Anyone know lots about conveyancing!(10 Posts)
Can anyone explain how the contracts aid in the investigation of issues identified as part of the survey? Just wondering how it all fits together.
Well, the contract documentation helps the Solicitor investigate the title to the property as well as identifying any planning, environmental or similar issues. Any matters identified on a survey would be brought to the Solicitor's attention who could then look at whether the Sellers have carried out any work and whether the relevant approvals were obtained and if there are any guarantees.
Not sure if this is helpful.
Very helpful. I guess because we know the issues (no planning for the conservatory and a question Mark over the garage roof) I'm wondering how the contracts will help. Buyers are dithering, despite having had their survey report for ten days now.
As far as I know this is how they connect. Contracts are standard documents which law firms purchase and tweak according to the individual property. In a really simple sale/purchase, there may not be any tweaking to do at all.
The seller supplies the buyer's solicitor with a 'standard contract' at the beginning of the conveyancing process. The buyer could accept this contract and that's that but usually the buyer carries out further investigations to satisfy themselves they are buying the right house and that the contract protects their interests.
As a result of investigations, answers to enquiries, local searches, survey, fixtures and fittings etc the buyer may want to add certain clauses to this contract which will finally be agreed between you and the buyer. When you are both happy, you both sign it and then you're in a position to agree exchange of contract.
It may be that an issue identified in the survey leads to the inclusion of an extra clause in the contract, such as an agreement that the seller will purchase an indemnity policy for an extension constructed without building regs. or some such thing.
In my experience, solicitors tend not to raise issues from surveys of their own volition - it would be up to the buyer to read it and then come back to you/your estate agent/ or their solicitor with any queries which arise because of the survey such as guarantees, permissions and so on.
I suppose a really diligent, dynamic solicitor might read it and raise issues for the buyer - but I haven't come across one of those before!
When I say law firms 'purchase' standard contracts, what I mean is a standard contract is a copyrighted document (like a novel) and in order to use a standard version, they pay a supplier, a legal publisher or the local law society for the right to reproduce/use the standardised version of the contract.
Thanks downtothesea - I'm still not sure how this helps the buyer who is refusing to commit one way or the other based on the survey results. He is saying he is waiting to be advised by his solicitor - but surely he knows whether he wants to buy the damn house or not!
Umm... the contract itself won't answer any questions - it's literally a statement of the agreement you have both reached after you have concluded all pre-contract enquiries - survey, fixtures and fittings and so on.
Often surveyors automatically send a copy of the survey to the buyer's solicitor, perhaps your buyer is very new to the whole process and expects the solicitor to read through it and contact them with the thumbs up!
It might happen... but I think usually the onus is on the buyer to bring problems to the solicitor's attention - otherwise they assume you're happy enough.
Could they mean they are waiting to compare something in the survey with something in the title deeds? - location of boundary ...possibly?
Would be better if they told you rather than wait days for the solicitor to write to your solicitor and then yours to write to you.
It might be somethng really simple you could answer immediately.
downtothesea - I am nodding sagely at all of this.
Just read your nervous breakdown thread - makes sense now! I think you'll need nerves of steel but it sounds to me like your buyers are squeezing you trying to squeeze you.
Getting your dad round to look at the roof - ha ha - will they get their mum round to check out the kitchen?
Sound like they're teeth suckers but they want the house or they would have pulled out already.
When you've gone off a house you don't pay a solicitor extra money to tell you you're right, because when you're off a house, you're just off it and no matter what anybody says you're not going to buy it.
They want it but they're trying to play you for a few more quid off.
Stick with it - maybe give them the silent treatment - see if that works but it sounds like they'll be pains right up to exchange.
I'd be tempted to ask the agent to call them saying that if they are still unsure, that you're thinking of removing the Sold STC on Rightmove - although obviously you wan't accept another offer without letting them know.
See what effect it has - let's face it you've got to know one way or another and if they're going to drop out - better now than later
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