How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7620
Experience:  UK solicitor holding an England and Wales practising Certificate.
28732269
Type Your Property Law Question Here...
Thomas is online now

I have found a property I like, made an offer, which the

Resolved Question:

I have found a property I like, made an offer, which the seller has accepted, subject to me finding a buyer for my flat. The seller does not have to buy himself which means that the chain would potentially consist of three parties (Assuming my buyer is buying his first property).I appreciate it is very early days at the minute, but I am very keen to wrap up the transaction as quickly as I possibly can so that I can move into the new place. This being the case, is there anything that my solicitor (Who has been instructed on both sale and purchase transactions) can do? For example, can the searches be made on the property I'm intending to buy, so that we can proceed to exchange quickly after I find a buyer? Or can a valuation be performed on the property so that I know that I'm getting good value for my money?
Submitted: 1 year ago.
Category: Property Law
Expert:  Thomas replied 1 year ago.

Hi,

Are you purchasing with a mortgage?

Tom

Customer: replied 1 year ago.
Hi - Yes. I will be putting down 10% on the property and getting a mortgage for the rest. I already have an agreement in principle from my lender. Incidentally my existing mortgage is with the same lender.
Expert:  Thomas replied 1 year ago.

Hi

Thanks for your question. I will try to help.

Your solicitor should be able to get most of the pre-contract work done in the property that you are purchasing fairly quickly.

In particular, you should ask for them to carry out searches on the property as soon as possible. They will likely be able to do this before they have even received the draft Contract/supporting documentation from the seller’s solicitor if they have not already done so.

As to your mortgage, if you are intending to ask for your lender to carry out a home buyer’s report (rather than a simply valuation) then I would contact them immediately and tell them so that they can give you a list of providers that you can use to get a report done as quickly as you choose. This can then be provided to the lender and to your solicitor.

So, they work on the purchase can be done quickly.

As to the sale the only thing you can really do since you do not have a buyer yet is to complete all the necessary forms that your solicitor provides to you. Chiefly, these are the property information form, fittings & contents form and possibly an overriding interests form. Your solicitor will need to send these to the buyer’s solicitor as soon as you have agreed a sale so if you wish to proceed quickly then it would make sense to complete these and give them to your solicitor so that they are ready to go once you have accepted an offer.

Practically, it’s likely that you will proceed at the speed of the buyer/buyer’s solicitor of your current property since you are further ahead in your purchase than in the sale.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

Customer: replied 1 year ago.
Thanks a lot. Just to clarify, by 'pre-contract work' in relation to the purchase, do you mean the conveyancing process up to the stage of exchange of contracts?
Expert:  Thomas replied 1 year ago.

Absolutely correct. Once your solicitor has been provided with the contract/documents from the seller's solicitors he can carry out all the work up right up to exchange of contracts (assuming you arrange your mortgage offer).

Please do remember to leave feedback.

Tom

Customer: replied 1 year ago.
Brilliant thanks - one final followup - logically I think the lender would want the existing mortgage balance to be cleared before releasing the funds for the purchase, so does that have a bearing on the timeline? My flat is leasehold and I am proposing to buy a freehold property.
Expert:  Thomas replied 1 year ago.

Hi,

They will require it repair upon completion, so your solicitor will get you to sign a letter of authority to your lender so that they will send your solicitor a redemption statement confirming the precise amount of monies to be repair upon completion. Your soliciotr will likely send you this letter with the property information forms..

Tom

Thomas and 2 other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you. No further questions.
Expert:  Thomas replied 1 year ago.

You're welcome.