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Is this normal practice?

Hi, I am selling a leasehold flat to a cash buyer. I am 8 weeks into this, at the final stages but now there is a delay. Apparently, the buyer's solicitor needs to double check information provided to him in the sale assignment pack/management pack to make sure we are not lying. (The info came direct from the managing agents!) My own solicitor has said this is strange, the managing agent has said he has not been contacted, and after 8 weeks we still have no exchange/completion date agreed. My side is ready to exchange! Can anyone tell me if this is legit? I have been waiting indefinitely. what is going on? Is this normal practice? Thanks all

Asked on Jun 16 2014, Selling in London | Report content

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  • Are you sure the buyer really is a cash buyer?

    Answered on Jun 16 2014, Report content
  • I would be very wary of this "cash buyer" coming back and saying that their lawyer needs access to your personal details, that they have found a discrepancy, or any number of other tactics which are designed to scare you into giving out bank details or exchanging money. Just make sure to consult your solicitor about any decision being made.

    Answered on Jun 17 2014, Report content
  • Hey Nstarr, Leasehold properties definitely take longer to proceed to exchange contract mainly due to the third party checks - The sellers solicitor must request a managing agent pack (This normally costs £100 - £300) all this would then be supplied to the buyers solicitor, to then report to the buyers to check that all is in order, i.e. check ground rent and make sure it's paid up to date. And to check there is no pending works going ahead on the building, i.e. roof works or redecorating. Finally checking the legal length is as agreed and no funny clauses that could affect the new owners rights to live at the property. To help sell a property quick I would always suggest getting the managing agents pack done and paid for when agreeing to put the property on the market, but as you have already sold the property all you can do is chase up the managing agents to make sure the pack gets to the buyers solicitors as soon as possible. Finally, an eight to ten week time scale isn't abnormal for a lease hold property, but as you have a cash buyer he has the right to progress the sale without getting things like local searches, whereas someone getting a mortgage would need to wait for all enquires to be satisified by the lender. Kind Regards, Jonathan. :)

    Answered on Jun 17 2014, Report content

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