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    • ognum
    • By ognum 7th Aug 11, 1:21 PM
    • 4,243 Posts
    • 6,006 Thanks
    ognum
    • #2
    • 7th Aug 11, 1:21 PM
    • #2
    • 7th Aug 11, 1:21 PM
    Accepting a cash offer is really no different from accepting a mortgaged offer. The buyer will, if they have any sense get a survey.
    Your estate agent should check that they do have the funds available by asking for bank statements or other evidence. At completion they will transmit their funds to their solicitor and it will be transfer through to your solicitor in the same way as if they had a mortgage.
    Solicitors due to money laundering laws cannot accept big bags of money!
    Hope this helps
    • G_M
    • By G_M 7th Aug 11, 4:48 PM
    • 34,798 Posts
    • 37,454 Thanks
    G_M
    • #3
    • 7th Aug 11, 4:48 PM
    • #3
    • 7th Aug 11, 4:48 PM
    ...Solicitors due to money laundering laws cannot accept big bags of money!
    Hope this helps
    Originally posted by ognum
    No, but you can. Insist on payment to yourself, in 50 notes, at the back of the local Tesco car park.
  • JingleJangle
    • #4
    • 7th Aug 11, 4:50 PM
    • #4
    • 7th Aug 11, 4:50 PM
    It is one less step out of the process as there will be no mortgage arrangements to do, and they, and only they, need to be happy with the property valuation. Apart from that, it is the same as any other house purchase.
    • Beckyy
    • By Beckyy 7th Aug 11, 6:14 PM
    • 2,541 Posts
    • 4,034 Thanks
    Beckyy
    • #5
    • 7th Aug 11, 6:14 PM
    • #5
    • 7th Aug 11, 6:14 PM
    It can also be quicker as there is no faffing about with a mortgage company.
    • McKneff
    • By McKneff 7th Aug 11, 6:18 PM
    • 34,441 Posts
    • 44,259 Thanks
    McKneff
    • #6
    • 7th Aug 11, 6:18 PM
    • #6
    • 7th Aug 11, 6:18 PM
    I dont think they literally mean bags full of 20 notes.

    Its just that there is no mortgage involved and any payments will be electonically sent
    No one can make you feel inferior without your consent
    • ognum
    • By ognum 7th Aug 11, 7:01 PM
    • 4,243 Posts
    • 6,006 Thanks
    ognum
    • #7
    • 7th Aug 11, 7:01 PM
    • #7
    • 7th Aug 11, 7:01 PM
    It is one less step out of the process as there will be no mortgage arrangements to do, and they, and only they, need to be happy with the property valuation. Apart from that, it is the same as any other house purchase.
    Originally posted by JingleJangle
    Just remember that the buyer is not tied to a mortage so can actually pull out more easily than if they have another mortgage to arrange on another property.

    Most will get a surveyor and may renegotiate the price depending on the survey valuation in the same way as a mortgage valuation.
    • Davesnave
    • By Davesnave 8th Aug 11, 1:40 AM
    • 19,434 Posts
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    Davesnave
    • #8
    • 8th Aug 11, 1:40 AM
    • #8
    • 8th Aug 11, 1:40 AM
    Your estate agent should check that they do have the funds available by asking for bank statements or other evidence.
    Originally posted by ognum
    As a cash buyer, I had no intention of letting the vendors sleazy agent look at my bank statements, especially with it being stashed in a fair number of accounts, but I remember proving funds with my solicitor, whose word was accepted by said sleazy agent.
    Keep a green tree in your heart and perhaps a singing bird will come. Chinese proverb.
    • thor
    • By thor 13th Aug 11, 6:28 PM
    • 5,133 Posts
    • 1,823 Thanks
    thor
    • #9
    • 13th Aug 11, 6:28 PM
    • #9
    • 13th Aug 11, 6:28 PM
    Just remember that the buyer is not tied to a mortage so can actually pull out more easily than if they have another mortgage to arrange on another property.

    Most will get a surveyor and may renegotiate the price depending on the survey valuation in the same way as a mortgage valuation.
    Originally posted by ognum
    Is this in addition to getting a solicitor or do they provide this as part of the conveyancing service?

    If a mortgage was involved would the bank/building society get a survey done instead?
    • Yorkie1
    • By Yorkie1 13th Aug 11, 7:00 PM
    • 10,967 Posts
    • 20,305 Thanks
    Yorkie1
    Is this in addition to getting a solicitor or do they provide this as part of the conveyancing service?

    If a mortgage was involved would the bank/building society get a survey done instead?
    Originally posted by thor
    If a mortgage is involved the lender will get a valuation for its own purposes, to ensure that the property represents good security for the loan. That valuation isn't done for the benefit of the buyer (although the buyer pays for it) so the buyer should arrange their own survey. There is usually the option for the buyer to pay a bit extra for the same surveyor to carry out a survey at the same time as the valuation - that survey is for the benefit of the buyer.

    If no mortgage is involved, there is no obligatory valuation and therefore the buyer has to choose whether to get their own survey done or not. This is not done through the solicitor, it's up to the buyer to arrange.
    • G_M
    • By G_M 13th Aug 11, 7:03 PM
    • 34,798 Posts
    • 37,454 Thanks
    G_M
    Surveying is to do with building/construction/condition of property. Nothing to do with the legals/conveyancing.

    Mortgage lenders rarely get surveys done. They do require a 'valuation' (usually done by a surveyor who understands property value, which to some extent depends on the property condition). Most lenders offer the buyer the option of arranging to have a survey done, since sometimes it is cheaper/easier for the same surveyor to do both tasks at once.

    But the decision to have or not have a survey, is the buyers decision, not the mortgage lender's, whether a mortgage is involved or not.
    Last edited by G_M; 13-08-2011 at 7:05 PM.
    • kingstreet
    • By kingstreet 13th Aug 11, 7:18 PM
    • 29,206 Posts
    • 15,479 Thanks
    kingstreet
    Some purchasers call themselves cash buyers because they do not need a mortgage. However, they may have a property to sell and their position as a cash buyer is reliant on a house sale.

    A buyer needing a mortgage may be a better proposition than a cash buyer with a house to sell.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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