Almost there…a few questions…

ryanm8655

Having offered on a place in late August I am almost there…

I’ve signed and returned contract etc. and sent my solicitors details to my LISA provider.

Is it sufficient to have an indemnity policy confirmed by correspondence rather than written into the contract? Likewise, an item was left off of the fittings and contents form and has now been confirmed as included by correspondence, is that sufficient legally?

I am almost certain it is but just wanted a second opinion.

I did say to my solicitor “if you are happy that is sufficient legally then I am happy” but didn’t receive a response.

After paperwork is signed how long is it typically to exchange and completion?

Thanks, Ryan

monkey-fingers

In all honesty, last time we bought, all the draft paperwork was done in the first month.
It still took another 3 months from there.

It all really depends if everything at the solicitors goes smoothly, few questions, and people are ready to move.

It was quite clear that my seller wasn't really committed. My buyer was a FTB who still had a decent chunk of her rental agreement left, so she was ready to move at any time on our timescales.

No other people involved.

ryanm8655

monkey-fingers said:

In all honesty, last time we bought, all the draft paperwork was done in the first month.
It still took another 3 months from there.

It all really depends if everything at the solicitors goes smoothly, few questions, and people are ready to move.

It was quite clear that my seller wasn't really committed. My buyer was a FTB who still had a decent chunk of her rental agreement left, so she was ready to move at any time on our timescales.

No other people involved.

Everything else is done and the sellers are keen to move ASAP. No further chain as they’re buying a vacant property without mortgage.

eddddy

ryanm8655 said:

Is it sufficient to have an indemnity policy confirmed by correspondence rather than written into the contract? Likewise, an item was left off of the fittings and contents form and has now been confirmed as included by correspondence, is that sufficient legally?

In simple terms, if it was agreed via your solicitor, it will form part of your contract.

If it was agreed in any other way (e.g. a phone call or email from the estate agent or seller), then it won't be part of the contract. In that case, you would need to tell your solicitor, and your solicitor would confirm with the seller's solicitor and then it would be added to the contract.

ryanm8655

eddddy said:

ryanm8655 said:

Is it sufficient to have an indemnity policy confirmed by correspondence rather than written into the contract? Likewise, an item was left off of the fittings and contents form and has now been confirmed as included by correspondence, is that sufficient legally?

In simple terms, if it was agreed via your solicitor, it will form part of your contract.

If it was agreed in any other way (e.g. a phone call or email from the estate agent or seller), then it won't be part of the contract. In that case, you would need to tell your solicitor, and your solicitor would confirm with the seller's solicitor and then it would be added to the contract.

That’s helpful, all agreed between solicitors.

Myci85

We were in a similar position, vendors buying an empty property. We didn't find out until the very last stages that the property they were buying was a probate property with 3 executors. This caused a bit of a delay, as one of them wasn't local and wasn't in a hurry getting the signed contract posted back to the solicitor. I think we signed our contract just over a week before eventual completion, and that last week we were on tenterhooks waiting for exchange of contracts which obviously couldn't happen until they had all signed contracts back. We ended up exchanging about 4.30pm the day before completion! 

At least we had no plans to move in straight away as had the luxury of an overlap. I felt sorry for the family we bought off, who had about 15 hours notice to confirm moving transport.