Agreed
The nervous wait to exchange....
- Thread starter noj
- Start date
Agreed
Well we finally exchanged! Was it hit and miss as got close to the deadline and bank had held up my transfer of deposit to the solicitor - went through ok in the end though.
Exchanging on 13th June - getting work done so looking to move in end of July i would have thought!
Exchanging on 13th June - getting work done so looking to move in end of July i would have thought!
Nice one
Great news
Is there anything in particular I should be looking for with buildings and contents insurance? Any must-haves? What about values for contents? Are things like "freezer breakdown" worth the paper they are written on? Is "legal cover" something worthwhile (it can be on Motor insurance, but not sure about home).
Soldato
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When looking at buildings and contents check the defintions carefully they are not as clear as you would assume as to what falls in each.
Think about accidental cover
Individual item limits for cover, cash in house etc
Worth looking into the cover level on outside walls etc if you for example have a garden wall.
Freezer breakdown, depends how much you will keep
Can be worth taking up some options such as boiler cover, depending on the price they want from you
Soldato
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there's a huge flaw in this - the lenders.
In scotland, as a seller, you have to get a home report done for about 400 quid iirc - so that's fine, give some basic info on the property, a valuation for mortgage purposes, any huge obvious issues and a rental income (for btl purposes), then when you get an offer in the lender always wants an updated home report, so another couple of hundred quid to the surveyor to drive past and see the place is still there...
Imagine that scenario with full surveys, lenders would be constantly asking for more and more info on anything showing up in these, all at the sellers costs and then all has to be dated within a certain timeframe.
One potential purchaser asked me to have a detailed damp survey carried out by their named surveyor (first floor flat - with properties all around) they were politely told to jog on, but i did say they could have access to have one carried out, surprisingly they never did!
Soldato
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So, if anyone wants to read my horrific recent experience about selling/buying (in scotland so slightly different process)
week 1: closing date for the property we wanted to buy, had a mortgage offer in principle but had a flat to sell - offered, accepted with one of the missive conditions that we sell our property. move in date was 20th may
week3: closing date for our sale property - absolute nightmare with solicitors (as per my previous thread) but got an offer of the valuation price eventually
week4: solicitors queries
week5: nothing happening, constantly phoning/emailing solicitors trying to get them to conclude the sale so we can conclude the purchase
week6: same
week7: solicitor comes back saying buyer wants a report on the replacement windows - I am an architect, so know all the regs for replacement windows etc, had enquired about planning etc prior to installation. - not good enough so they asked for a report produced by a certain firm, turns out he was an architect so spoke to him directly and he said that his report won't say anything other than what I had said and that it probably wouldn't satisfy them, so he advised to get insurance in place
week8: the seller of the place we are trying to buy is now getting nervous and trying to get us to conclude asap! still nothing from my solicitor on the insurance
week9: monday - hit the roof with md of solicitors office because we were meant to be moving on the friday and no one seemed to be doing anything!
tuesday - got a request to sign an affadavit regarding the windows, did that in the office of a notary public
wednesday - buyers solicitors wants my middle name added to the affadavit and adding the flat is southwest in the block! I was working away so had to go and find another notary public to witness the new document
thursday - removals firm came to flat, still hadn't sold or bought the house - lunchtime we got an email saying the sale had now been concluded - which left my purchasing solicitor an afternoon to complete all the stuff for the purcahse.
friday morning, nothing at all - then a phone call at 11:30 saying we could go and get the keys!!
absolute bloody nightmare! putting in a formal complaint against the solicitors for a catalogue of errors and non performance.
but at least i've got a house!
week 1: closing date for the property we wanted to buy, had a mortgage offer in principle but had a flat to sell - offered, accepted with one of the missive conditions that we sell our property. move in date was 20th may
week3: closing date for our sale property - absolute nightmare with solicitors (as per my previous thread) but got an offer of the valuation price eventually
week4: solicitors queries
week5: nothing happening, constantly phoning/emailing solicitors trying to get them to conclude the sale so we can conclude the purchase
week6: same
week7: solicitor comes back saying buyer wants a report on the replacement windows - I am an architect, so know all the regs for replacement windows etc, had enquired about planning etc prior to installation. - not good enough so they asked for a report produced by a certain firm, turns out he was an architect so spoke to him directly and he said that his report won't say anything other than what I had said and that it probably wouldn't satisfy them, so he advised to get insurance in place
week8: the seller of the place we are trying to buy is now getting nervous and trying to get us to conclude asap! still nothing from my solicitor on the insurance
week9: monday - hit the roof with md of solicitors office because we were meant to be moving on the friday and no one seemed to be doing anything!
tuesday - got a request to sign an affadavit regarding the windows, did that in the office of a notary public
wednesday - buyers solicitors wants my middle name added to the affadavit and adding the flat is southwest in the block! I was working away so had to go and find another notary public to witness the new document
thursday - removals firm came to flat, still hadn't sold or bought the house - lunchtime we got an email saying the sale had now been concluded - which left my purchasing solicitor an afternoon to complete all the stuff for the purcahse.
friday morning, nothing at all - then a phone call at 11:30 saying we could go and get the keys!!
absolute bloody nightmare! putting in a formal complaint against the solicitors for a catalogue of errors and non performance.
but at least i've got a house!
Stressful, but on the plus side, 9 weeks from start to finish.
We are in week 6. To my knowledge, searches have not started yet as we are still awaiting paperwork from the other side. We are up to date on our end. At this rate if we have to extend our tenancy, we might has well look elsewhere.
We are in week 6. To my knowledge, searches have not started yet as we are still awaiting paperwork from the other side. We are up to date on our end. At this rate if we have to extend our tenancy, we might has well look elsewhere.
Soldato
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The worst type of client
"I'm an architect/retired surveyor/retired solicitor/my dad's a builder/my son's girlfriend's cousin is a plumber and my windows/boiler/extension/conservatory/electrical work/*insert other alteration here* is all fine I oversaw it all and it's a top notch job" - Ok so why haven't you got evidence of building regs compliance then? Why did you submit plans but never get it signed off? Why didn't you apply for planning? etc etc etc
If people just did stuff by the book it would cause a whole lot less problems for people to rant about.
Today, got a bank statement from someone as source of funds after they said in our initial questionnaire the deposit was 100% from income savings. Turns out they have a 5 figure transfer into their account a few weeks ago that's from a relative and they start kicking off when they find out we are going to need to get their ID etc checked out too
Today, got a bank statement from someone as source of funds after they said in our initial questionnaire the deposit was 100% from income savings. Turns out they have a 5 figure transfer into their account a few weeks ago that's from a relative and they start kicking off when they find out we are going to need to get their ID etc checked out too
On that note, how far back would the transaction have to be for you to not have to check the source ID?
Only reason I ask is I've just had to jump through similar hoops with our solicitor (although only for 4-figures), but the funds have been in my account for 4+ months.
Soldato
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We don't ask for statements that go back a specific time, if it had been a few weeks further back we might never have known about transfer. People generally provide anything from 1-3 months of their own accord, rarely have to ask for more. We'd check any large transfer on the statements we're given though.
You've gotta ask how far do you take it, could go back forever really!
Soldato
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The worst type of client
"I'm an architect/retired surveyor/retired solicitor/my dad's a builder/my son's girlfriend's cousin is a plumber and my windows/boiler/extension/conservatory/electrical work/*insert other alteration here* is all fine I oversaw it all and it's a top notch job" - Ok so why haven't you got evidence of building regs compliance then? Why did you submit plans but never get it signed off? Why didn't you apply for planning? etc etc etc
If people just did stuff by the book it would cause a whole lot less problems for people to rant about.
Stuff was done perfectly by the book, unfortunately the solicitors couldn't understand the information that was presented to them - I supplied a highlighted copy of the relevant building regulations and the brochure for the fitted windows cross referencing where they met (or exceeded each regulation) along with the purchase order to confirm that it was those exact windows installed
I provided a copy of the local authority planning policy for the area but since formal permission wan't required I didn't have an approval or certificate of lawfulness, they just wanted to have insurance to cover enforcement action which would never, ever happen because the windows comply with permitted development rights.
I do this for a day job and know the ins and outs of it - solicitors really didn't know their **** from their elbows, just wanted to throw my money at reports and insurance for something that isn't a possibility.
My other issue with them was that this information was made available prior to the sale, it was noted in the home report information produced before the property was even marketed but the solicitors only got around to dealing with it two weeks prior to the entry date!
If there was ever a group of people that define "winging it" it's conveyancing solicitors!!
Soldato
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I was going to put a caveat about not knowing your particular situation and the fact I was making a general comment but I expected the same reply either way so didn't bother 
If you want to blame solicitors for throwing money at reports and insurance go ask the banks to change their requirements instead as it is the 40 page CML Handbook that makes all those necessary.
If you want to blame solicitors for throwing money at reports and insurance go ask the banks to change their requirements instead as it is the 40 page CML Handbook that makes all those necessary.
Soldato
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I was going to put a caveat about not knowing your particular situation and the fact I was making a general comment but I expected the same reply either way so didn't bother
If you want to blame solicitors for throwing money at reports and insurance go ask the banks to change their requirements instead as it is the 40 page CML Handbook that makes all those necessary.
well, as a registered architect I have been asked previously to provide statements on construction, planning and building regulations to satisfy lenders, never had any issues with the lenders.
This time the solicitors didn't seem to know what they were actually insuring against or asking for a report on - the report that they had commissioned was £250 and wouldn't have satisfied the solicitors query or the lender - so the fact that both solicitors said it was necessary after being told that by the person asked to prepare the report shows they have no idea - I can only imagine how worried someone that didn't know what nonsense the solicitors were asking for would have been.
If they had any professionalism they would realise that they don't know everything, rather than trying to come across as great fonts of knowledge when really they are completely winging it at someone elses cost.
