We’re FTBs so have no experience of such things and are not sure what the best way forward is. Any advice or suggestions would be greatly appreciated!
0
Comments
-
Tell them you've started looking for other properties, you're sure they'll understand, and genuinely do so ....1
-
Could be quick or take ages. No way of knowing. Depends on the landowner agreeing and working quickly.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
As above, if they think you might pull out/find a new property, it could get things moving more quickly, maybe.....theartfullodger said:Tell them you've started looking for other properties, you're sure they'll understand, and genuinely do so ....1 -
Thank you for the quick replies! I’m just trying to get a sense of what the transfer process entails. Once the current owners have signed the transfer deeds, would we then need to wait for registration with the Land Registry before exchanging. Or could exchange take place as soon as the deeds have been signed?0
-
Up to the solicitor for the purchaser of the house with garage. Once the application has gone to land registry it could be expedited and sorted within 2 weeks, if everything is in order. Or the solicitor may be happy for his client to go ahead with the purchase, subject to an undertaking from the seller’s solicitor that it is all in order.jdp_FTB87 said:Thank you for the quick replies! I’m just trying to get a sense of what the transfer process entails. Once the current owners have signed the transfer deeds, would we then need to wait for registration with the Land Registry before exchanging. Or could exchange take place as soon as the deeds have been signed?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
Keep looking, just in case. Although if you went for another property now it's highly unlikely you'd beat your December deadline, so maybe also speak to the mortgage broker/company to see what you need to do if the offer does run out.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards