Property solicitor

[MummytoGeorgie]

I'm on maternity and I miss my work!

I'm a property solicitor, if anyone has any questions I would be more than happy to give some free advice to do with conveyancing i.e moving home, enquiries, searches, title documentation etc (no landlord tenant as that's not my area of expertise).

TIA

Hi OP,
Would love to pick your brains about a scenario.
House goes on market six months ago at £425k. 10 viewings in 4 days, my friend P offers cash. Vendors accept £420k.
P has surveys which show subsidence and issues with way house was built. P shares all reports with agent & vendors. Offers 400 instead. Then it transpires the vendors are siblings selling the empty property which belonged to parents. One sibling replies by email, yes to £400, let's get it done. Sibling number two refuses to believe there's anything wrong with house and wants to put it back on for more money as believes it's worth millions more.
P is still waiting to go ahead, or hear if £400k offer is to be rejected. Now hearing it's "all in hands of solicitors to sort out". What does this mean?
P is still looking around the town for something else, is in a good position as cash buyer, but wondered how it works if one party wants to sell and one refuses? Timescales etc.
Thank you.

@MummytoGeorgie
Would you get a survey on a new build on top of the lenders survey?

On a separate note, would you recommend conveyancing? I'm a solicitor but in a very different area and left law earlier this year as I'd had enough / stress to retrain but am wondering if trying a different area first before I throw away my years of training / qualification.

@Okigen no problem! Glad you sorted it xx

@New2ctc hey, if it's all in hand then maybe the 2nd seller has agreed. They will have to both agree in order to proceed with the sale. If the agent is saying it's all hand with the solicitors it could mean that they're still waiting on a response from the 2nd seller to agree and they will deal with it between the solicitors and let you know thereafter! Being a cash buyer though puts him in a great position! The agent really does need to advise the sellers that this issue could arise again with a new buyer when they get their survey.

@smarty4 most people will not get a survey on a new build but I'd still advise to get a basic home buyers survey just to ensure everything is as it should be. A lender will only look out for their interest. What may be acceptable to a lender for lending purposes may not be acceptable to you so it's prudent to double check!

ah sorry you had to leave your profession! I do love my job and love conveyancing. I've worked at a company where I was overloaded with work and didn't have the right support (i.e Secretary) and handling almost 300 cases which is ridiculous on your own I was working 14 hour days 7 days a week because I didn't want to let my clients down!

Now I'm with a really good company who don't give more than 80-100 cases and the £ is still really good! I think it all depends on who you work for because I began to hate it when I worked for the previous company but I love it now I actually have a little breathing space. It can be stressful with deadlines etc but i like organising and don't mind the pressure ( to an extent).

I studied conveyancing (to become CLC regulated) I'm sure I still have the manual somewhere on my emails if you private message me your email I can send you my manual so you can have a look/browse at it.

It would be a shame to waste your qualification I'm sure if you're already qualified it would just be an access course. I also do private tutoring for conveyancing if you're interested.

Xxx

Thanks OP.

What happens if there are two vendors, and one wants to sell and one refuses?

Hi again(!), OP.
I'm amazed at your stamina keeping this thread going!
Not sure you remember me now as I last wrote about 10 days ago - the buy who's been dragging his feet for many months, switching from cash to mortgage, to another mortgage. Solicitor not sending the TR form to mine, etc.

Well, we did go back on rightmove after another 'no contact or progress' spell. It turned out he was still waiting for him mortgage approval (obvs switched very recently without telling anyone). He was still saying in late June afetr admitting to waiting for approval, that they think mid-July date that was originally agreed, is doable, but then wre asking what if it's another week.
Well, the orgnal date of course is not happening (this week) BUT last Friday there was some progress as he got the letter from the bank (client's copy) saying that they haev approved him, but the longer version to his solicitor is coming soon.

This Monday it hasn't materialed so his sols wrote t mine saying they are waiting for that - and will send TR after it happens. My sols wrote to me saying something quite alarming - that if his lenders use their own solicitor (which it looks like they do), they will be sending that letter to buyers lawyer, AND they may haev 'an array' of enquiries still!
I'm really upset with this as I thought ok, another week or even two is not bad if he gets his approval in full by mid-this week, then TR can be done by next week - complete soon after.
But I'm now scared about this point, and I've asked mine how long could that take - she's not responded (she usually takes time to respond). So I thought yo ushould know that!
Agent says normally it's the bank who sends these direct to buyer's sols, but that she did see this happening with BTL f someone ha several. Not sure why is this, particularly. He's borrowed from the in the past so is 'known ' to them even though does own a few BTLs.