Surely the job of the solicitor is make sure all the reports/information on the property is satisfactory for the lender to release the money?
The insurance is basically in place to cover the solicitors lack of knowledge rather than any planning law or building regulation issues - no other profession would get away with that
Soldato
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I can't speak for those solicitors as I'm not them and I would never act like I know it all on a planning/building regs matter but the problem is....
The CML Handbook that we have to abide by says this:
Now, clearly I am not qualified to determine exactly what work does and doesn't require planning permission/building regs. Nor am I able to say whether work that has been done satisfies planning conditions etc.. So the options are fairly limited. I either try and interpret planning portal as best I can and make a judgement call on whether or not to proceed without doing anything further. Or I obtain specialist reports on whether the work would need consent and/or satisfies conditions. Or, get indemnity insurance to protect my clients from any risk of enforcement action (regardless of how minuscule that risk might be).
Well it clearly isn't going to be option 1, I like my job and I also like not having to inform my superiors and the company's professional indemnity insurance company of a potential claim
So I'm left with 2 options that are going to a) cost clients money and b) cost clients time. But there is nothing I can do about that. A lack of knowledge is very accurate to explaining the problem but that's because the lenders require us to make decisions that are outside of our remit.
I was having this exact discussion with a colleague today because we are both sick of getting it in the neck from clients and estate agents about how "indemnity insurance" keeps delaying matters and it's true, but short of being negligent and ending up getting kicked off lender's panels (RIP business in that case) hands are tied. People are just going to have to suck it up that if they don't get the necessary consents for work on their house or even fail to get confirmation from the council that the work they want to do is exempt, there is literally nothing we can do to avoid these issues cropping up.
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Soldato
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I can't speak for those solicitors as I'm not them and I would never act like I know it all on a planning/building regs matter but the problem is....
The CML Handbook that we have to abide by says this:
Now, clearly I am not qualified to determine exactly what work does and doesn't require planning permission/building regs. Nor am I able to say whether work that has been done satisfies planning conditions etc.. So the options are fairly limited. I either try and interpret planning portal as best I can and make a judgement call on whether or not to proceed without doing anything further. Or I obtain specialist reports on whether the work would need consent and/or satisfies conditions. Or, get indemnity insurance to protect my clients from any risk of enforcement action (regardless of how minuscule that risk might be).
Well it clearly isn't going to be option 1, I like my job and I also like not having to inform my superiors and the company's professional indemnity insurance company of a potential claim
So I'm left with 2 options that are going to a) cost clients money and b) cost clients time. But there is nothing I can do about that. A lack of knowledge is very accurate to explaining the problem but that's because the lenders require us to make decisions that are outside of our remit.
I was having this exact discussion with a colleague today because we are both sick of getting it in the neck from clients and estate agents about how "indemnity insurance" keeps delaying matters and it's true, but short of being negligent and ending up getting kicked off lender's panels (RIP business in that case) hands are tied. People are just going to have to suck it up that if they don't get the necessary consents for work on their house or even fail to get confirmation from the council that the work they want to do is exempt, there is literally nothing we can do to avoid these issues cropping up.
and therein lies the problem - if it doesn't require permission it doesn't require permission but I have to get insurance for something that doesn't require permission because a solicitor who knows nothing about the planning laws and local authorities I deal with every day says I need to.
I am registered and have appropriate pii cover - so a report which sets out the compliance with planning and building regulations should be enough, not getting someone with the same qualification to produce an unnecessary report and then get insurance.
If the solicitor had said at the outset that the windows might need a report, or insurance we could have easily dealt with it and expected it, the fact it took till two weeks before entry dates to even become an issue is very poor anticipation - it's like me waiting till a day before work starts on site then phoning the client and saying, sorry this work needs building reg approval and it's going to increase your fee massively, but hey it's not my fault!
All of the points in your quote were satisfied if the solicitors understood the process of planning and building regulation - the information was in place in the first week after closing.
We have now completed and the keys are ready to be picked up
I think we've been quite lucky being first time buyers and buying a new build - I can't imagine what some of you have gone through since I started my journey in this thread!
08/04 - Reserved plot
12/04 - Reserved a different plot
22/04 - Mortgage application
26/04 - Mortgage valuation
27/04 - Mortgage offer
06/05 - Exchanged contracts
27/05 - Completed
We have 2 houses worth of stuff to move so now I need to try and get as much stuff as I can in my car, probably try and do two trips today. Have a van booked tomorrow to move the appliances and larger stuff.
I think we've been quite lucky being first time buyers and buying a new build - I can't imagine what some of you have gone through since I started my journey in this thread!
08/04 - Reserved plot
12/04 - Reserved a different plot
22/04 - Mortgage application
26/04 - Mortgage valuation
27/04 - Mortgage offer
06/05 - Exchanged contracts
27/05 - Completed
We have 2 houses worth of stuff to move so now I need to try and get as much stuff as I can in my car, probably try and do two trips today. Have a van booked tomorrow to move the appliances and larger stuff.