One Simple Step to Save Property Sellers 8 to 12 weeks frustration
“Great news. I’ve gone sale agreed. The buyer is in a hurry and we want to close asap” – a regular call from vendor clients.
The answer? “It is great news and we’re on it now”. The but? If, like in most cases, you have a mortgage, your title documents are generally held by your Lending Institution.
Contracts cannot be prepared, much less issued to the buyer’s solicitor, until the seller’s solicitor has possession of and reviews the title documents. This necessitates taking up the documents from the lender on Accountable Trust Receipt (“ATR”) – a system for the release of documents to facilitate sales agreed by the Law Society and the banks.
At present banks are taking anything from 8 to 12 weeks to release title documents.
This is dead time. Avoiding or substantially reducing it is simplicity itself. As soon as you decide to sell ask us to request the documents from your bank.(the request must be made by a solicitor) Don’t wait to go sale agreed.