Which offer to accept?

Albermarle

20122013 said:

Does anyone know about how the transactions work ? how the buyer's fund (they have a mortgage) will reach my account?   does the fund goes through my solicitor ? or the buyer solicitor transfers it directly to my bank account? 

The money goes to your solicitor. They will then pay it to you minus any final expenses/their fees.

20122013

Tiglet2 appreciate the reply.  I am selling (not buying). I am nervous with this solicitor (even though) I have used them to purchase this property. Their website  seem to have been revamped in the past few weeks but their price list is the same version and does not reflect the new prices (a bit odd) As their quote is more (in the scheme of things I will pay it) I did query and was told the quote is correct. 

I think I am nervous is because I have not sold before and also, about the funds transfer etc.  As their ID verification is very basic but it should be ok as they are only verifying  me I have read some stories about missing funds and  want to know I will get the fund. 

RAS

Firstly, the £85k bank limit does not apply to temporary funds in house sales and purchases. Having one bank to receive the funds leaves fewer things to go wrong.

Are you also going to be buying?

20122013

RAS said:

Firstly, the £85k bank limit does not apply to temporary funds in house sales and purchases. Having one bank to receive the funds leaves fewer things to go wrong.

Interesting, how does that work? need to check whether there are limits on transactions.

Are you also going to be buying?

I am not buying. 

Albermarle

Temporary high balances | Check your money is protected | FSCS

20122013

I have some questions regarding the selling process. my EA tells me that the solicitors are in communications with each other.

1. The buyer has marked out areas that do not belong to my property, the EA had confirmed the buyer was not told that these were included.   Is this common?

 2. I am using the same solicitor who had worked with me to buy this property, some years ago but the solicitor's attitude seem to have changed (not sure whether to do with time etc).  I do not feel comfortable asking questions and also, as expected I was given forms to complete but no details of the sell process etc. 

3. After speaking with the EA, this buyer has been looking for over 5 years and have asked questions (more than usual number), the buyer had asked to Exchange in 8 weeks time and then 1 week later to complete, is this standard for buyers to set a date, or can the seller also set a date and can the seller ask for X amount of deposit,  I have not been asked these by my solicitor.  I am relying on the solicitor to do handle the sell, is there anything I need to know apart from Standard forms to complete?

RHemmings

20122013 said:

1. The buyer has marked out areas that do not belong to my property, the EA had confirmed the buyer was not told that these were included.   Is this common?

What do you mean by this? Has the buyer provided some sort of map? 

20122013

RHemmings said:

20122013 said:

1. The buyer has marked out areas that do not belong to my property, the EA had confirmed the buyer was not told that these were included.   Is this common?

What do you mean by this? Has the buyer provided some sort of map? 

Yes, I think it is called the 'Title deed'?, it is a map /location of all the properties on the estate which I got from my solicitor with other documents from the buyer's solicitors to ask me to confirm the marked out areas are part of the sale. (I do not know who has marked the area). 

Tiglet2

20122013 said:

I have some questions regarding the selling process. my EA tells me that the solicitors are in communications with each other.

1. The buyer has marked out areas that do not belong to my property, the EA had confirmed the buyer was not told that these were included.   Is this common?

 2. I am using the same solicitor who had worked with me to buy this property, some years ago but the solicitor's attitude seem to have changed (not sure whether to do with time etc).  I do not feel comfortable asking questions and also, as expected I was given forms to complete but no details of the sell process etc. 

3. After speaking with the EA, this buyer has been looking for over 5 years and have asked questions (more than usual number), the buyer had asked to Exchange in 8 weeks time and then 1 week later to complete, is this standard for buyers to set a date, or can the seller also set a date and can the seller ask for X amount of deposit,  I have not been asked these by my solicitor.  I am relying on the solicitor to do handle the sell, is there anything I need to know apart from Standard forms to complete?

1. Surely you are selling exactly the same 'area' as you bought using the same solicitor.  The EA can't help with this query, you need to speak to your solicitor.  Are you selling a leasehold with communal land?

2.  Specifically, what forms? 

3.  Forget about exchange and completion dates.  It will be a negotiation between you and the buyer only when the solicitors have completed the majority of the legal work.  So, you can suggest dates and they can suggest dates, but none of them will work unless the solicitors are ready.  The solicitor will request 10% deposit (or 5% if the lender has agreed) on exchange, the rest to be transferred in time for completion.

RHemmings

20122013 said:

RHemmings said:

20122013 said:

1. The buyer has marked out areas that do not belong to my property, the EA had confirmed the buyer was not told that these were included.   Is this common?

What do you mean by this? Has the buyer provided some sort of map? 

Yes, I think it is called the 'Title deed'?, it is a map /location of all the properties on the estate which I got from my solicitor with other documents from the buyer's solicitors to ask me to confirm the marked out areas are part of the sale. (I do not know who has marked the area). 

The title register should show the outlines of your property. And, what's included in the title register is, to my knowledge, what you own and what you are selling. It should look something like this:



Are you saying that the buyer has taken some sort of a map and drawn their own lines on it? That sounds a very odd thing to do. I would think that if they are doing something like that, then I would be concerned about what else they might do. In any case, your solicitor should provide a copy of the title register to the buyer's solicitor, and ask them to make absolutely sure that the buyers know what they are buying. 

If you want to check that what you are selling is what they expect, then you can download a copy of your own title register from the Land Registry (make sure you're on the government site and are being charged only £7) and then compare. 

BTW: This is the title register of this property, and hence publicly available information. I haven't posted private information. https://www.iamsold.co.uk/property/86b34873abc9442380bd5411566ba91a