Selling 100% owned house. 2 cash buyers. Solicitors fees

user1977

GDB2222 said:

jbrassy said:

When you sell a house, you are going to need to engage a solicitor straight away once a sale price is agreed. This is because you will need to complete legal society forms (like TA6). Theoretically you could just not fill out those forms, but that would be a red flag to a pot of buyers. Further, when you correspond with the sellers, it's also worth running it past a solicitor to ensure you're not mistakenly saying something misleading.

Also, just because someone is a cash buyer, it doesn't mean they won't get a survey. Ultimately they are paying £170,000 for the house. Most people will want to ensure it's all maintained as they expect. 

Buyers can pull out at any time before exchange and you always run the risk of having to fork out legal costs in this case. You could get a no sale no fee solicitor, but I personally wouldn't use them as they're incentives aren't necessarily aligned with yours. You can also get insurance to cover legal fees if sales fall through, but again this costs money.

At the end of the day, you lost £600, but you stand to gain £170,000 for basically doing nothing. You're pretty lucky.

If you have two buyers, how about an old fashioned contract race?!

Surely that just guarantees that you'll have abortive legal fees for at least one set of negotiations?

Albermarle

chanz4 said:

cash buyers can be pains down the line, as think hold all the cards and gazump

Gazumping is what the seller does, buyers gazunder .

GDB2222

user1977 said:

GDB2222 said:

jbrassy said:

When you sell a house, you are going to need to engage a solicitor straight away once a sale price is agreed. This is because you will need to complete legal society forms (like TA6). Theoretically you could just not fill out those forms, but that would be a red flag to a pot of buyers. Further, when you correspond with the sellers, it's also worth running it past a solicitor to ensure you're not mistakenly saying something misleading.

Also, just because someone is a cash buyer, it doesn't mean they won't get a survey. Ultimately they are paying £170,000 for the house. Most people will want to ensure it's all maintained as they expect. 

Buyers can pull out at any time before exchange and you always run the risk of having to fork out legal costs in this case. You could get a no sale no fee solicitor, but I personally wouldn't use them as they're incentives aren't necessarily aligned with yours. You can also get insurance to cover legal fees if sales fall through, but again this costs money.

At the end of the day, you lost £600, but you stand to gain £170,000 for basically doing nothing. You're pretty lucky.

If you have two buyers, how about an old fashioned contract race?!

Surely that just guarantees that you'll have abortive legal fees for at least one set of negotiations?

True, there must be some increase in the total cost, but most of the work is the same for both buyers. 

EssexHebridean

user1977 said:

GDB2222 said:

jbrassy said:

When you sell a house, you are going to need to engage a solicitor straight away once a sale price is agreed. This is because you will need to complete legal society forms (like TA6). Theoretically you could just not fill out those forms, but that would be a red flag to a pot of buyers. Further, when you correspond with the sellers, it's also worth running it past a solicitor to ensure you're not mistakenly saying something misleading.

Also, just because someone is a cash buyer, it doesn't mean they won't get a survey. Ultimately they are paying £170,000 for the house. Most people will want to ensure it's all maintained as they expect. 

Buyers can pull out at any time before exchange and you always run the risk of having to fork out legal costs in this case. You could get a no sale no fee solicitor, but I personally wouldn't use them as they're incentives aren't necessarily aligned with yours. You can also get insurance to cover legal fees if sales fall through, but again this costs money.

At the end of the day, you lost £600, but you stand to gain £170,000 for basically doing nothing. You're pretty lucky.

If you have two buyers, how about an old fashioned contract race?!

Surely that just guarantees that you'll have abortive legal fees for at least one set of negotiations?

Not necessarily - there’s a good chance that one or both buyers will say no thanks, we’re not playing those games, and walk away! 

newsgroupmonkey_

Let me get rid of all the answers above and be straight.

No.

There's no way you may not waste your £600. Unless you're in Scotland, buyers can pull out right up until the day of exchange. It's the risk you take selling a house.

Either move in, or accept that it's a risky proposition.

user1977

newsgroupmonkey_ said:

Unless you're in Scotland, buyers can pull out right up until the day of exchange.

The equivalent also applies in Scotland, it's just (usually) a swifter process with less faffing about for months before that point.

newsgroupmonkey_

user1977 said:

newsgroupmonkey_ said:

Unless you're in Scotland, buyers can pull out right up until the day of exchange.

The equivalent also applies in Scotland, it's just (usually) a swifter process with less faffing about for months before that point.

Well I guess broadly true. Missives can be done in a number of days, but I guess you've already committed to the conveyancer in terms of costs.

NameUnavailable

Probably too late now but you could have chosen to sell at auction (traditional sort) which commits the buyer on fall of the hammer.

captrico

NameUnavailable said:

Probably too late now but you could have chosen to sell at auction (traditional sort) which commits the buyer on fall of the hammer.

yes, we tried trad auction in Sept.  Didnt make the reserve (150k) so i didnt bother again.  People want the thing for chips and its not happening.  I may just hang onto the place, and market it next spring if the market picks up.