As above it will be the searches that take the time. See if you can do quicker ones-depends on your mortgage company. Ultimately though as a first time buyer the developer would be mad to walk on you as you have no chain.
Has the valuation actually been done?
Solicitors will always hold things up as said above. Just prayer them regularly and they will speed up to get rid of you.
Yes the valuation was done and was bang on what we agreed. To the penny.
He had already dropped the price by 20k because of previous mortgages falling through at valuation stage but, as someone said, the prices are rising now and his ear is being bent.
Buying my first flat and have a bit problem. Had our offer accepted in November and had some trouble getting a mortgage. That's all sorted now and solicitor has just begun the searches.
Sadly, the seller (a developer!) emailed today to say he'd ben putting it back up for sale unless we can exchange by the 17th. Our solicitor says this is impossible as it'll be at least 6 weeks from now.
Really upset - anyone got any advice? No jokes please, too soon.
Email the guy back and agree to his terms. If you dont get it sorted in his time frame string him out. Call his bluff
With all due respect if I was selling a property and the buyer failed (refused) to start paying for searches until after the mortgage offer was issued and prices had risen by close to 3% I would ask for more money or re-market the flat.
Also bear in mind that the conveyancing on a leasehold flat takes a lot longer than on a freehold house.
What I would suggest is try to point out to the Vendor (or the Estate Agent) that if the valuation is still in date and a new buyer goes to the same bank it mightn't be valued at the higher price.
With all due respect if I was selling a property and the buyer failed (refused) to start paying for searches until after the mortgage offer was issued and prices had risen by close to 3% I would ask for more money or re-market the flat.
Also bear in mind that the conveyancing on a leasehold flat takes a lot longer than on a freehold house.
What I would suggest is try to point out to the Vendor (or the Estate Agent) that if the valuation is still in date and a new buyer goes to the same bank it mightn't be valued at the higher price.
Does that mean you are buying a completely new flat which in turn needs a completely new lease or is the vendor someone who works as a developer and is selling an existing flat?
Does that mean you are buying a completely new flat which in turn needs a completely new lease or is the vendor someone who works as a developer and is selling an existing flat?
Danny, Large mentioned it above but it wasn't really expanded on. Did your lender insist on you using one of their preferred firms? Some will and won't allow you to use others. Just check that before trying anyone else.
Other than that, spot on, keep pestering them and call chasing them 3 times a day. What firm/solicitor are you using?
Best of luck and hope it works out for you both.
They are called Grant and Saw from Greenwich. We chose them on a recommendation and our lender certainly didn't mention one we should use.
I look after law firms, but the large corporate guys. Had a look at my legal sites and they do seem to have a good reputation. I know it's all been a bit of a muddle for you, but hopefully they all pull together for you.
Don't get caught up in the "must have it" as there are plenty others around I called their bluff and ended up 15k in my favour in the end as it was the seller who caused the hold up in the end by not being able to produce an elec cert for the rewiring. I ended up going to solicters office every day as they had one speed F@cking slow but got there in the end. Think there all as crap as each other! Be lucky
I've just lost a house because we couldn't get to exchange when the buyer wanted. She remarketed the property and got a buy to let investor who could push it through quicker than us. £1600 down the drain and not a lot I can do about it. Though I am going to sue my mortgage advisor but that's another story.
from the other side, we offered on our house in the Jan - but knew it would be a long process as the sellers weren't in a hurry, and we were able to buy without selling (in the short term) so our buying and selling was 2 separate transactions,
However, our buyer who offered in April then wanted to complete within 4 weeks as her mortgage offer would run out on 30th April. We pushed back, got no where, she dug heels in, our estate agents were terrible (I did all the viewings myself and was fed up with chasing them to get us in the paper, online and then doing the viewings) she got her own way, we completed on the day she wanted and we ended up moving in with my parents for 5 weeks until our house was ready end May/Early June.
I think you need to be strong and say you're doing everything you can (which you should do!) and then offer to pick up documents, drop them off (don't rely on the post - use email where possible) to speed things through and explain that to your vendor. Going silent is the worst thing you can do. It's a tricky time, and people do get jumpy when they don't hear anything. regular communication - daily updates on your progress can help things - even if it does take 4 weeks, at least they'll know for 4 weeks you're trying you're best. Think about how the whole process from the vendor side - you might not agree with their approach, but you may be able to understand it which will help you react.
Not necessarily recommended, but maybe offering to exchange and complete on the same day will help. Ultimately he just wants his money as soon as possible!!
Do you know how long it was on the market before you put your offer in? I think some sites like Zoopla nowadays may be give info as to when it was first on the market.
Basically, if the property was on the market for x months before you made an offer, do you think that the seller is prepared to wait another x months for a new buyer to put in another offer.
In that time, property values may rise again. Does that mean that the asking price would rise, even if there was no interest at the original price?
If a new buyer puts in an offer and prices rise before completion, would he remarket the property again? If so, he would never end up selling, if prices keep rising!
There has to be a point where he accepts an offer and follows the deal to the end.
