Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Help1234
    • By Help1234 12th Oct 17, 10:27 AM
    • 80Posts
    • 17Thanks
    Help1234
    Waiting for vendor to find a place - when to instruct?
    • #1
    • 12th Oct 17, 10:27 AM
    Waiting for vendor to find a place - when to instruct? 12th Oct 17 at 10:27 AM
    Hi, a house went on the market last week and this week we viewed it, offered and had our offer accepted, on the condition we are OK to wait for the vendor to find a new place. We are FTB in rented accommodation so it's OK for us to wait.

    We are wondering when we should instruct the mortgage, survey and the solicitor. We want to try and not lose money, so I have read on here not to pay for things until the vendor finds somewhere to live. However, we don't want to risk being gazumped so should we instruct the mortgage now? I believe that also means we need to instruct a solicitor. We get a basic valuation free with the mortgage and we would also like to pay for a homebuyers report.
Page 1
    • fromtheshires
    • By fromtheshires 12th Oct 17, 11:39 AM
    • 248 Posts
    • 180 Thanks
    fromtheshires
    • #2
    • 12th Oct 17, 11:39 AM
    • #2
    • 12th Oct 17, 11:39 AM
    Ask the house to be taken off the market. That way it will stop anyone else putting offers in on it. Once the vendor is making good progress get everything you need started. That way if they decide there is nothing they like then there is no loss to you.

    As a FTB you should have your ducks in a row already so shouldnt take too long to process your paperwork once you begin the motions.

    Yes, get a solictior lined up for when you are ready to go. You dont have to get them to do anything until you say so but thats then one less tihng to worry about.
    • Help1234
    • By Help1234 12th Oct 17, 11:47 AM
    • 80 Posts
    • 17 Thanks
    Help1234
    • #3
    • 12th Oct 17, 11:47 AM
    • #3
    • 12th Oct 17, 11:47 AM
    Thanks that's really helpful. The estate agent has taken it off the market

    Should I proceed with getting a mortgage agreement in principle though? I am confused whether I already have this. My broker said to let him know when I want to instruct the mortgage - does this mean apply for the full application or just getting the AIP? Or maybe it means getting both. I have submitted all the paperwork to the broker.
    • SeduLOUs
    • By SeduLOUs 12th Oct 17, 12:58 PM
    • 2,080 Posts
    • 2,468 Thanks
    SeduLOUs
    • #4
    • 12th Oct 17, 12:58 PM
    • #4
    • 12th Oct 17, 12:58 PM
    You can still get gazumped after a formal mortgage offer and doing all your searches - you're only 'safe' once you've exchanged contracts. Best thing is to ask for the house to be taken off the market, and I personally wouldn't be sending any money on valuations, seaches etc until the vendor starts the same process on the house they want to buy.
    • Help1234
    • By Help1234 12th Oct 17, 1:27 PM
    • 80 Posts
    • 17 Thanks
    Help1234
    • #5
    • 12th Oct 17, 1:27 PM
    • #5
    • 12th Oct 17, 1:27 PM
    OK thanks. The estate agent has taken it off the market.
    I won't spend any money yet on valuations and searches etc. But what should I do about mortgage application? Just get one in principle or get the full thing?
    The broker said:
    'You can apply for the mortgage anyway and if the property falls through you can use this mortgage application under the same fee for the next one. Only time you may lose out Is if you don’t buy at all.
    Only other way would be refraining from doing anything until the vendor finds a place.'
    • chappers
    • By chappers 12th Oct 17, 3:04 PM
    • 2,743 Posts
    • 1,553 Thanks
    chappers
    • #6
    • 12th Oct 17, 3:04 PM
    • #6
    • 12th Oct 17, 3:04 PM
    I would at least start the process just make it clear to the broker that you don't want to be committing any money until your vendors are in process
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,944Posts Today

8,900Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin