The nervous wait to exchange....

[Deleted User 298457]

We're with Nationwide (FTB) and used a broker before and after selecting a lender. Our broker got as far as finding which deal worked and then said "It's with Nationwide and you've already registered an AIP, so you could just do it yourself from here. I get commission from the lender not you, so it won't cost extra if you want me for the handholding". So that was honest of him.

Don't know if the commission thing is a Nationwide policy but if you're remortgaging, DIY with them might be pretty straightforward.

It's a shame they won't split the commission with you if you go direct! Altho I guess the commission structure just extends Nationwides team without directly hiring folk. Thanks, will go through Habito then again I think.

I'm tempted to use their conveyancing as it gives a quote upfront but I've whacked an email out to local firms.

 

[BongoHunter]

Hi guys,

Has anyone got any experience with large out buildings and buying houses?

I ask because the house I have an offer accepted upon has a massive 400sqft workshop. I highly doubt it went through any formal planning process. However, it has been there for absolutely yonks - complete with asbestos roof and everything

The house hasn't been sold in more than 50 years - it is a 1930s semi. What kind of problems am I walking into?

I'd like to do an extension at the rear of the house to make a new kitchen/diner setup, so I don't want any glitches on planned development or whatever if they say the house is too big already (because of the workshop square footage).

Luckily the neighbour has an almost identical one next to it on their side, so it isn't upsetting anyone!

It should be fine as it will be over a the time limit for enforcement if it's just a garage type thing (unless any enforcememt action has already taken place as this resets the time I believe). You could get an indemnity policy for it though (seller should do this I would think) - if it's been there a really long time and it's structurally sound I would loose sleep over it.

 

[413x]

For my remortgage I just went direct to the best in the comparison site.
Meant I got all the cash back not a broker

 

[Deleted User 298457]

Has anyone used Lambert Pugh?

 

[squerble]

Another day, another wait for no contact at all...

 

[grudas]

Another day, another wait for no contact at all...

yup..

chased EA/Vendors solicitors through both..

EA calls up the the day with "I'll update you in an hour or monday"

chase up today as nothing came back from that..

"sorry person dealing with this is on holidays for 2 weeks"

right.. whos picking it up then? it's been 5 weeks and no draft contracts.. GRRRR

 

[~Divine~Wind~]

It should be fine as it will be over a the time limit for enforcement if it's just a garage type thing (unless any enforcememt action has already taken place as this resets the time I believe). You could get an indemnity policy for it though (seller should do this I would think) - if it's been there a really long time and it's structurally sound I would loose sleep over it.

We had to get one as well as the initial conveyancing docs were missing from 1950ish i believe this to have been the purchase of the land by the builder as the 1952 docs are all there and are for the initial sale of fhe property.

We were told to get an indemnity insurance thing, wasnt much only 70quid or so iirc. Our buyer solicitor is now asking us to provide an indemnity again :/

I think theyre suggesting that we buy another, but surely this would again have our names on?

Much like the gas check the buyer wanted doing the guy had no option but to do the certificate in my details as he said he couldnt do it in the buyers name aa it wasnt their house lol.

 

[~Divine~Wind~]

Another day, another wait for no contact at all...

Were pretty much done on both our sale and purchase weve signed drafted contracts and were currently awaiting either out buyer or their solicitors who constantly seem to be running round in circles

Going on hol next week and our exchange date is while were away haha

 

[Skillmister]

Oh, and it has a 37.4sqm workshop/garage with a freaking inspection pit. Super cool. Can't wait to get my first 'project car' in over a decade!

I'm gutted I missed out on a house with similar recently. 2 acres of land and a huge workshop with pit. No idea what it sold for in the end, with the way prices are over here at the moment it could well have been £50k more than we offered (on a ~£350k house) and on a house that needed gutting, new electrics & central heating etc it seemed excessive. But still...

 

[squerble]

Were pretty much done on both our sale and purchase weve signed drafted contracts and were currently awaiting either out buyer or their solicitors who constantly seem to be running round in circles

Going on hol next week and our exchange date is while were away haha

We're awaiting the vendors' solicitor and the management company to agree a deed of variation that our mortgage provider requested. We've signed everything and have been told once the deed is in we can set a very fast (and simultaneous) exchange/completion date, probably within a few working days.

It's just agonising waiting for the management company to get it signed internally and sent back to the vendors' solicitor.

 

[squerble]

We're awaiting the vendors' solicitor and the management company to agree a deed of variation that our mortgage provider requested. We've signed everything and have been told once the deed is in we can set a very fast (and simultaneous) exchange/completion date, probably within a few working days.

It's just agonising waiting for the management company to get it signed internally and sent back to the vendors' solicitor.

So the management company have come back and said they still want to seek independent legal advice on the deed of variation, even though they've approved one with the exact same wording for another house on the same estate. So they're just ignoring precedent. Vendor won't stump up the fee (£350+VAT, i.e. 0.17% of the house price) so this sale now looks dead in the water.

 

[fastwunz]

So the management company have come back and said they still want to seek independent legal advice on the deed of variation, even though they've approved one with the exact same wording for another house on the same estate. So they're just ignoring precedent. Vendor won't stump up the fee (£350+VAT, i.e. 0.17% of the house price) so this sale now looks dead in the water.

Dead for £350+VAT?

Whats the dead of variation for? onerous ground rent review methodology or something?

 

[a1ex2001]

We had to get one as well as the initial conveyancing docs were missing from 1950ish i believe this to have been the purchase of the land by the builder as the 1952 docs are all there and are for the initial sale of fhe property.

We were told to get an indemnity insurance thing, wasnt much only 70quid or so iirc. Our buyer solicitor is now asking us to provide an indemnity again :/

I think theyre suggesting that we buy another, but surely this would again have our names on?

Much like the gas check the buyer wanted doing the guy had no option but to do the certificate in my details as he said he couldnt do it in the buyers name aa it wasnt their house lol.

In a sellers market I’d be inclined to say if they want it they pay for it or you’ll move onto the next offer indemnity insurances are such a solicitors scam!

 

[~Divine~Wind~]

They've asked us 3 times to provide indemnity insurance... they got a PDF of the one I bought haha

I honestly dont see the reasoning behind me purchasing indemnity insurance for a property I will have no interest in lol

 

[LuckyBenski]

They've asked us 3 times to provide indemnity insurance... they got a PDF of the one I bought haha

I honestly dont see the reasoning behind me purchasing indemnity insurance for a property I will have no interest in lol

It's just convention. In general, the seller pays, that's what's commonly done. No legal reason.

 

[b0rn2sk8]

It’s convention for the seller to pay because it’s in leu of legal documents they should have kept/provided as part of the transaction e.g. building regs certificates for work they had done or missing planning permission etc.

Gas and electric inspections are another matter and entirely optional as they are not required by law and your well within your right to tell them to obtain it themselves, especially in the current market.

 

[~Divine~Wind~]

Oh thwy:ve all been done, gas check, full electrics check and i think a homebuyer survey.

I did check with my solicitor and asked if i needed to providee the indemnity, reason being i paid for it when i bought the place haha so doesnt seem right that i would have to pay.

The doc this indemnity is for cant be found, i've even spoken to the council as i believe they were the original land owner. The current doc does list the covenants and stuff so i dont even know what info is missing without the missing doc.

So looks like that forever the buyer/seller of the property is going to need to take this out

 

[grudas]

got our draft contracts finally and inventory etc. Chasing EA and their solicitor seems to be the only way. Hopefully no problems with title etc. At least our solicitors can crack on now. Fingers crossed it's all smooth, would love to move in by end of June or early July.

 

[Deleted User 298457]

What's the normal ETA for getting a contract in place with your conveyancer?

I engaged someone Tuesday afternoon; I have been told 2 days to get contracts out. I assuming that is just the contract between me and them? Why would that take two days?

 

[squerble]

Dead for £350+VAT?

Whats the dead of variation for? onerous ground rent review methodology or something?

The mortgage lender has asked for one. Section 121 (or something like this) allows the management company to seize the house if we were to fall behind on the ground rent (it's a freehold property but the estate currently has a management company over it, asking for money for maintenance until the council takes over) and the deed of variation changes that power to force them to notify the lender first because otherwise the lender would have no house to seize if we ever fell behind on the mortgage payments too

The vendor has now paid for the deed of variation but has yet to receive confirmation. We had contact from a few other people who bought/sold recently on this estate and had to go through the same rigmarole. Hopefully this'll get sorted over the next couple of weeks.