It may depend on how quickly he needs a sale and the money.
If the sale is needed so he can get on with his next project, he'd be better of sticking with the buyer that he has (you) and know that the sale will go through, even if it does not fall in with his timescale.
It MAY be that he thinks that it's taken too long, so far, so he's just trying to apply pressure to get it moving a bit quicker and, to be fair, it does look like it has dragged a bit, so far.
It might be worth getting the estate agent to speak to him and tell him that your conveyancer has advised that they can't guarantee completion by 17th Jan (and nobody can guarantee this), but they will do all they can to get it completed ASAP and he would then have the sale that he needs.
As a developer, he may have played the game many times before and would know that conveyancers take as long as they take and that dates cannot be guaranteed.
Just tell them you will complete on time, and then go at whatever pace you can. If they find a new buyer - they will have to start the process again from the beginning anyway, so it probably won't be any quicker for the developer, who is probably bluffing.
Call Kirk and partners in eltham. Loads if us on here have used them. They might.
this - ask for Hugh Lewis (yes that's his name!), excellent firm and have always been first class when I've bought/sold properties.
yep, that's who we used. He came back on everything straight away - was receptive to my requests for updates on information. Don't be put off by the state of his office if you go in!
Id just like to pick up on one point, namely the time quoted to you to return the land registry searches (we call them requisitions on title in the profession)
This is a load of tosh. In the days of the internet most of the basic searches are instant, typical land registry search costs the solicitor 14 pounds and comes back within minutes. If that shows up anything interesting (preexisting rights of usage for third parties, pollution, mining etc etc) it can get tricky but that is the exception not the rule. To quote u weeks to do land registry searches is 100% pure BS
conveyancing solicitors make it sound harder than it is so they can charge 1K plus for 3 hours work
Id just like to pick up on one point, namely the time quoted to you to return the land registry searches (we call them requisitions on title in the profession)
This is a load of tosh. In the days of the internet most of the basic searches are instant, typical land registry search costs the solicitor 14 pounds and comes back within minutes. If that shows up anything interesting (preexisting rights of usage for third parties, pollution, mining etc etc) it can get tricky but that is the exception not the rule. To quote u weeks to do land registry searches is 100% pure BS
conveyancing solicitors make it sound harder than it is so they can charge 1K plus for 3 hours work
This makes me feel better. Thank you so much everyone so far - we took your advice and called another Solicitor. We told her it needs to be done by next Friday and she thinks it can be done. She's "opened a file" and the info from the seller has been sent across already. A massively different story to the other person we had, who incidentally said, "glad someone else seems to be able to do it I just didn't have the time to put into it" when we told her we were trying someone else. Nice!
Thanks so far everyone - mission Friday 17th is ON!! If this goes through, I'll meet you all in the pub!
Id just like to pick up on one point, namely the time quoted to you to return the land registry searches (we call them requisitions on title in the profession)
This is a load of tosh. In the days of the internet most of the basic searches are instant, typical land registry search costs the solicitor 14 pounds and comes back within minutes. If that shows up anything interesting (preexisting rights of usage for third parties, pollution, mining etc etc) it can get tricky but that is the exception not the rule. To quote u weeks to do land registry searches is 100% pure BS
conveyancing solicitors make it sound harder than it is so they can charge 1K plus for 3 hours work
This makes me feel better. Thank you so much everyone so far - we took your advice and called another Solicitor. We told her it needs to be done by next Friday and she thinks it can be done. She's "opened a file" and the info from the seller has been sent across already. A massively different story to the other person we had, who incidentally said, "glad someone else seems to be able to do it I just didn't have the time to put into it" when we told her we were trying someone else. Nice!
Thanks so far everyone - mission Friday 17th is ON!! If this goes through, I'll meet you all in the pub!
PS we got our money back from the first woman!
Nice one mate. Sounds like the first one just couldn't be bothered to put in the effort, which is pretty disgraceful really. Glad you got your dough back too.
Grant Saw used to be my Dad's law firm and donkeys'years ago I used them a couple of times for house purchases/sales and some other stuff although it was necessary to micro-manage them, the work was okay. BUT these days maybe you're only getting some useless paralegal working on conveyancing? They shouldn't have treated you like this. Take the time to speak with a partner at the firm, and explain why you have dumped them and ask if the firm is happy having their reputation trashed on a very popular web site (this one!). Suggest that they might wish to consider some attitude retraining for their member of staff. And well done and good luck. BTW there's some good tips especially for first-time buyers of property here: moneysavingexpert.com/mortgages/house-buying-guide
Not necessarily recommended, but maybe offering to exchange and complete on the same day will help. Ultimately he just wants his money as soon as possible!!
I've done that too - exchanged and completed on the same day. It can be done.
You've all been great - thanks so much. A quick update then, the new firm got straight on it and got the sales memo sent over. The completed 3 searches, chased up and got the revised mortgage offer from Halifax and are now reading through the "contracts". So we were all set for the 17th as he requested.
