Buyers sellers roll call 12

[Bells3032]

New thread. Hopefully the last one for us!!

@Badgerbadger22 Barclays!

A Covid clause is one that tries to put something in place in case any one in the chain has to self-isolate due to Covid.

Sorry I had my previous post removed as I think it was a bit too outing

Just given approval to Exchange

@Lurchermom yay that’s amazing

@PointyMcguire

So I knew it was going too smoothly! Broker rang this morning to say Santander have put a 100% retention on the mortgage on the condition that our conveyancer can verify the property they valued matches the title deeds. The property is currently on two title deeds (house and land) but will be merged into one title deed as part of our purchase. Solicitor doesn’t seem too phased by it so I’m guessing it’s fairly standard but was a bit panic inducing after being told are mortgage had been fully agreed yesterday.

In other news, our solicitor has confirmed she’s still waiting on the local authority search and has now been told due to local council delays she won’t have this until December 2nd (I’m guessing there’s nothing we can do to hurry that up?) so looks like we’re back to the original timings for exchange

Ask your solicitor to take out search delay insurance, get this one through sooner rather than later.

Your titles won't be merged on completion at Land Registry unless the property is unregistered. It'll always be two titles, LR do not merge titles any more but this isn't a big deal at all.

MM

@Lurchermom

We still haven't exchanged I just want to cry. Or scream. Or both. Apparently insurers stil haven't come back with a quite for the party wall insurance. Starting to cut things fine now and if we get to a Friday without exchanging I think we will have to move our completion date as we will need to change our van hire etc.

Everyone is refusing a covid rider. DOn't worry about it.

@MinecraftMother I think you quoted the wrong person, we didn't have any issues regarding Covid.

We've officially exchanged! We are moving next week I can't believe it.

[quote Lurchermom]@MinecraftMother I think you quoted the wrong person, we didn't have any issues regarding Covid.

We've officially exchanged! We are moving next week I can't believe it.[/quote]
Weird! Sorry and congrats.

@Lurchermom Congratulations. I think you were in a similar position timewise to us which gives me a bit of hope!

@Wherewhatwhy

We want/need to exchange this week (by Wednesday so that we don't have to pay an extra fee to solicitor for completing in less than two weeks after exchange) but solicitor has gone on leave, no one can do anything in her place and for some reason they've not sent us a contract to sign on our purchase despite everything having been cleared up weeks ago. Really annoyed today. If they hold up the issuing of contracts thereby delaying exchange, I'm going to be really mad if we have to pay to complete within the two week period as it's not our fault. I'm mentally so done with this process now.

Did I read this correctly, if you want to exchange on - say - the 1st and complete before the 14th you have to pay your solicitor a special fee?

That is outrageous.

Is that a real firm of solicitors, or an online conveyancers?

Ask your solicitor to take out search delay insurance, get this one through sooner rather than later

@MinecraftMother sorry silly question but what will search delay insurance do?

Interesting re: titles, we were under the impression we’d be able to merge the two at completion. Do you think Santander will be ok with the fact it’s on two titles? Sorry panicking a bit after thinking we had it all sorted

We’ve hit a land registry stumbling block today I could crrry and our solicitor is being stubborn and unhelpful.

It’s probably an easy fix!!

@PointyMcguire

Ask your solicitor to take out search delay insurance, get this one through sooner rather than later

@MinecraftMother sorry silly question but what will search delay insurance do?

Interesting re: titles, we were under the impression we’d be able to merge the two at completion. Do you think Santander will be ok with the fact it’s on two titles? Sorry panicking a bit after thinking we had it all sorted

Insures you against financial loss arising from completing and then getting your search result back. Google it.

@Badgerbadger22

We’ve hit a land registry stumbling block today I could crrry and our solicitor is being stubborn and unhelpful.

It’s probably an easy fix!!

What's the LR stumbling block? I'll tell you if it's really a biggie or not.

Having two titles is no big deal these days at all. Unless the property is unregistered and so you'll be merging on first registration which is the way it'll be done. Again, no big deal.

I do with conveyancing lawyers would do a better job of educating their clients. The things I see here make me cross - you, lay people, asking questions that should have been answered before you asked by your own lawyer...and I am not being disparaging to you by calling you lay-people - i couldn't do your jobs, I'm sure. But really, how are you expected to know about merging titles etc, when it's up to us to take you through it.

I suppose it's a symptom of unqualified people being allowed to undertake this work these days, leading to a race to the bottom in terms of fees. We're all too busy to take the time to explain that a delayed search isn't the end of it all - there's another option, here it is...

Makes me sad.

9 and a half weeks in with buyers and their buyers searches due back next week. Surveys done. Some outstanding enquiries. We and the people above us (last in chain) are pretty much ready now. The bottom of the chain were first in the process and now the ones holding it up, which is annoying.

EA for us are saying it is doubtful we’ll complete before Christmas which seems a bit pessimistic. If it goes over then that will be 16+ weeks which seems excessive.

@MinecraftMother that's right! It's in their contract with us, I thought it was normal and everyone had this until recently where I've realised it's not. Has caused us to rush like crazy to meet our completion deadline.

Congratulations to @Lurchermom !

We have had a crazy, hazy day of paperwork signing, whizzing around to get witnesses to our signatures and to hand deliver the paperwork to the solicitor. All to meet this shoddy 14 day pre-completion deadline. Looks like exchange could be happening, tiny chance today but otherwise tomorrow. Eeeek!

@MinecraftMother I totally agree with you. Why are the fees so low? I’d happily pay double or triple the fees and have the process tightened up. I don’t get why conveyancing solicitors charge so little and estate agents so much.

I forgot to mention in previous post that yes they are a standard solicitors firm, not online conveyances or anything like that.

Regarding removals firms, is anyone finding that they won't take bookings until you exchanged but have a 2-3 lead time? We want to exchange and complete within a week so I'm not sure how this is going to work!

@Lurchermom yay! That was fast. Congratulations

[quote Lurchermom]@MinecraftMother I think you quoted the wrong person, we didn't have any issues regarding Covid.

We've officially exchanged! We are moving next week I can't believe it.[/quote]
Amazing. How long did it take?

Having two titles is no big deal these days at all. Unless the property is unregistered and so you'll be merging on first registration which is the way it'll be done. Again, no big deal.

My understanding was some lenders won’t lend if the property is split across two titles as essentially there’d be nothing to stop you selling off one title, thus reducing the value of the property you’d mortgaged against? I think my confusion comes from our solicitor saying the two titles will be amalgamated, yet you’re saying this isn’t possible as the LR no longer do this, which could mean our entire purchase is about to fall apart.

@BobsKnobs we are on week 13 since our small chain of 3 completed. Doesn't feel short but I know we have been lucky. Once we have moved next week I'll post a time line of our activities in case it is helpful.

@MinecraftMother I totally agree with you about Conveyancer's being more involved. And we would pay more money too (though we went more expensive this time after a terrible time on the cheap last time!) We frequently had to contact our conveyancer and get her to break stuff down. We are both professionals but we just have no idea about this stuff. My absolute godsend has been my IFA's wife she works as his admin and has been the most wonderful lady I can just email every question under the sun too. She's just sent me a to-do list post exchange. I could kiss her!

Gosh my grammar is terrible there - I blame the excitement. No apostrophe should be in conveyancer and *to not too in the last bit. Woops!

@Lurchermom so happy for you!!

@MinecraftMother have messaged you

What a stressful day! I’m also quite poorly!