Conveyencing procedure

mickman

hi GUys

Just signed contracts on a house and they are sent back to the vendors solicitor with Contracts, Deed and Requisitions on Title

My question is , whats the procedure from here ?

does vendor sign contract and then send back to us with a closing date on it ? Or do they just send a letter with closing date etc

Also what are these requisitions on title ?

gypsylee

One part of the contract signed by the Vendor will be sent to your solicitor. Prior to this a closing date will be inserted once this has been agreed between you and the Vendor, through your respective solicitors.

Requisitions on Title are basically a long list of questions raised by the Purchaser's solicitor relating to forestry, fishing, first time buyers, new homes, second hand properties etc. A lot of these questions will not be relevant to your situation but the Vendor's solicitor will answer all the questions and your solicitor must be satisfied with the replies thereto before proceeding to close the sale.

Uno my Uno.

mickman wrote: »

hi GUys

Just signed contracts on a house and they are sent back to the vendors solicitor with Contracts, Deed and Requisitions on Title

My question is , whats the procedure from here ?

does vendor sign contract and then send back to us with a closing date on it ? Or do they just send a letter with closing date etc

Also what are these requisitions on title ?

Vendor will sign Contracts and send one of them back to your solicitor, usually with the completion date inserted.

REquisitions on title are a long list of questions relating to the property and the title of the property. they must be replied to before completion can happen.

mickman

Ok thanks guys

So what's the general time it takes from here - we sent contracts etc back today

Is the questionnaire basic stuff or something that needs the vendor solicitor to research etc ?

MarkAnthony

mickman wrote: »

Ok thanks guys

So what's the general time it takes from here - we sent contracts etc back today

Is the questionnaire basic stuff or something that needs the vendor solicitor to research etc ?

Going through this at the moment. It will take as long as the vendor wants to mess you about for. The only thing you can do is leverage your position at the risk of the vendor pulling out. It can be done in two weeks or even less but good luck with getting the solicitors to co-operate that quickly.

By questionnaire do you mean questions on title? These can be anything; what terms are in the lease (if it's leasehold), can alterations be made to the property without consent of X, Do you need to display a turnip on the 15th of every month with a Y in it. Is there a right of way though the property.

Returning to the point on solicitors, yours should really be going though these questions with you. Don't be afraid to ask questions, it will have to be made clear if he/she is charging you and conveyances are usually done on a fixed fee basis. Treat them as you would any sparks or plumber, get the info you want from them, don;t be afraid to tell them when they're not doing what you expect; they will very quickly tell you if you're being unrealistic.

Best of luck with it, try and put it to the back of your mind as much as possible, the whole process will have you driven demented if you worry about it too much. Until you have the keys in your hands nothing is certain.

mickman

Thanks and I inderstand what you are saying

We went sale agreed at end of sept , house is being sold by a receiver

If I haven't a a closing date provided in next two weeks then I'll kick up a fuss until I get one - I have had to do this many times through this process

Grolschevik

Nowhere have you mentioned your solicitor. You *do* have one, right?

mickman

Grolschevik wrote: »

Nowhere have you mentioned your solicitor. You *do* have one, right?

Of course

Grolschevik

It's just that you can never be too sure, on this forum!

Uno my Uno.

mickman wrote: »

Thanks and I inderstand what you are saying

We went sale agreed at end of sept , house is being sold by a receiver

If I haven't a a closing date provided in next two weeks then I'll kick up a fuss until I get one - I have had to do this many times through this process

Receiver sales are a pain, they take much longer than normal (as you are experiencing!) it could be a while before the contracts come back. Get on the phone to your solicitor and ask them how long they think it will take, has the other sides solicitor given any indication of how fast the receiver can move etc, this is what you are paying for and they won't be charging by the minute for a phone call.

Incidentally, the requisitions on title are a specific agreed list of enquiries, nothing about turnips in there. In ideal circumstances they take about 60 minutes to go through, these might take a while as the solicitor will need to someone to provide them with the information and there might not be anyone in a position to do that, again, ask your solicitor.

Hope that helps, best of luck.

mickman

Uno my Uno. wrote: »

Receiver sales are a pain, they take much longer than normal (as you are experiencing!) it could be a while before the contracts come back. Get on the phone to your solicitor and ask them how long they think it will take, has the other sides solicitor given any indication of how fast the receiver can move etc, this is what you are paying for and they won't be charging by the minute for a phone call.

Incidentally, the requisitions on title are a specific agreed list of enquiries, nothing about turnips in there. In ideal circumstances they take about 60 minutes to go through, these might take a while as the solicitor will need to someone to provide them with the information and there might not be anyone in a position to do that, again, ask your solicitor.

Hope that helps, best of luck.

Thanks

I have had to do lots of work to get the sale to this point as receiver solicitor wouldn't do it

It's on the contract that they will answer requisition questions as per their documentation so they won't be doing too much research on the matter

I will plague and hound them if I don't have a closing date in two weeks time

My solicitor won't rush them at all

December2012

Have you got your mortgage ready? Your Indurance?

Have you lodged the stamp duty and invoice amount with your solicitor?

mickman

December2012 wrote: »

Have you got your mortgage ready? Your Indurance?

Have you lodged the stamp duty and invoice amount with your solicitor?

mortgage ready to draw down , all insurances ready.

have ammount ready to move to solicitor but she said she wont take it yet

K.Flyer

The problem with receiver sales is that you are Not dealing with a typical home owner selling their own house and their are a lot more people involved in the chain.
The "vendor" (receiver) is someone in an office who usually has a pile of these on the table to deal with as has their solicitor and estate agent. All the questions to be answered may need to be checked and verified by someone else in the office or externally (usually the agency who was looking after the property, who may not be the selling estate agent)) before being passed back to your solicitor.
Sometimes even one question could take a couple of weeks to get an answer to.
If you really want the house you need to push them on a bit, but when there can be so many people involved you will need a lot of patience as well.

mickman

K.Flyer wrote: »

The problem with receiver sales is that you are Not dealing with a typical home owner selling their own house and their are a lot more people involved in the chain.
The "vendor" (receiver) is someone in an office who usually has a pile of these on the table to deal with as has their solicitor and estate agent. All the questions to be answered may need to be checked and verified by someone else in the office or externally (usually the agency who was looking after the property, who may not be the selling estate agent)) before being passed back to your solicitor.
Sometimes even one question could take a couple of weeks to get an answer to.
If you really want the house you need to push them on a bit, but when there can be so many people involved you will need a lot of patience as well.

indeed. the contract does state though that the requisition on title will be answered by the vendor solicitor as to the best of their knowledge using the documentation they currently have - they state they wont look for new docs so i imagine a lot of the answers will be just N/A as its an unfinished house anyway

when you think about it there arent really much more people in the chain - there are receiver solicitor and receiver (same as solicitor and seller)

receiver can act for the bank

THere is also an EA and another prop mgt company in dublin (who are very helpful and always push things for me ) so really there is only one other party

I do understand though that we are just one sale to these guys

I reckon best way is to give them two weeks from today and then push them saying my mortgage approval drawdown date is approaching and if we dont close then ill have to pull out

Uno my Uno.

mickman wrote: »

indeed. the contract does state though that the requisition on title will be answered by the vendor solicitor as to the best of their knowledge using the documentation they currently have - they state they wont look for new docs so i imagine a lot of the answers will be just N/A as its an unfinished house anyway

when you think about it there arent really much more people in the chain - there are receiver solicitor and receiver (same as solicitor and seller)

receiver can act for the bank

THere is also an EA and another prop mgt company in dublin (who are very helpful and always push things for me ) so really there is only one other party

I do understand though that we are just one sale to these guys

I reckon best way is to give them two weeks from today and then push them saying my mortgage approval drawdown date is approaching and if we dont close then ill have to pull out

You need to be careful playing that game, you won't be able to pull out without losing your deposit as you have signed the contracts.

Things will be slow, in these circumstances many things are done by committees and have to be approved by the bank who in turn have other committees and they generally have little incentive to hurry things along. Hang in there!

mickman

Uno my Uno. wrote: »

You need to be careful playing that game, you won't be able to pull out without losing your deposit as you have signed the contracts.