Now, another twist in the tale. We checked Rightmove about 4:30pm and it's up again with a different estate agent again for the same price. We told our estate agent, who rightly shit themselves and emailed and called him but they couldn't get an answer in time. They will chase again Monday morning. So we have no idea what's going to happen now, even at this late stage
Well, an update. We are a bit closer - 4/5 searches have come back and we are now waiting for a lease document from the freeholder before we can exchange. This is more on his side so it's kind of out of our hands. He can't really complain that we haven't met the deadline as we've been at this stage since Monday.
Sounds good mate Glad u kicked some arses into touch Shows not all solicitors only have one speed F##king slow Only a few more hours of sqeaking bum time to go then?
Comments
He had already dropped the price by 20k because of previous mortgages falling through at valuation stage but, as someone said, the prices are rising now and his ear is being bent.
Call his bluff
Also bear in mind that the conveyancing on a leasehold flat takes a lot longer than on a freehold house.
What I would suggest is try to point out to the Vendor (or the Estate Agent) that if the valuation is still in date and a new buyer goes to the same bank it mightn't be valued at the higher price.
The estate agent said he had someone last week who exchanged in 9 days but he's going to say that isn't he.
Does that mean you are buying a completely new flat which in turn needs a completely new lease or is the vendor someone who works as a developer and is selling an existing flat?
I ended up going to solicters office every day as they had one speed
F@cking slow but got there in the end.
Think there all as crap as each other!
Be lucky
However, our buyer who offered in April then wanted to complete within 4 weeks as her mortgage offer would run out on 30th April. We pushed back, got no where, she dug heels in, our estate agents were terrible (I did all the viewings myself and was fed up with chasing them to get us in the paper, online and then doing the viewings) she got her own way, we completed on the day she wanted and we ended up moving in with my parents for 5 weeks until our house was ready end May/Early June.
I think you need to be strong and say you're doing everything you can (which you should do!) and then offer to pick up documents, drop them off (don't rely on the post - use email where possible) to speed things through and explain that to your vendor. Going silent is the worst thing you can do. It's a tricky time, and people do get jumpy when they don't hear anything. regular communication - daily updates on your progress can help things - even if it does take 4 weeks, at least they'll know for 4 weeks you're trying you're best. Think about how the whole process from the vendor side - you might not agree with their approach, but you may be able to understand it which will help you react.
Good luck!
Do you know how long it was on the market before you put your offer in?
I think some sites like Zoopla nowadays may be give info as to when it was first on the market.
Basically, if the property was on the market for x months before you made an offer, do you think that the seller is prepared to wait another x months for a new buyer to put in another offer.
In that time, property values may rise again. Does that mean that the asking price would rise, even if there was no interest at the original price?
If a new buyer puts in an offer and prices rise before completion, would he remarket the property again?
If so, he would never end up selling, if prices keep rising!
There has to be a point where he accepts an offer and follows the deal to the end.
It may depend on how quickly he needs a sale and the money.
If the sale is needed so he can get on with his next project, he'd be better of sticking with the buyer that he has (you) and know that the sale will go through, even if it does not fall in with his timescale.
It MAY be that he thinks that it's taken too long, so far, so he's just trying to apply pressure to get it moving a bit quicker and, to be fair, it does look like it has dragged a bit, so far.
It might be worth getting the estate agent to speak to him and tell him that your conveyancer has advised that they can't guarantee completion by 17th Jan (and nobody can guarantee this), but they will do all they can to get it completed ASAP and he would then have the sale that he needs.
As a developer, he may have played the game many times before and would know that conveyancers take as long as they take and that dates cannot be guaranteed.
Good Luck!!
If they find a new buyer - they will have to start the process again from the beginning anyway, so it probably won't be any quicker for the developer, who is probably bluffing.
Id just like to pick up on one point, namely the time quoted to you to return the land registry searches (we call them requisitions on title in the profession)
This is a load of tosh. In the days of the internet most of the basic searches are instant, typical land registry search costs the solicitor 14 pounds and comes back within minutes. If that shows up anything interesting (preexisting rights of usage for third parties, pollution, mining etc etc) it can get tricky but that is the exception not the rule. To quote u weeks to do land registry searches is 100% pure BS
conveyancing solicitors make it sound harder than it is so they can charge 1K plus for 3 hours work
Thanks so far everyone - mission Friday 17th is ON!! If this goes through, I'll meet you all in the pub!
PS we got our money back from the first woman!
Good luck with the move.
Ps. Where shall I send my invoice?
;-)
Mine's a white wine ...:-)
And well done and good luck.
BTW there's some good tips especially for first-time buyers of property here: moneysavingexpert.com/mortgages/house-buying-guide
It can be done.
Good luck, Danny!
Now, another twist in the tale. We checked Rightmove about 4:30pm and it's up again with a different estate agent again for the same price. We told our estate agent, who rightly shit themselves and emailed and called him but they couldn't get an answer in time. They will chase again Monday morning. So we have no idea what's going to happen now, even at this late stage
Glad u kicked some arses into touch
Shows not all solicitors only have one speed
F##king slow
Only a few more hours of sqeaking bum time to go then?