Conveyancing - Bonus on timely completion?
Discussion
Chaps - just want to sound you out about a thought i've had with regards our house sale.
background is thus:
1) Accepted offer 28th April
2) Wife due our first baby 31st July
3) Want to move into a rented place c. 20th June
Thus far estate agent has been vague about progress and just said that their policy is not to pass on buyers details to sellers.
There has (to my knowledge) been no survey booked as yet, but our buyer is a first time buyer & thus chain free.
Now - i'm just about to send our solicitor a mail requesting progress update and was wondering about offering a payment on results bonus on top of their fee.
TBH - with the missus in the state she is now, i'd gladly double or triple their fee if we can hit the timelines planned.....
any thoughts?
BERGS
background is thus:
1) Accepted offer 28th April
2) Wife due our first baby 31st July
3) Want to move into a rented place c. 20th June
Thus far estate agent has been vague about progress and just said that their policy is not to pass on buyers details to sellers.
There has (to my knowledge) been no survey booked as yet, but our buyer is a first time buyer & thus chain free.
Now - i'm just about to send our solicitor a mail requesting progress update and was wondering about offering a payment on results bonus on top of their fee.
TBH - with the missus in the state she is now, i'd gladly double or triple their fee if we can hit the timelines planned.....
any thoughts?
BERGS
Your EA should be acting for you.
My guess is that the EA knows you want out, so they've set up a mate to pretend to be a first time buyer. They'll then mess you about a lot but magically save the day at the last minute with someone who's slipped them a backhander who's got the cash to buy it, albeit at a large discount.
Tell the EA that they should continue to market the house until surveys have been booked and they have evidence from the buyer that their mortgage has been approved.
My guess is that the EA knows you want out, so they've set up a mate to pretend to be a first time buyer. They'll then mess you about a lot but magically save the day at the last minute with someone who's slipped them a backhander who's got the cash to buy it, albeit at a large discount.
Tell the EA that they should continue to market the house until surveys have been booked and they have evidence from the buyer that their mortgage has been approved.
There is no reason for the EA not to let you have buyers details. They act for you and do as they are told!
Solicitors unfortunately are a law unto themselves. You will find if yours does not slow things down, the purchasers will. Your first step however has to be the valuation. Put your agent under pressure to find out what is happening, even if it means calling them twice a day.
Solicitors unfortunately are a law unto themselves. You will find if yours does not slow things down, the purchasers will. Your first step however has to be the valuation. Put your agent under pressure to find out what is happening, even if it means calling them twice a day.
When you offer an incentive the factor which will dictate how well it works is how much the recipient directly values it.
So, the solicitors who are unlikely to see that bonus passed on as employees will have little response.
It won't be the estate agents policy to give out the buyers details only because they don't want you dealing with them direct in case you end up cutting them out of their commission.
Is your house still on the market? If not, it should be.
My advice would be to ask the estate agents directly exactly what the buyer's status is, when a survey will be carried out, is a mortgage accepted on principle etc to validate their offer. If nothing else it will put your mind at rest, or give you reason to keep the house on the market whilst they mess around.
I would also tell the estate agent straight about your time constraints and that you are looking to exchange contracts in weeks rather than months and ask if the buyer is ready and willing to do this.
So, the solicitors who are unlikely to see that bonus passed on as employees will have little response.
It won't be the estate agents policy to give out the buyers details only because they don't want you dealing with them direct in case you end up cutting them out of their commission.
Is your house still on the market? If not, it should be.
My advice would be to ask the estate agents directly exactly what the buyer's status is, when a survey will be carried out, is a mortgage accepted on principle etc to validate their offer. If nothing else it will put your mind at rest, or give you reason to keep the house on the market whilst they mess around.
I would also tell the estate agent straight about your time constraints and that you are looking to exchange contracts in weeks rather than months and ask if the buyer is ready and willing to do this.
Edited by JustinP1 on Monday 11th May 10:01
JustinP1 said:
Is your house still on the market? If not, it should be.
still listed on the property sites - status as 'sold' though - had the agent change it as the buyer was apparently worries as when she came by showing her mates it still said 'for sale' (i took this as a positive buying signal)JustinP1 said:
My advice would be to ask the estate agents directly exactly what the buyer's status is, when a survey will be carried out, is a mortgage accepted on principle etc to validate their offer. If nothing else it will put your mind at rest, or give you reason to keep the house on the market whilst they mess around.
I would also tell the estate agent straight about your time constraints and that you are looking to exchange contracts in weeks rather than months and ask if the buyer is ready and willing to do this.
thats a good call - thing is - if the sale falls through we're going to rent it out instead... may only get 80% of the ideal rental value, but its a nice house in a very convenient commuter location so if we wont struggle to let it....baby arrival necessitates this..I would also tell the estate agent straight about your time constraints and that you are looking to exchange contracts in weeks rather than months and ask if the buyer is ready and willing to do this.
Can i do this? (i.e. put it up for rental) whilst the offer is progressing?
If you are prepared to pay (and I do mean pay) the whole conveyancing process can be completed in a day. The process normally takes time because applications and responses are sent by mail and the conveyancing solicitor (clerk) isn't being paid to turn the paperwork around in minutes.
When I was involved in a project to try and computerise the process I was told that it was not uncommon for Middle Eastern gentleman to arrive at Heathrow in the morning, with a bag of cash and leave that night with title deeds.
When I was involved in a project to try and computerise the process I was told that it was not uncommon for Middle Eastern gentleman to arrive at Heathrow in the morning, with a bag of cash and leave that night with title deeds.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff