Selling house advice please
Discussion
I have been tasked with selling a property on behalf of my wife and sister. Deceased Grandmas house, sentimental attachment etc, so they asked me to deal with it.
It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it.
Apparently no chain, cash not a problem. All good.
My estate agent seemed shocked when I accepted on the caveat that it’s still for
Completion.
The EA said “I’ll see if that’s ok with the buyer” Surely she works for me?
I’ve been caught in the past taking a house off the market and buyers pissing around for months on end.
I suggested to the EA that they need an incentive to get a move on. Start as I mean to go on etc etc.
She then told me stories about 20 weeks to complete. And also that it’s often the lawyers to blame.
I’m lucky to have a s
t hot solicitor who I’ve used before. I’ve seen her in action cracking heads together and told the EA that the buyer needs to keep on top of their solicitor.
Would the following be a reasonable time frame?
8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it.
Apparently no chain, cash not a problem. All good.
My estate agent seemed shocked when I accepted on the caveat that it’s still for
Completion.
The EA said “I’ll see if that’s ok with the buyer” Surely she works for me?
I’ve been caught in the past taking a house off the market and buyers pissing around for months on end.
I suggested to the EA that they need an incentive to get a move on. Start as I mean to go on etc etc.
She then told me stories about 20 weeks to complete. And also that it’s often the lawyers to blame.
I’m lucky to have a s
t hot solicitor who I’ve used before. I’ve seen her in action cracking heads together and told the EA that the buyer needs to keep on top of their solicitor. Would the following be a reasonable time frame?
8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
What do you mean by caveat for completion? I can't see that you've said what the caveat actually is. 20 weeks does seem a long time but is it Freehold or Leasehold? If the latter then 20 weeks is entirely possible. If you solicitor is as good as you say she is, and she probably is, then maybe have a chat with her about timescales as she will know in the not too distant future what is in the Title etc.
Wildcat45 said:
I have been tasked with selling a property on behalf of my wife and sister. Deceased Grandmas house, sentimental attachment etc, so they asked me to deal with it.
It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it.
Apparently no chain, cash not a problem. All good.
My estate agent seemed shocked when I accepted on the caveat that it’s still for
Completion.
The EA said “I’ll see if that’s ok with the buyer” Surely she works for me?
I’ve been caught in the past taking a house off the market and buyers pissing around for months on end.
I suggested to the EA that they need an incentive to get a move on. Start as I mean to go on etc etc.
She then told me stories about 20 weeks to complete. And also that it’s often the lawyers to blame.
I’m lucky to have a st hot solicitor who I’ve used before. I’ve seen her in action cracking heads together and told the EA that the buyer needs to keep on top of their solicitor.
Would the following be a reasonable time frame?
8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
Why not just get the buyer to pay the asking price, and a separate 10k deposit to yourself (or the wife/sister). That will cover the hassle of re-advertising if they pull out.It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it.
Apparently no chain, cash not a problem. All good.
My estate agent seemed shocked when I accepted on the caveat that it’s still for
Completion.
The EA said “I’ll see if that’s ok with the buyer” Surely she works for me?
I’ve been caught in the past taking a house off the market and buyers pissing around for months on end.
I suggested to the EA that they need an incentive to get a move on. Start as I mean to go on etc etc.
She then told me stories about 20 weeks to complete. And also that it’s often the lawyers to blame.
I’m lucky to have a s
t hot solicitor who I’ve used before. I’ve seen her in action cracking heads together and told the EA that the buyer needs to keep on top of their solicitor. Would the following be a reasonable time frame?
8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
Tanyastar said:
What do you mean by caveat for completion? I can't see that you've said what the caveat actually is. 20 weeks does seem a long time but is it Freehold or Leasehold? If the latter then 20 weeks is entirely possible. If you solicitor is as good as you say she is, and she probably is, then maybe have a chat with her about timescales as she will know in the not too distant future what is in the Title etc.
