Lawyers holding buyer's payment
Posted: 20 Aug 2013 09:19
Dear Mr. Howarth,
I cannot again thank you enough for your help and advice-it has been a God send recently and in the past.
The owner of Law Firm I bought my house through has been honourable, and is himself paying off the developer's outstanding mortgage on my house (that his colleague had not revealed to me 7 years ago) so that my sale can proceed.The owner/senior partner is now acting as my lawyer instead of the colleague.
However, now that the sale is going ahead, I have one more concern.
The buyer is not a EU citizen, so needs to get a permit to purchase (which takes a few weeks, but I believe is automatic), and understandably he wants to get the Title Deeds-which are ready-before the sale is finalised. I am selling to him on the basis of an Assignment.
I am told that this should all be completed by mid September at the latest.
The buyer will this week transfer the purchase funds to my lawyer's firm, to hold the funds, and the lawyer has said he will then send the funds directly to my UK bank account as soon as the permit and Title Deeds are completed.
My contract of sale says that I must vacate the house by end of August-the buyer has been very patient while the rigmarole of the unknown outstanding mortgage has been dealt with, and end of August was the originally agreed deadline.
It seems that I am to hand over the keys then if the lawyer has received full payment, but I will not personally receive the funds until mid September-ish. I am told this is totally secure, and have no need to worry.....but I am worried.
I cannot again thank you enough for your help and advice-it has been a God send recently and in the past.
The owner of Law Firm I bought my house through has been honourable, and is himself paying off the developer's outstanding mortgage on my house (that his colleague had not revealed to me 7 years ago) so that my sale can proceed.The owner/senior partner is now acting as my lawyer instead of the colleague.
However, now that the sale is going ahead, I have one more concern.
The buyer is not a EU citizen, so needs to get a permit to purchase (which takes a few weeks, but I believe is automatic), and understandably he wants to get the Title Deeds-which are ready-before the sale is finalised. I am selling to him on the basis of an Assignment.
I am told that this should all be completed by mid September at the latest.
The buyer will this week transfer the purchase funds to my lawyer's firm, to hold the funds, and the lawyer has said he will then send the funds directly to my UK bank account as soon as the permit and Title Deeds are completed.
My contract of sale says that I must vacate the house by end of August-the buyer has been very patient while the rigmarole of the unknown outstanding mortgage has been dealt with, and end of August was the originally agreed deadline.
It seems that I am to hand over the keys then if the lawyer has received full payment, but I will not personally receive the funds until mid September-ish. I am told this is totally secure, and have no need to worry.....but I am worried.