Buying / Selling Legal process - are we doing ok ?

whirlwind

He wanted to delay putting the searches in -
because the mortgage offer was not signed yet
because we were getting checks done on the house
because we might still be negociating on the price
because if the sale did not go through, he did know how people would react to stopping a search they had started

I think this must just be odd???

He was trying to save our money but it was only about £120 and I did not care about that much money in the scheme of trying to buy the property quickly (we were sold it because we played our FTB card and could move quickly).

Jorgan_2

Some solicitors do this in the believe that they are saving clients money. They don't see the point in spending the search fee if the client can't get the mortgage required.

Tell your solicitor that you want him/her to apply for the searches & that you understand the money will have been wasted if you can not get the mortgage you require.

whirlwind

Thanks, so it's no unheard of then. It did slow things down.

otter1_2

Time for another update.

Went to solicitors today to discuss deed of trust - we arranged the meeting last week. Turns out the documents we had been waiting for from the seller arrived this morning! So, we are now due to exchange on Friday and I am spending the week working out what date to request for completion. The week of 10-14 March looks favourite at the moment.

If these dates hold, we'll be exchanging exactly five weeks and completing less than seven weeks after our offer was accepted.

Any news the rest of you?

MadMonkey

MadMonkey wrote: »

Well we were doing ok:rolleyes:


Our buyers buyers have had a homebuyers survey done and the surveyor has identified a "bouncy floor" - he has no ideawhat is causing it and there is a structural engineer going in on Monday.

Well the engineer went last Monday and he said that the floor needed a specialist company to go in and drill. They would then be able to assess the damage and hopefully be able to inject a kind of filler or worst case rip the floor up and relay a new one.

So a company was booked for today - cue a week of major stress:rolleyes:

They went today and there is nothing wrong with the floor at all:mad: it is a block and beam floor and is supposed to flex.

So the owners have spent £500 to find this out:eek:

So the EA rings the buyers to give them the good news and they mumble something about having been on holiday and needing to ring the building society and then ask about the "other stuff" on the survey. WEll this is the first anyone else has heard about it. He then mubles that the windows need painting. This house was on for 260 reduced to 240 and sold for 220 to reflect the work needed doing on it. So what are they expecting ? a huge discount AND the work done.

I am now in limbo again unsure as to what is going on - the EA is useless.

All solicitors are nearly ready to exchange apart from these people as no-one knows what's going on:mad:

Hopefully tomorrow will shed light on it all.

The stress is really making me ill now though - I will NEVER ever buy / sell a house again:rotfl:

otter1_2

MadMonkey,

Ridiculous. They can't have it both ways.

However, once you are into a chain and everyone is committed, it is difficult to be the dodgy link. Can you put any pressure on them from above, or will that just risk negotiations breaking down?

dweeby

otter1 wrote: »

Any news the rest of you?

Hi otter1 and madmonkey!

We're kind of languishing in no-mans land... and not fully understanding the various processes, it's difficult to know where we're at.

Searches were started ~3+ weeks ago, haven't heard anything so presumably no issues and conveyancing presumably nearly done. Mortgage application going slowly, but again nearly finished. No issues that we've been made aware of, but the problem is that nobody is really talking to us!

Probably time to get an update from the solicitor, who is probably waiting for a mortgage offer letter. When we moved out of our last house, everything was quiet for weeks - the suddenly a call "exchange next week"!

otter1_2

dweeby,

Oh I just called the mortgage people and/or the solicitor every time I started to worry about things (about every 2-3 days!). I'd rather be told that everything was progressing and there's nothing I can do than be told that they received something last week and had been meaning to contact me but just not got around to it.

But yes, quietness, then a big rush at the end, is what I have been experiencing, certainly!

loobylou36

Everbodys house selling seems to be going well, we are six weeks since offer and everything is ready to go apart from waiting for our buyers mortgage offer
They are buying our property on a buy to let mortgage and we are going into rented for a while, so there is no chain

Six weeks in though and no valuation survey hqas been done!!!! I spoke to our buyers on saturday and they have said it will be done this week or the beginning part of next week

The rental property we are moving into can only hold until the 14th March so things need to get moving

All searches and paperwork have been dealt with and once the mortgage offer materialises we can complete. I have never felt so stressed and feel a right nag for pestering my estate agents to pressurise my buyers for the survey to be done. If I don't hear about the survey by the end of the week they will be hearing from me again!!!

Jorgan_2

loobylou36 wrote: »

Six weeks in though and no valuation survey hqas been done!!!! I spoke to our buyers on saturday and they have said it will be done this week or the beginning part of next week

Alarm bells would have been ringing 2-3 weeks ago if it was my sale, to be honest. I don't want to worry you, unnecessarily, but you need to find out why this has taken so long. You may also want to check that your buyer isn't re-mortgaging an existing property to get the deposit monies, its quite common, in which case you would have to wait for two mortgage offers to be issued.