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Contracts signed not sure what next

grayfox
grayfox Posts: 22 Forumite
in House buying, renting & selling
Sorry if this is already answered but struggling to find any info using the search box.



I've signed the contracts and TR1, it's back with my solicitor and advised they are preparing the report title. I'd like to know what exactly the next steps are and if I'm close to exchange.


I checked the solicitors FAQ and there's no mention about preparing a report, and most google hits said once contracts are signed the exchange can be done.



Just slightly confused now with this report and how long that will take.



TIA

Comments

  • cloo
    cloo Posts: 1,291 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Signing the contracts is nothing to do with how close you are to exchange in my experience of 5 transactions. I've usually done it near the start of things and it's been about 8-10 weeks between signing and actual exchange.,


    How long it takes is a piece of string question that depends on how many people are in the chain, has the person at the top found a place to move to, how good their finances are, the competence of their solicitors, what the surveys say, people being on holiday and so on. My sales/purchases, both with fairly short chains, have taken 11-13 weeks. The quickest I've heard of can happen in 6 weeks, others can take over a year. There are a lot of moving parts!



    If the chain is complete and you haven't arranged a survey, I'd say that's your next job. The rest lies with the solicitors.
  • grayfox
    grayfox Posts: 22 Forumite
    This is chain free.



    All enquires were satisfied, mortgage done, home buyers report done, lease hold pack info received. All this was done and dusted over the past few weeks. Yesterday they sent the standards condition of sale contract which was signed and sent back along with the title deed.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Have you asked via the EA? The question needs to be addressed to the vendors as to what their position is.
  • grayfox
    grayfox Posts: 22 Forumite
    Thrugelmir wrote: »
    Have you asked via the EA? The question needs to be addressed to the vendors as to what their position is.


    Will be getting an update from them tomorrow and see what the progress is.
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Read:


    https://www.amazon.co.uk/How-Buy-Property-Simple-Millennials/dp/1976072735/ref=sr_1_2?ie=UTF8&qid=1533659950&sr=8-2&keywords=how+buy+property


    or similar.


    Pointless asking a vague question: this is a major commitment and major transaction. You need to understand, fully, what is involved, what the series of steps are, what can go wrong etc.


    As there are whole books on the subject, random one-off questions on the internet are inappropriate.
  • grayfox
    grayfox Posts: 22 Forumite
    G_M wrote: »
    Read:




    or similar.


    Pointless asking a vague question: this is a major commitment and major transaction. You need to understand, fully, what is involved, what the series of steps are, what can go wrong etc.


    As there are whole books on the subject, random one-off questions on the internet are inappropriate.


    I'm fully aware of the buying process, I was just looking for clarification on this report the solicitor mentioned. I may have gotten the wrong end of the stick so I'll wait for their feedback tomorrow. But your response has been most helpful
  • Slithery
    Slithery Posts: 6,046 Forumite
    First Anniversary Name Dropper First Post Photogenic
    grayfox wrote: »
    I'm fully aware of the buying process
    Yet your OP says the opposite...
    I'd like to know what exactly the next steps are and if I'm close to exchange.


    So which is it?
  • grayfox
    grayfox Posts: 22 Forumite
    I did get my wires crossed, my bad. So I'll be receiving 'the report on title' which details all the info for the purchase now that all enquires have been satisfied, once that's signed I can look to exchange.


    What threw me off and put me into panic mode was another forum saying 'the report on title' could take up to 8 weeks, and I thought I missed something in the paper work.
  • ThePants999
    ThePants999 Posts: 1,748 Forumite
    First Anniversary Name Dropper First Post
    Thrugelmir wrote: »
    Have you asked via the EA? The question needs to be addressed to the vendors as to what their position is.
    Not really, since it's chain free - the vendors don't have anything to do but answer queries, sign the contract and agree the completion date!
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