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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, 3 Apr 2014.

  1. Too Tall

    Wise Guy

    Joined: 21 Jun 2006

    Posts: 2,186

    Location: UK

    Had our searches come back today, with nothing of worry to report.

    The solicitors said they have a few queries for which they are awaiting a response but hoping to receive the contract in the next week or so. Excellent timing as i have to be out of my current property in 6 weeks.
     
  2. adwol48

    Hitman

    Joined: 25 Dec 2008

    Posts: 853

    Location: Norwich

    well it appears I broke a covenant which i didnt know anything about, by having a shed in the garden. Feel a little annoyed as when we brought the house as first time buyer no one mentioned this too us at all and we all know what its like you get so much paper work it all gets muddled up. Long shot is the developer that built the estate back in 1970's has long since been dissolved as a company so the chance of enforcement on the covenant are pretty much zero but if the buyers dont see it that way i'm probably gonna have to buy this indemnity insurance for them to complete the purchase. So word to the wise when you get all your forms and the TR1 I believe pay special attention to the covenants apparently there is a way to have restrictive negative covenants removed but that has to go to a tribunal and can take a while hence why people buy indemnity insurance.
     
  3. SMN

    Wise Guy

    Joined: 2 Nov 2008

    Posts: 2,459

    Location: The ether

    We have covenants on our place saying no permanent structures, per a 1920's agreement. We decided it wasnt an issue for the same reasons as you, and when we moved in we saw every single house on our street has a shed and some have actual brick outbuildings. If a buyer made a big deal of it i'd tell them you'll pull out, they wont walk away over something as nonsense and unenforceable as this, surely?
     
  4. adwol48

    Hitman

    Joined: 25 Dec 2008

    Posts: 853

    Location: Norwich

    Very doubtful my buyers would pull out but its just a hassle and extra expense if only a couple of hundred pounds. Know what you mean though one neighbour has a large conservatory on their property one has even built an extension over a garage supposedly all houses in the development have same covenants so i cant see anyone rocking the boat too much
     
  5. rah^

    Hitman

    Joined: 27 May 2007

    Posts: 882

    Location: Leeds!

    My solicitor is asking the question today as to why our buyer is still not in a position to exchange contracts - they are a little miffed with the time scales now!
     
  6. agw_01

    Capodecina

    Joined: 11 Apr 2004

    Posts: 19,690

    My solicitor thinks I'll be completing in 2 weeks. Closed my HTB ISA today and signing the contract next week.

    I've had to take out indemnity insurance because of contaminated land in the environmental survey, but I've looked into it further and am fairly sure it's just due to an old coal mine rather than anything serious, i.e. chemical factory.

    Pretty excited now!
     
  7. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,940

    Location: Under The Desk, Wales

    Exchanging contracts tomorrow. Completion next friday 23rd.
     
  8. i5aces

    Hitman

    Joined: 29 Jan 2012

    Posts: 678

    Location: Andover

    My seller had to take out indemnity insurance because the deeds refer to a right of way marked blue on the map. all the maps are black and white and no one has a colour version.
    it cost her £24 for the insurance and cost me £50 in extra solicitors fees. The costs for the insurance made it just easier to take out rather than delay.
     
  9. Glaucus

    Man of Honour

    Joined: 11 Mar 2004

    Posts: 76,645

    why can't people get back to you when they say. Was meant to find out by today if I got a flat(new build), but nothing, will have to phone them Monday when they open. ben waiting best part of a month to see if I clicked the register button fast enough and if no nhs staff get put to the top of the list. although there is 5 up for grabs.
     
  10. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,940

    Location: Under The Desk, Wales

    We exchanged today so completion next friday...
     
  11. Too Tall

    Wise Guy

    Joined: 21 Jun 2006

    Posts: 2,186

    Location: UK

    As a rough idea, how long has this been since receiving your contract to sign?
     
  12. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,940

    Location: Under The Desk, Wales

    About a week or so.
     
  13. Too Tall

    Wise Guy

    Joined: 21 Jun 2006

    Posts: 2,186

    Location: UK

    Amazing, hope to be in a similar position next week then.
     
  14. gort

    Wise Guy

    Joined: 27 May 2003

    Posts: 1,421

    Those currently going through the sell process....you using high street estate agent or online?
    What are your current thoughts on them.
    Had several agents round and negotiating potential fees etc and looking on line also and weighing them all up.
     
  15. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,940

    Location: Under The Desk, Wales

    We have used online twice now. Amazing savings! Professional service too.

    PurpleBricks first time. This time Settled. Settled much cheaper but same professional service! Put house on market on a friday, sold on the saturday!
     
  16. Chris344

    Wise Guy

    Joined: 2 Oct 2006

    Posts: 1,802

    What does an obligation in the 1937 transfer of the build of the house to be approved of the venders pursuant mean? My solicitors question is as the sellers are unlikely to have this approval, an indemnity policy is required?

    Thanks.
     
  17. .Ox.

    Hitman

    Joined: 18 Oct 2010

    Posts: 756

    Location: Newcastle, Tyne and Wear

    Just waiting on the estate agents opening before I make my first ever offer on a house.
    Is it standard practice to ask them to take it off the market if it is accepted? I'll be going in just over asking price.
     
  18. Relentless81

    Capodecina

    Joined: 18 May 2010

    Posts: 10,821

    High street, slightly more expensive than the online agent but only slightly and they sold my house in 8 days, didnt like the way the online agent do certain things

    Should go "Sold STC" but some wont change it until mortgage offer approved or solicitor instucted

    The people we are buying from put on offer in which was accepted and then a week later lost it as someone else offered more, very frustrating as we have to wait for them to find somewhere else now
     
  19. .Ox.

    Hitman

    Joined: 18 Oct 2010

    Posts: 756

    Location: Newcastle, Tyne and Wear

    I've got the agreement in principle ready to send over, but I also don't know if that is the wisest move, as it'll show the estate agent that I've got more to play with. If need be I can get one drawn up for the exact amount though. Luckily my sisters partner is my mortgage advisor.

    I lost sleep last night at the thought of getting gazumped, as I know there are other people interested in the property. Hopefully we made a good impression on our viewing, especially as we have a lot in common with the seller.
     
  20. Relentless81

    Capodecina

    Joined: 18 May 2010

    Posts: 10,821

    Some of it will be based on your position, favourable if the chain end with you IE you have a first time buyer buying your property, or a buy to letter or you yourself are one of either

    I dont know if they will want to see the agreement, they'll usually just ask you what your position is