The Waiting Game

bringitdown

Hi folks,

Recently put in an offer to buy a property and this was accepted (1 week ago).

The Auctioneer has issued the Sales Note to my solicitor.

So at this point we are waiting for documents from the vendors solicitor.

Does anyone know how long this takes, and if there is anything I can do to speed this up or make sure it's moving?

AfterHrsProp

bringitdown wrote: »

Hi folks,

Recently put in an offer to buy a property and this was accepted (1 week ago).

The Auctioneer has issued the Sales Note to my solicitor.

So at this point we are waiting for documents from the vendors solicitor.

Does anyone know how long this takes, and if there is anything I can do to speed this up or make sure it's moving?

Impossible to say without more information, depends on a number of different variables, what type of sale it is(receivership, etc.), the competency & efficiency of both solicitors, how keen the vendors are to complete the sale.

The best thing you can do is to contact your solicitor regularly, keep on him every second day or so & make sure he is doing everything possible to complete the sale asap. This may involve continually following up with the vendors solicitor.

And of course it goes without saying, make sure you have everything sorted on your end, mortgage approval/loan approval, structural reports & quick to reply on any issues that may arise.

I would estimate if everything is in order another 4-5 weeks

bringitdown

Cheers, our solicitor advised waiting to book a structural engineer until they get a copy of the title etc and are happy that it's kosher and won't manifest any issues so to speak. I have one on standby but am wary of the looming break.

From my understanding the vendor has no outstanding mortgage (based on the registry) on the property so hopefully not an issue.

The best thing you can do is to contact your solicitor regularly, keep on him every second day or so & make sure he is doing everything possible to complete the sale asap.

Will 'harass' my solicitor so.

allibastor

Yeah, This happened me and it turned out the house was in negative equity and a bank sale.

It has now fallen through

AfterHrsProp

bringitdown wrote: »

Cheers, our solicitor advised waiting to book a structural engineer until they get a copy of the title etc and are happy that it's kosher and won't manifest any issues so to speak. I have one on standby but am wary of the looming break.

From my understanding the vendor has no outstanding mortgage (based on the registry) on the property so hopefully not an issue.



Will 'harass' my solicitor so.

Yes, do, & dont pay them upfront even if they suggest, only pay them when the sale has gone through & let them invoice you. (solicitor)

That is good advice however from the solicitor, wait until everything with the title is sorted before employing an engineer

AfterHrsProp

allibastor wrote: »

Yeah, This happened me and it turned out the house was in negative equity and a bank sale.

It has now fallen through

Do you mind me asking why it fell through? plenty of houses in negative equity have been sold

allibastor

Yeah,

The bank was forcing the sale. My deposit was paid for 8 weeks,
The vendor has said he is no depressed and cant sign paperwork as he is not in correct state of mind.

Pain in the hole.

simpson80

hi
I am currently sale agreed 8 weeks (bank sale) it is very hard to not have control in this situation but all you can do is keep asking your solicitor for updates. my solicitor told me from the start that as it is a bank sale we should expect a 'slow transaction' so patience is key!