femster87
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| posted on 24/5/12 at 07:43 PM |
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OT: House purchase advice
I was supposed to exchange today. Solicitor called about 2pm saying local search is not back yet, every other one is back and they have quoted 6th of
June, despite the fact I paid 5 weeks ago. Vendor has signed contract to move to rented house on monday. Solicitor is suggesting an indeminity
insurance which vendor seems eager to pay for. Anybody used this before? Pros & Cons.
If i stop where I am I would have to pay as well. Plus I wanted to use the bank holiday to have a good crack at moving all my stuff in and clearing
things out
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iank
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| posted on 24/5/12 at 07:52 PM |
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I've had an indemnity paid for by the vendor against possible problems in the last but one house I bought. That was for an un-extinguished
right of way going through a whole street of gardens (it had effectively been moved to a pavement along the road, but the builder couldn't be
bothered to pay for the legal work to move it officially).
Never had to claim so no idea how much hassle it would be, but if you don't know it's basically an insurance policy against very unlikely
events so they don't cost much to take out. You get paid compensation up to the value of the house if the unlikely event happens. I'd
guess the wording is key on a policy like that so make sure your solicitor is on the ball.
I wouldn't be worried with an indemnity, unless it's possible a nuclear power station or wind farm will be built on the fields opposite
your house, or there are old mine shafts nearby. If I thought there was a chance of having to claim I'd be more concerned.
p.s. you should have been told about the search not coming back a week at least before exchange not on the day.
[Edited on 24/5/12 by iank]
--
Never argue with an idiot. They drag you down to their level, then beat you with experience.
Anonymous
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Hugh_
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| posted on 24/5/12 at 07:53 PM |
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In for the bank holiday would be very quick from exchange to completion if there are mortgages involved, if its a cash purchase that's
doable.
The pro's and con's will depend on the terms and conditions of the insurance, there might be something you aren't happy with that
typically wouldnt be considered a massive problem. I dont have any experience of them though so they might have provisions in place for such
occasions.
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femster87
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| posted on 24/5/12 at 08:00 PM |
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I know, I have called everyday and she kept saying we would exchange on Thursday.But today she said oh I thought local search would comeback today.
Yeah its a policy to protect against things going wrong.
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theduck
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| posted on 24/5/12 at 08:05 PM |
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Personally wouldn't do it.
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femster87
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| posted on 24/5/12 at 08:08 PM |
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quote:
Originally posted by theduck
Personally wouldn't do it.
why?
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mookaloid
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| posted on 24/5/12 at 08:11 PM |
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I wouldn't exchange with out the searches being in.
Get your solicitor to ring up the council and hassle them. Have you paid the solicitor your deposit and is the mortgage money in place? You solicitor
won't exchange if they are missing either - but they won't tell you this till you say "right the searches are in can we exchange now
please?"
The Vendor will wait. They haven't got a lot of option. You are still in the driving seat because nobody else will be able to do it any quicker.
"That thing you're thinking - it wont be that."
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mookaloid
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| posted on 24/5/12 at 08:15 PM |
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quote:
Originally posted by femster87
quote:
Originally posted by theduck
Personally wouldn't do it.
why?
A bit about searches here
"That thing you're thinking - it wont be that."
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femster87
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| posted on 24/5/12 at 08:18 PM |
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mookaloid, every other search is back. apart from the local one. house was built in 2001. I have copies of the land registry document showing,
transfer to developing company, and also developing company transfer to current owner. Nothing seems dodgy so far. Yeap deposits paid and all extra
crazy costs they have added for correspondence
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mookaloid
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| posted on 24/5/12 at 08:25 PM |
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quote:
Originally posted by femster87
mookaloid, every other search is back. apart from the local one. house was built in 2001. I have copies of the land registry document showing,
transfer to developing company, and also developing company transfer to current owner. Nothing seems dodgy so far. Yeap deposits paid and all extra
crazy costs they have added for correspondence
Sorry I've been let down, lied to, disappointed, blackmailed, bullied and bribed by Vendors, solicitors and building societies for years so
maybe I'm a bit cynical.
Listen to the advice that your solicitor gives you, weigh it up and make your decision. For me the only way to do it is the right way and anything
else is a short cut with associated hazards.
Good Luck!
Cheers
Mark
"That thing you're thinking - it wont be that."
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femster87
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| posted on 24/5/12 at 08:28 PM |
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Thanks Mark. I would have a conversation with Solicitor tomorrow.And weigh it all up
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T66
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| posted on 24/5/12 at 08:38 PM |
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Solicitors on the whole talk a lot of sh1te, I moved house last summer and for about 5 weeks put up with various excuses why things hadnt quite moved
along as they should of.
Do not rely on them to tell you the truth, they will say (or the 12 year who answers the phone for them) anything to get rid of you.
My advice - Ring them EVERY day, and visit them personally at least once a week unannounced. My highly recommended solicitor blamed the other side
everytime for lack of progress with exchanging. Subsequently I went and visited the other sides solicitors and asked, surprise surprise all was in
hand in the other sides offices, it was mine being incompetent.
After a friendly reaming out, we received £250 back in cash, and a letter from him to do free conveyancing when I next move.
Mine stalled nearly 2 weeks waiting for searches to return, sale nearly collapsed. My soilcitor wasnt chasing it up, when I rang the searches section
of the council myself it was returned the next day once I had highlighted our predicament.
Dont believe all they say - ramp the pressure up on them..
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femster87
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| posted on 24/5/12 at 08:50 PM |
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Thanks gents I would call the local search office tomorrow
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ash_hammond
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 posted on 24/5/12 at 10:23 PM |
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You dont need local search for that area... I can tell you what its like...
Very dodgey indeed!!
.: www.mac1motorsports.co.uk | www.m1moc.com :.
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