Things will be slow, in these circumstances many things are done by committees and have to be approved by the bank who in turn have other committees and they generally have little incentive to hurry things along. Hang in there!

ha ha, i will for a while anyway. i have builder lined up etc and ready to go and mortgage approval wont last forever.

K.Flyer

As Uno says you stand to loose your deposit if you pull out at this stage. I've seen this process take up to a year to complete in some cases.
The irony is that if you do pull out now, then all the questions that they have answered for you, that may have held things up so far, will be sitting there waiting to be given to the next buyer who comes along.

MarkAnthony

Slightly worried for the OP that this stuff wasn't made very clear when he was signing the contracts. OP make sure your solicitor has put in conditions into the contract that you can withdraw without penalty if the mortgage is removed for what ever reason.

Something else that strikes me as odd is the OP mentions the mortgage is drawn down already - surely that's not correct? (Genuine question) (Ah it's ready to DD sorry)

Another question that's a bit of a hijacking of the thread if the OP will permit, once contracts are signed what penalty is there to the vendor if they pull out? Can an order of specific performance be sought by the buyer?

Uno my Uno.

MarkAnthony wrote: »

Slightly worried for the OP that this stuff wasn't made very clear when he was signing the contracts. OP make sure your solicitor has put in conditions into the contract that you can withdraw without penalty if the mortgage is removed for what ever reason.

Something else that strikes me as odd is the OP mentions the mortgage is drawn down already - surely that's not correct? (Genuine question)

Another question that's a bit of a hijacking of the thread if the OP will permit, once contracts are signed what penalty is there to the vendor if they pull out? Can an order of specific performance be sought by the buyer?

I think the OP said the Mortgage was ready to draw down but not drawn down yet. The OP should clarify with his solicitor what the situation would be if the mortgage approval should lapse or be withdrawn for some reason.

If the vendor withdraws the purchaser can seek an order for specific performance with damages in addition or in the alternative.

MarkAnthony

Uno my Uno. wrote: »

I think the OP said the Mortgage was ready to draw down but not drawn down yet.

Quite right my mistake.

Uno my Uno. wrote: »

The OP should clarify with his solicitor what the situation would be if the mortgage approval should lapse or be withdrawn for some reason.

OP do check this given the situation you're now in.

Uno my Uno. wrote: »

If the vendor withdraws the purchaser can seek an order for specific performance with damages in addition or in the alternative.

Thanks again Uno, really appreciate you taking the time.

mickman

mortgage is ready to draw down but not drawn down. If the approval lapess then i will have to reapply and things have changed now with the 3.5 time salary (this would be our second mortgage so we could be in a mess here)

The vendor wouldnt allow the contracts to be made subject to mortgage but we made 100% sure that the bank were ok with e verything before we sent back the contracts (they accepted the undertaking etc and just said they are waiting on our insurances etc)

MarkAnthony

mickman wrote: »

mortgage is ready to draw down but not drawn down. If the approval lapess then i will have to reapply and things have changed now with the 3.5 time salary (this would be our second mortgage so we could be in a mess here)

The vendor wouldnt allow the contracts to be made subject to mortgage but we made 100% sure that the bank were ok with e verything before we sent back the contracts (they accepted the undertaking etc and just said they are waiting on our insurances etc)

That's all fine but what if the process takes 12 months and you (God forbid) lose your job in that time. It's not for me to say but I would have wanted to make damn sure a closing date was agreed before contracts signed if they were not going to allow the contract to be made subject to mortgage.

OP I'd get on to you solicitor and be trying to sort all this out.

mickman

i do see though on most websites that explain the procedure say that the vendors solicitors will return one copy of the contract with a closing date and then proceed to fill up the answer to the requisitons on title

my solicitior sent them the contracts / req's on title and the deed so they have it all together

if they send back the contract quickly then at least i know the sale will go ahead

Is it standard practise for them to send back the contract first before the requisitions on title ?

Uno my Uno.

mickman wrote: »

i do see though on most websites that explain the procedure say that the vendors solicitors will return one copy of the contract with a closing date and then proceed to fill up the answer to the requisitons on title

my solicitior sent them the contracts / req's on title and the deed so they have it all together

if they send back the contract quickly then at least i know the sale will go ahead

Is it standard practise for them to send back the contract first before the requisitions on title ?