Why the reference to leasehold? There are a lot of parts of the country where leasehold accounts for probably 90% of the housing stock on leases with centuries left to run. In these areas a property being leasehold adds little if anything to any timescale. Seems to be a lot of scaremongering around leasehold. Sometimes with good reason, but lumping it all together is very much an overreaction.
It’s freehold.
My solicitor has come up with a compromise.
It stays on the market until they engage a solicitor and start searches.
Then if completion doesn’t happen “in a reasonable timeframe “. It goes back up for sale.
I just want to minimise hassle for my wife and her sis. They really don’t want to sell. It’s been in the family since before the war, but they know it’s time to move on. I just don’t want to let them down.
My solicitor has come up with a compromise.
It stays on the market until they engage a solicitor and start searches.
Then if completion doesn’t happen “in a reasonable timeframe “. It goes back up for sale.
I just want to minimise hassle for my wife and her sis. They really don’t want to sell. It’s been in the family since before the war, but they know it’s time to move on. I just don’t want to let them down.
I’d be a bit more specific than “reasonable” as it’s subjective and thoroughly undefined.
Maybe set specific timeframes around set steps towards completion, such as “survey conducted no later than n weeks from offer acceptance”, “exchange no later than x weeks from survey completion” and so on. Exchange is really all that matters, as that’s when it ‘s legally compelled for both sides to buy / sell or face financial penalties.
Maybe set specific timeframes around set steps towards completion, such as “survey conducted no later than n weeks from offer acceptance”, “exchange no later than x weeks from survey completion” and so on. Exchange is really all that matters, as that’s when it ‘s legally compelled for both sides to buy / sell or face financial penalties.
rhamnousia5 said:
I’d be a bit more specific than “reasonable” as it’s subjective and thoroughly undefined.
Why? Until exchange either side can simply walk away for any reason.You can threaten to pull out if they can't exchange within X weeks, but unless something changes in their situation which means they need months more, you're just going to let it ride rather than jump back to square one.
I'd sell my soul to find a solicitor as good as you believe yours to be!
We moved into our new house within 6 weeks from offer, we were renting and mortgage offer was already go.
A cash buyer should be even easier. It is possible with the right solicitors
You can also ask your solicitor to perform all the searches as if you were buying it yourself and then present that pack of documentation to the other side for review. Its an additional cost but will be performed at your speed not the buyers legal people.
A cash buyer should be even easier. It is possible with the right solicitors
You can also ask your solicitor to perform all the searches as if you were buying it yourself and then present that pack of documentation to the other side for review. Its an additional cost but will be performed at your speed not the buyers legal people.
Edited by The Hofff on Tuesday 18th February 16:42
silentbrown said:
rhamnousia5 said:
I’d be a bit more specific than “reasonable” as it’s subjective and thoroughly undefined.
Why? Until exchange either side can simply walk away for any reason.You can threaten to pull out if they can't exchange within X weeks, but unless something changes in their situation which means they need months more, you're just going to let it ride rather than jump back to square one.
I'd sell my soul to find a solicitor as good as you believe yours to be!
rhamnousia5 said:
I know anyone can walk away, but if the buyer knows the seller will walk away then they’re more likely to push for the deadline, even if there’s no real chance of the seller enforcing it, they don’t know that.
Except the buyer (and buyer's solicitors) knows just as well that the seller really isn't going to walk away if exchange misses a deadline.We're going through a ridiculously protracted house sale at the moment. It's complex, but solicitors on both sides have been absolute shockers. Luckily the EA is really earning they fee and keeping the ball rolling.
We came close to binning our solicitors after 20 weeks, except doing so would likley have set the whole thing back even further.
As I remember most new houses require a reservation deposit and then they specify "exchange of contracts within XX weeks" (It was either 8 or 12 last time I did it).
The deposit is non-refundable.
The housebuilder now has control over the situation in that he can choose to extend the period to exchange if he's satisfied with the reason and he can even refund the deposit if he's satisfied witht he reason foe the sale falling through - either way he has a reservation agreement that he can fall back on if he chooses to.
You say "It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it" ..... which in itself raises a few questions about the real value of the house?
The deposit is non-refundable.
The housebuilder now has control over the situation in that he can choose to extend the period to exchange if he's satisfied with the reason and he can even refund the deposit if he's satisfied witht he reason foe the sale falling through - either way he has a reservation agreement that he can fall back on if he chooses to.
You say "It’s not an expensive place. I got offers way above asking price. One guy just added 10k above his top offer to secure it" ..... which in itself raises a few questions about the real value of the house?
Wildcat45 said:
Would the following be a reasonable time frame?
8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
Advice? Yes it can be done in only a few weeks. Two of my moves were completed in 5 weeks. But equally things can drag.8 weeks. If things aren’t sorted by then it’s back on the market.
We aren’t desperate for the cash but my wife and sister are keen to close a chapter on the past expediently and with minimum fuss.
Any advice gratefully received
So, if the cash isn’t needed I’d chill a bit. It’s far more stressy to put a house back on the market and start again. With new buyers who could be equally as slow for whatever reason.
Believe me, one of my places feel through 3 times and the stress was unbearable. Forcing it through by giving a deadline is a little silly.
You can be ‘on it’ without adding to a buyers stress levels. If someone was pushing me to buy with a deadline, I’d be suspicious as to why, dig my heels in, and then more likely to walk. Be careful with how hard you push.
In my experience the sort of conditions you're proposing result in the opposite and less desirable outcome to what you might expect.
The buyer may consider your actions as an increased likelihood that you'll pull the sale from them. If you're still marketing the house to potential other buyers then they may feel it's reasonable to keep viewing other houses. They maybe reluctant to send a surveyor, for example, until the sale has progressed a bit and they feel confident the sale will proceed.
'Cash', chain free buyers tend to think (mistakenly IMO) that they are God's gift to house sellers, so if they don't feel their position is being appreciated, don't be surprised if they walk.
Finally, make sure the EA has evidence that they genuinely have immediate access to the cash. Some buyers seem to think that obtaining money from a divorce, mortgage, probate or some other optimistically anticipated source makes them a cash buyer.
The buyer may consider your actions as an increased likelihood that you'll pull the sale from them. If you're still marketing the house to potential other buyers then they may feel it's reasonable to keep viewing other houses. They maybe reluctant to send a surveyor, for example, until the sale has progressed a bit and they feel confident the sale will proceed.
'Cash', chain free buyers tend to think (mistakenly IMO) that they are God's gift to house sellers, so if they don't feel their position is being appreciated, don't be surprised if they walk.
Finally, make sure the EA has evidence that they genuinely have immediate access to the cash. Some buyers seem to think that obtaining money from a divorce, mortgage, probate or some other optimistically anticipated source makes them a cash buyer.
With conveyancing it takes as long as it takes. You'll never get one through in 8 weeks it won't happen. No amount of chasing will help you.
Conveyancing solicitors have extremely high caseloads and they have to generate income to keep up with their peers in the profession so although there's only an afternoons work involved they have to keep up the presence of complexity to justify their absolutely absorbent fees. They will find semi made up issues with the deeds that take a week to get to you to make a decision on buying the inevitable indemnity policy. Their lack of responsiveness will drive you mad. I've got quite a lot of experience buying property and have tried loads of different solicitors and they are all the same.
So in short of a buyer wants to lay down a date for completion they are absolutely dreaming and it works be a red flag for me that they are going to pull a fast one and drop the price the day before completion. Offering over another red flag.
Conveyancing solicitors have extremely high caseloads and they have to generate income to keep up with their peers in the profession so although there's only an afternoons work involved they have to keep up the presence of complexity to justify their absolutely absorbent fees. They will find semi made up issues with the deeds that take a week to get to you to make a decision on buying the inevitable indemnity policy. Their lack of responsiveness will drive you mad. I've got quite a lot of experience buying property and have tried loads of different solicitors and they are all the same.
So in short of a buyer wants to lay down a date for completion they are absolutely dreaming and it works be a red flag for me that they are going to pull a fast one and drop the price the day before completion. Offering over another red flag.
