Sold privately, advice needed please

horizon · 4 June 2006 at 8:30AM

Hi all

I am in a very fortunate position of having almost sold my house privately.

I had my house valued a few weeks back by 2 EA's.
The valuations were within 5K of each other.

A local couple (who would be downsizing) got wind of the fact I was beginning the process of selling up, came round and expressed an interest in buying.

I showed them round, told them the valuations, and they offered to buy at the lower of the two figures.

I am quite prepared to accept this offer, as it saves me going through an EA, and obviously the fees that go with it. (£3600 approx)

However I now need to find somewhere to move to, and soonish, as this couple want to be in my place within 10 weeks, as their place is already sold.

What do I need to do next ?

Find somewhere to move to ?

Get a Solicitor - would it help if I used the same solicitor as them, or use the same one as who ever I buy from ?

Get a new mortgage arranged ?

Tell my building society ?

This couple would be mortgage free when buying my place, so i'm not sure if they would need to get their own valuation done ?

Anything else I should be doing ?
I've never sold a house before !

TIA

missile · 4 June 2006 at 8:48AM

First you need to see a "good" solicitor who specialises in conveyancing, ask a friend to recommend. You cannot use their solicitor. Then ask them for a non-refundable deposit, to stop them backing out.

You say you are happy to accept lower valuation and save fees. Probably good move, but be aware in some areas a house might fetch far more than the valuation. A "good" solicitor will be able to advice. Did the EAs not give you any advice?

They do not NEED a valuation, but they may WANT to get one done

10 weeks ought to be enough time to find a house, if not then they could also find somewhere else?

sarah_elton · 4 June 2006 at 8:51AM

All of the above?

Looking at new mortgage has to come before finding a place, as you don't know what you can afford. Personally I'd start with your current mortgage lender (this is your building society I assume?) - tell them what you're getting for your house and ask what your upper limit is with them. However, do then shop around - speak to a mortgage advisor and check all the banks online for deals etc.

At the same time start checking Rightmove, get an idea of what you want, where etc, then go into the local agents.

If you have a mortgage agreed in principle, and a cash buyer for your place, you will be in a very strong negotiating position when you find a place. You will need to be forceful with the agents - given that timescale you need a seller who wants to move quickly too.

I'm not sure it necessarily saves that much time to use the same solicitor as your buyer or seller. Do use the same one for both your sale and your purchase. Try to get recommendations from friends/family of a good solicitor - one who moves fast and is on the ball is worth their weight in gold so follow tips. Get three quotes but if there's not much in it go with a recommendation. If the buyer's or seller's solicitor turns out to be slow, yours can hurry things along.

In terms of time-scale you can instruct a solicitor on your sale at this point if you want. They'll just do what they can then wait till you've found a place to buy. Just bear in mind that if you don't find a place and your buyer pulls out because they have to move, you'll still have to pay at least a portion of your solicitor's fees, so it might be in your best interests to wait till you have found somewhere.

They won't need to get a mortgage valuation survey done on your place, but if they're sensible they'll arrange for at least a Homebuyers report to be done.

10 weeks is tight but do-able, but IMO you'll need to get a mortgage agreed and find somewhere with a seller in a position to move fast (certainly not with a long chain) within the next 2-3 weeks.

horizon · 4 June 2006 at 9:13AM

Thanks for the advice so far.

I will use Martins guides to try to source a good Mortgage today.

If I ask for a non refundable deposit, would that be payable to me, or the solicitor I instruct?

I am not currently tied in with my mortgage, which is a 5.25% variable with Abbey. (I have looked at moving it in the recent past, but the fees involved in doing it, nearly outweighed the savings I'd make (£24!) in a 2 year period)

Thanks

sturgeon62 · 4 June 2006 at 9:18AM

Not sure if it was the solicitor we used, or in general, but he checked whether our buyer was with him before he took us on, he said he could only represent either them or us, conflict of interest, this was a one man conveyancer in a village, so maybe you can have different solicitors but in the same practice.

poopscoop · 4 June 2006 at 11:54AM

sturgeon62 wrote:

Not sure if it was the solicitor we used, or in general, but he checked whether our buyer was with him before he took us on, he said he could only represent either them or us, conflict of interest, this was a one man conveyancer in a village, so maybe you can have different solicitors but in the same practice.

that's what happened to us. We bought privately and was going to use the same solicitor because he had represented me before, but we couldn't so we used someone in the same firm. Anyway, it fell through in the end.

Sold privately, advice needed please

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