Requisitions usually aren't done until after the contracts are signed and exchanged. in your case however the Reqs shouldn't take to long as the Sol is going to do answer them with the information he has to hand, however this means that if he doesn't have the answer you can't insist that he gets it.

Thats not unusual in a reciever sale, they tend to be of the "sold as seen with no guarantees" variety.

mickman

Uno my Uno. wrote: »

Requisitions usually aren't done until after the contracts are signed and exchanged. in your case however the Reqs shouldn't take to long as the Sol is going to do answer them with the information he has to hand, however this means that if he doesn't have the answer you can't insist that he gets it.

Thats not unusual in a reciever sale, they tend to be of the "sold as seen with no guarantees" variety.

yep thanks . should be quicker so !

I know what you are saying , i have done a lot of the legwork up to now (planning docs / land registry / bonds etc) - it hasnt been fun but i have learned so much that i must admit i am much better informed than i used to be :-)

I dont mind if he doesnt have the info to be honest - i know the house / locality / the previous builders etc and am ready to close

Uno my Uno.

mickman wrote: »

yep thanks . should be quicker so !

I know what you are saying , i have done a lot of the legwork up to now (planning docs / land registry / bonds etc) - it hasnt been fun but i have learned so much that i must admit i am much better informed than i used to be :-)

I dont mind if he doesnt have the info to be honest - i know the house / locality / the previous builders etc and am ready to close

The requisitions don't really relate to the locality etc but rather things like planning and whether the house is the subject of proceedings. I would imagine that all the important issues have been addressed prior to contact but the requisitions and their replies are crucial, especially to mortgage providers!

mickman

Uno my Uno. wrote: »

The requisitions don't really relate to the locality etc but rather things like planning and whether the house is the subject of proceedings. I would imagine that all the important issues have been addressed prior to contact but the requisitions and their replies are crucial, especially to mortgage providers!

ok thanks and lets say that one of the replies read "see title booklet" but the info wasnt actually in the title booklet but i got the info myself and gave to solicitor. I presume then that my solicitor says "thats fine" and so do the bank ?

also , what is a house subject to proceedings ?

mickman

Spoke to solicitor anyway and she says not to worry about the requisitions - they are Standard and the vast majority won't apply to this house

She reckons that as we have sent back signed contracts and they know we are going ahead then there shouldn't be an issue

I do worry that we didn't insist on a closing date - all I can do now is apply plenty pressure and worst case scenario calls the receivers solicitor and tell him my approval is running out and can he help me out

MarkAnthony

mickman wrote: »

Spoke to solicitor anyway and she says not to worry about the requisitions - they are Standard and the vast majority won't apply to this house

She reckons that as we have sent back signed contracts and they know we are going ahead then there shouldn't be an issue

I do worry that we didn't insist on a closing date - all I can do now is apply plenty pressure and worst case scenario calls the receivers solicitor and tell him my approval is running out and can he help me out

Best of luck OP and keep us updated, I don't know why but there's some comfort in knowing there are others sharing my pain!

mickman

Uno my Uno. wrote: »

You need to be careful playing that game, you won't be able to pull out without losing your deposit as you have signed the contracts.

Things will be slow, in these circumstances many things are done by committees and have to be approved by the bank who in turn have other committees and they generally have little incentive to hurry things along. Hang in there!

Quick one on this

When we bid on the house , a committee has to accept the bid etc but then it was handed over to the receiver

The receivers are now listed as the vendors and their names are on the contracts

Does this mean that the committees won't be involved anymore and the receiver can act on the banks behalf for the rest of the process?

Uno my Uno.

mickman wrote: »

Quick one on this

When we bid on the house , a committee has to accept the bid etc but then it was handed over to the receiver

The receivers are now listed as the vendors and their names are on the contracts

Does this mean that the committees won't be involved anymore and the receiver can act on the banks behalf for the rest of the process?

I don't know but not necessarily. You should raise that with your solicitor.

mickman

Uno my Uno. wrote: »

I don't know but not necessarily. You should raise that with your solicitor.

ok thanks