Buying a home and don't know how anything works

[miss direct]

Will be so good if its done on the 30th. Gives me the whole weekend to start cleaning and organising. I don't feel good about moving to my friend's place and will hopefully just go there to work (as she has good internet) and use washing machine etc and can spend most of my time at the new place. Fingers crossed.

 

[prunus]

I know the charges wouldn’t be removed on the day. Would the owner be paying the outstanding to their solicitor then rather than direct to whoever it is?

Hopefully… unless the outstanding creditors are supremely on it paying them direct would be likely to slow it down (it’d have to be confirmed paid by their accounts dept and that communicated to whoever liaises with the sellers’ solicitor who’d have to then confirm to the solicitor that the charge can be released. If the solicitor holds the money it’s all done on promises).

 

[AnnO'Neemus]

I did think about my money sitting in the solicitors account, but can't really be bothered to go through having them send it back and then have to make 5 separate daily transactions to return it as and when necessary.

I've thought of the 3 possible outcomes on the 30th: 1. It goes through as planned (great - can get on with it) 2. It sort of goes through but needs a few days to clear (ok too although less so) and 3. It doesn't happen. At which point I just don't know. Depends what excuse/story I get given. I am unsure that I can face another 6-12 months of renting/house sharing/house hunting.

As per prunus comments above, your monies are (or certainly should be) sitting in a separate client account that the law firm has for holding client monies, which is (or certainly should be) separate to the law firm's own accounts for their operations, receiving fees, paying overheads, etc.

Also as mentioned above, any interest earned during the period it was held in the law firm's client would usually be passed on to the client. But given how pitiful bank interest rates are at the moment, the amounts involved will probably be negligible.

hash tag 's assumption that your monies are sitting in the law firm's bank account and earning interest for the law firm is incorrect.

(I used to work as a PA for one of Europe's largest commercial law firm's and have also worked as a paralegal for an international law firm.)

 

[Leafster]

I used to audit solicitors' accounts to report to the Solicitors' Regulation Authority.

prunus and AnnO'Neemus are correct. The money you transferred to the solicitors will be held in a separate account and can only be used for matters concerning the work they do for you. It's held on "trust" for you and is therefore your money not theirs. They have to account for a fair sum of interest on your money unless their terms of engagement say otherwise. They have to make it clear in the initial letter they sent regarding their appointment what policy they have regarding interest. For instance it may say they will only pay interest above a certain value (say £25).

 

[hash tag]

I'm guessing no further news.

 

[miss direct]

Morning. Not really expecting any news. Estate agent gave me some times I can access the flat but I've just started a new job and its difficult to fit it in. Next week I'll send emails but its really just dependent on the sellers paying up on the 30th. I've now paid up to the 6th on my current place and have slowly been moving boxes and cases to a friend's.

 

[miss direct]

I've actually had both the estate agent and my solicitor email me updating me ready for completion. This time they can wait until I'm ready and have time to reply!

 

[Glitter]

Our sale fell through again, then inexplicably picked itself up. We might have progress this week but we’ll see.

 

[equationgirl]

Our sale fell through again, then inexplicably picked itself up. We might have progress this week but we’ll see.

Impressive. Was there changing of minds somewhere along the line?

 

[Glitter]

Impressive. Was there changing of minds somewhere along the line?

No. The chain collapsed for the second time so our buyers are raising the funds independently.

Although not heard anything since so it’s squeaky bum time.

 

[equationgirl]

No. The chain collapsed for the second time so our buyers are raising the funds independently.

Although not heard anything since so it’s squeaky bum time.

Keeping m fingers crossed!

 

[iamwithnail]

The concept of 'raising the funds independently' blows my mind a bit.

 

[Glitter]

The concept of 'raising the funds independently' blows my mind a bit.

They have a very expensive house with a lot of equity, they were selling and buying two houses with cash from the sale. Basically they don’t want to lose ours so have remortgaged until theirs sells.

 

[miss direct]

promising email from estate agent
Just to make you aware I have spoken with the vendor this afternoon and confirmed everything is in place for completion on Friday. I will give you a call once it has all gone through with the solicitors.

 

[Riklet]

Sounds good!! Fingers crossed.

 

[hash tag]

promising email from estate agent
Just to make you aware I have spoken with the vendor this afternoon and confirmed everything is in place for completion on Friday. I will give you a call once it has all gone through with the solicitors.

Goodness, we hope so

 

[miss direct]

Feel very cynical and will believe it when I see it...

 

[miss direct]

Just got a phone call from solicitor saying they've had the completion statement and they actually owe me money All set for Friday, exchange and completion on the same day.
(I will still believe it when I see it)

 

[miss direct]

They owe me £12, which should pay for fish and chips and a bottle of wine from Lidl for my first evening

 

[kalidarkone]

I'm not buying a house, just clearing one....but I have been quietly in friendly competition with you miss direct seeing if I can get home before you complete but I think you may beat me!

I thought I would be in London for a month tops, but it's been nearly 3. Hoping to get home next week.

 

[miss direct]

The documents I've just been sent have clarified a few things - they owe two years worth of service charges/ground rent, which I think is what they have to pay off.

Good luck kalidarkone

 

[kalidarkone]

The documents I've just been sent have clarified a few things - they owe two years worth of service charges/ground rent, which I think is what they have to pay off.

Good luck kalidarkone

Thank you, you too. The prosecco is still in the fridge!

 

[Cid]

Looking good, but keeping fingers crossed and will also touch a piece of wood.

 

[AnnO'Neemus]

Fingers crossed for you for Friday miss direct - and for you, too, kalidarkone . x

 

[danski]

So, err, we all get an invite to the housewarming, yeah?

 

[hash tag]

They owe me £12, which should pay for fish and chips and a bottle of wine from Lidl for my first evening

A huge sigh of relief and a glass of wine from/for me

 

[Epona]

I hope it all goes to plan! As promised, once you let us know you have the keys, I will raise a glass in toast to your new home

 

[miss direct]

So, err, we all get an invite to the housewarming, yeah?

If anyone is passing through Sheffield, very welcome for a drink in the garden/yard!

 

[moonsi til]

Yay so happy for you

 

[cybershot]

Will definitely be having a gin tomorrow in your honour if this comes off. Keep us updated.