Selling my Mum's house was also a pain. The buyers attempted to bypass the EA's by contacting my sister (who lived locally) having already viewed the property through the EA, unknown to me as the executor.
Cut to a message from the EA threatening me with legal action. I eventually discovered the buyers were ex EA's trying to pull a fast one so took it off the market for a few months.
As the market was strong it was put back on at I think 30k more and ended up selling it to the chancers that buggered me about in the first place. Who went through the original EA. Couldn't make it up.
Cut to a message from the EA threatening me with legal action. I eventually discovered the buyers were ex EA's trying to pull a fast one so took it off the market for a few months.
As the market was strong it was put back on at I think 30k more and ended up selling it to the chancers that buggered me about in the first place. Who went through the original EA. Couldn't make it up.
fridaypassion said:
With conveyancing it takes as long as it takes. You'll never get one through in 8 weeks it won't happen. No amount of chasing will help you.
Conveyancing solicitors have extremely high caseloads and they have to generate income to keep up with their peers in the profession so although there's only an afternoons work involved they have to keep up the presence of complexity to justify their absolutely absorbent fees. They will find semi made up issues with the deeds that take a week to get to you to make a decision on buying the inevitable indemnity policy. Their lack of responsiveness will drive you mad. I've got quite a lot of experience buying property and have tried loads of different solicitors and they are all the same.
So in short of a buyer wants to lay down a date for completion they are absolutely dreaming and it works be a red flag for me that they are going to pull a fast one and drop the price the day before completion. Offering over another red flag.
I think you've had some sh*t conveyancers, or sellers, or both! Conveyancing solicitors have extremely high caseloads and they have to generate income to keep up with their peers in the profession so although there's only an afternoons work involved they have to keep up the presence of complexity to justify their absolutely absorbent fees. They will find semi made up issues with the deeds that take a week to get to you to make a decision on buying the inevitable indemnity policy. Their lack of responsiveness will drive you mad. I've got quite a lot of experience buying property and have tried loads of different solicitors and they are all the same.
So in short of a buyer wants to lay down a date for completion they are absolutely dreaming and it works be a red flag for me that they are going to pull a fast one and drop the price the day before completion. Offering over another red flag.
Perfectly possible to have a sale through in under 8 weeks - as plenty of people above have said/experieced. All 3 of the homes I've bought have been quicker than that (last one was 2-3 years ago) - one was under a month (albeit 20 years ago). Local-authority searches can be a big hold up though, if they've one person that runs the searches it can be a right bottle-neck.
My last two house moves, first was 5 weeks, second 6 months. What I would say is make sure your house is in order (pun intended) - no issues with land registry, charges, BC certs, FENSA, planning, things like boiler service history, probate of course. Then it's making sure you return all forms quickly and correct first time. In my experience delays are nearly always down to seller not having prepared well enough.
You can't easily influence the buyer, not everyone has a great solicitor - mine would kick off searches as soon as I had offer accepted, but your solicitor can at least ask that things like that are monitored and progressing.
You can't easily influence the buyer, not everyone has a great solicitor - mine would kick off searches as soon as I had offer accepted, but your solicitor can at least ask that things like that are monitored and progressing.
Thanks everyone.
Having spoken in detail with the EA, they are serious buyers with a very good reason to get this sorted ASAP.
Although not an expensive property, it is the only one for sale in an in-demand area of a little town. The buyer got let down and was expecting to be moved into that house by now,
My concerns centre round my previous experiences.
I really do have a great lawyer. My only concern now is that the buyer appears to have engaged one of these call centre type conveyors.
Time to sit back and let the wheels turn.
Cheers.
Having spoken in detail with the EA, they are serious buyers with a very good reason to get this sorted ASAP.
Although not an expensive property, it is the only one for sale in an in-demand area of a little town. The buyer got let down and was expecting to be moved into that house by now,
My concerns centre round my previous experiences.
I really do have a great lawyer. My only concern now is that the buyer appears to have engaged one of these call centre type conveyors.
Time to sit back and let the wheels turn.
Cheers.
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