I've asked my agent to tell him to find out the time frame from the bank - would they normally give that? Haven't heard a reply today so now going to be worried. Of course Ive told my vendors that hopefully it will be next week. I have various plans on hold and just need to know the timeframe to be able to plan around that! Half of the summer left and I need to use it for things as planned even of shifted. Just intolerable how there's never any clarity.
Btw his solicitor did make enquiries of course, so I don't know what might they want that hasn't ben already done. Nightmare!

Oh and I did get one low cash offer last week when we went on rightove but nothing serious yet - which means I'm stuck with him, and tbh would prefer to sell now than take longer for higher price.

Thank yo uagain, OP.

@MummytoGeorgie Where do you work?! My experiences of conveyancing solicitors is that they are at best non communicative and at worst utterly incompetent.

I would love to hire you next time we move!

Hi @MummytoGeorgie Wow, 300 clients are mental!! I'm glad that you are now with a better workplace. Like the previous poster said, please let us know where you work so we can hire you the next time we move!

On a separate note, I forgot my second question in the previous post! Should I forward Homebuyer report to my solicitor? (I guess the question is whether they normally need to review it?)

[quote MummytoGeorgie]@Gettingonabitnow how annoying!! It is as simple as picking up the telephone and speaking to their redemption department! Ring the agent back and be firm, you need them to chase and the solicitors CAN chase lenders by telephone they're just being lazy!! X[/quote]
@MummytoGeorgie the lender valuation has finally come back on the shared appreciation mortgage on the probate house at the top of the chain! But can I ask please - would the people buying the house get to the figure the SAM lender valued the house at? They are cash buyers who apparently paid quite a bit over the asking price and won’t have had their own lender value it, so worried if the SAM lender valued it at lower that they are paying, we are going to enter a whole new painful round of negotiations 🤦‍♀️. Thanks for any advice xx

@New2ctc they will both need to agree prior to exchange, if not then it could go to court if one issues proceedings but I'm sure they'll agree before that as it would not be in their interest to do that!

@CatAndHisKit hello, hope you're well! Yes, I do remember you! God how awful that you're still waiting!!

All banks are different, I am unsure how long as I wouldn't know if the lender has carried out the valuation yet (I would think it would happen AFTER he's been approved).

The buyer should be able to find out a time frame from the lender.

Do hope it comes through for you!

Xxx

@Thinkingthinking
@Okigen

Hey!

Re where I work I am unsure if I'm allowed to post it here but please send me a pvt message and I'll email you my details for future reference!

Thank you :-) xx

@Okigen

Re the survey report, some solicitors will charge extra to review it so double check that first. Other solicitors won't review it as they say that they are not qualified to do so.

What might be an issue for you on the survey may not be an issue for someone else so it's hard for a solicitor to know what would be your worry but that being said, they should use their common sense!

I usually advise my clients to review it and if there's anything that they aren't happy about then to let me know and then you can put forward options, e.g if the roof needed replacing you could ask the sellers to replace it prior to completion OR you could have a quotation carried out and ask them to reduce the price / provide an allowance so that you can carry out the works post completion (to avoid delay).

If clients want me to review the survey I prepare a report on it so just double check with your solicitors what they do and for what cost xxx

@Gettingonabitnow hello, hope you're ok! The buyers don't get to know what the redemption amount is on the current mortgage for the sale!

Xx

I would think it would happen AFTER he's been approved

Oh no, please don't say that! We had the whole thing of bank surveyor visiting and then a specialist damp survey 9not sure if it was just buyer doing it for his own knowledge but the bank surveyor did raise the issue so the buyer would have let the bank known - he clained they retained afew thousand for the repair). This has been two months ago! That's why we aer furoius (now also my vendors) that we haven't cpmplete as agreed mid-July.
I suspected (an mentioned before) that I think he's switched to a better deal along the way - but when we asked he said it was the same lender without denying it was a new deal - do you remember, he said they've made a mistake with the fixed term (3 instead of 5) - I think he's switched to the 5 himself when it was offered - all done via his usual broker as he is BTL buyer.

Meant to say, thank you for replying again!

sorry for many typos! 'I suspected that I think...' (head in hands!)

@MummytoGeorgie Mummy, thank you so much for the reply!

Op all credit for offering yourself up while on mat leave!

I have a question if you wouldn't mind: I'm selling a house in immaculate condition (I've lived in it for over forty years, so know everything about it, and have been responsible for all renovations/ maintenance etc).

Buyers are lovely, have had a mortgage valuation and a full structural survey and visited three times for extended visits. They seem extremely keen and have emailing direct to tell me survey all good etc.

Two things:
One, the Additional Enquiries have just come to me through the solicitor and includes a statement that I am selling 'at an undervalue' and therefore need to supply a clean bill of financial health also an indemnity against problems associated with bankruptcy.
I have never been bankrupt, have a spotless credit file, literally couldn't be more straight. Do you know what this is about? I'm astonished that a solicitor would say anything about price. I accepted an offer for £25k under asking because I really liked the buyers and the timing was good. The guide price was £650k. It's just so odd.
Second: after two surveys and all appliances recently serviced and all certificates supplied, the buyers want to send more people in a) to check the heating (serviced in March), the water pressure (pressurized water cylinder serviced last month) and electrics (all working, have had no issues at all). Could I just say no - I'm just irritated by endless people and have children in a small house trying to work from home while I'm trying to pack up. So the world won't fall in, but it's one thing after another.

Thanks so much for advice - appreciated.

Hi @MummytoGeorgie! I exchanged contract on the sale of my flat last week. Today, my boiler seems to have packed up, we complete on Monday 26th July. What do I do? I have British Gas homecare so I can get someone to look at it!

Hello @MummytoGeorgie , I wonder if you could give some advice? We’ve viewed a house that is currently run as a small guest house and is on the market as such. We would not want to run a guest house, but it’d be a lovely home.
It is also a family home to the current owners, and was originally a private house. Our mortgage broker thinks we would be unable to get a residential mortgage on it due to it currently being a guest house and advertised as a commercial property. There is no home report available for it for this reason too.
We have a good deposit, so even if the home report value was less than the asking price (due to goodwill from the guest house business), we should be able to afford it.
We’re in Scotland, so our situation may be slightly different. Do you think it would be possible to get a residential mortgage in these circumstances? Many thanks in advance.

I accepted an offer for £25k under asking because I really liked the buyers and the timing was good. The guide price was £650k. It's just so odd.
Sorry to butt in, goodbye but this can't be right, totally weird! 25K is hardly much a discount off that total. Either a novice or they've confused you with someone else.

Not butting in at all CatAndHisKit! Their solicitor is Head of Dept at a large firm and it's him who's signed the letter with the Additional Enquiries listed, so it's weirder and weirder. I'm glad it strikes you as weird too. I've written a very shirty reply (tell your clients they are welcome to pay full whack and you can whistle for an indemnity). I strongly suspect my own solicitor will tone my replies right down. I'm wondering if maybe he's seen the survey report and maybe that says the guide price was too low? (I'm hoping this as well as wondering :) Gives me more leverage with the buyers and their requests for endless tests).

I haven't a clue whether solicitors get survey reports though. Probably not?

Usually they don't, but a client could ask their advice after doing a survey probably. In this case it wouldn't be on buyer's interest to create problems, and especially to end up paying more (potentially)!

@CatAndHisKit well I do hope something f materialises soon!!

@goodbyestranger hello! Thanks for the message...

First point... re undervalue

As you are selling at an undervalue an indemnity policy and sworn statutory declaration are required.

The statutory declaration will state that you are selling the property and have sufficient money to pay all debts etc and that you are solvent.

This is usually required where there is a mortgage involved to ensure you aren't selling due to issues with debt.

You have to insure the Buyer that you are not selling the property as a way of evading creditors. If you become bankrupt within five years after the sale, you will be appointed a trustee in bankruptcy who will seize the property to pay the creditors. This would mean that the original sale of the property between you and the buyer would be void and the lender would lose out. To prevent this an Indemnity Insurance Policy is taken out to indemnify the lender against this.

This is very common and usual practice.

Re your second point, of course you can say no but this might suggest to the buyers that you're hiding something.

Endless people can seem intrusive and excessive I can imagine, maybe give them an hour time slot (eg) for all people to come at the same time to minimise the effect on you.

Good luck with everything xxx

@areyouhavingagiraffe hello I hope you're ok. The buyer is supposed to have a viewing of the property prior to exchange (their solicitor should have advised them this) to ensure all items are in good working order. They take the property as it is as at the date of exchange.

You would be very kind to get someone to look at it but also, if it cannot be fixed then this is not your problem.

Google the term- caveat emptor

May seem harsh but it's the law xxx

@KungFuFriday hello I'm sorry I don't specialise in Scottish law :-(

I would have thought though that it's being sold as a commercial property that you wouldn't be able to get a resi mortgage on it though xx