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1st Time Buyer - Needs Advice!
bandofbrothers
Posts: 442 Forumite
Im a 1st time seller to a 1st time buyer.
The buyer of my house has viewed twice and after extensive talks about price, we have agreed on a reduced price on the original valuation through my estate agents. The buyers mortgage has been passed , and the buyer have instructed a solicitor to act on their behalf, who have communicated with my solicitor.
We are now at the stage of a surveyors valuation and basic survey for their mortgage company.
My questions are ;
After discussing with the buyer I have agreed to a price drop in order for him to carry out certain improvements to the property.
ie; Modernize the kitchen, introducing gas to the property, modernize the bathroom, and update of the electric fuse box.
Im aware the survey is taken to ensure the house is sound and that it is worth the money agreed for the mortgage company.
What would happen if the surveyer shows in his/her report that the valuation of the house is higher than that of the price agreed through my estate agents. Can it show up in a negative way for me to have agreed a price, which may be below the mortgage surveyors valuation ?
And also if the surveyor reports that work such as the electric fuse box needs updating ,would that affect the price already agreed, or would they take into consideration that i have reduced the property by £17k ,in respect to work the buyer wants to do.
Ie : If the electric fuse box costs approx £700.00 to update, would they suggest i drop the price already agreed, by that amount !
Sorry for the long post but im really confused on whats going to occur !
My next question is when this stage has been sorted ,what are the next steps to the house sale.
What paperwork etc am I to expect, etc etc.
I have spoken to my estate agents but they dont want to eloberate further, until after the survey stage.
Thank you in advance.
The buyer of my house has viewed twice and after extensive talks about price, we have agreed on a reduced price on the original valuation through my estate agents. The buyers mortgage has been passed , and the buyer have instructed a solicitor to act on their behalf, who have communicated with my solicitor.
We are now at the stage of a surveyors valuation and basic survey for their mortgage company.
My questions are ;
After discussing with the buyer I have agreed to a price drop in order for him to carry out certain improvements to the property.
ie; Modernize the kitchen, introducing gas to the property, modernize the bathroom, and update of the electric fuse box.
Im aware the survey is taken to ensure the house is sound and that it is worth the money agreed for the mortgage company.
What would happen if the surveyer shows in his/her report that the valuation of the house is higher than that of the price agreed through my estate agents. Can it show up in a negative way for me to have agreed a price, which may be below the mortgage surveyors valuation ?
And also if the surveyor reports that work such as the electric fuse box needs updating ,would that affect the price already agreed, or would they take into consideration that i have reduced the property by £17k ,in respect to work the buyer wants to do.
Ie : If the electric fuse box costs approx £700.00 to update, would they suggest i drop the price already agreed, by that amount !
Sorry for the long post but im really confused on whats going to occur !
My next question is when this stage has been sorted ,what are the next steps to the house sale.
What paperwork etc am I to expect, etc etc.
I have spoken to my estate agents but they dont want to eloberate further, until after the survey stage.
Thank you in advance.
0
Comments
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A price drop has already been agreed for those specific areas, unless the survey draws attention to areas that haven't been looked at then I wouldn't agree to any further reductions.0
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Thank you for your reply.
Assuming all goes well what are the next stages of the sale ?0 -
Is anyone able to enlighten me ?0
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Once the price is finally agreed. the survey goes fine and assuming everything is fine from yourside you exchange contracts and then complete a few days or a week later depending on when funds are transfered.0
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If you are using a solicitor, rely on him/her to guide you through the process.
If you are doing the legal work yourself - don't. You clearly don't know enough.
If you want to understand the process better, go to the library and borrow a book on house buying/selling that will explain each step in detail.0 -
bandofbrothers wrote: »
What would happen if the surveyer shows in his/her report that the valuation of the house is higher than that of the price agreed through my estate agents. Can it show up in a negative way for me to have agreed a price, which may be below the mortgage surveyors valuation ?
This never happens as the mortgage valuer is just there to confirm that the house is worth the amount the lender is going to give as a mortgage. Valuations are usually quoted as the amount the vendor/buyer actually agreed on. In some cases a surveyor will undervalue if he thinks the house if overpriced, but never to my knowledge the other way around.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
I had a purchaser get a higher valuation from the surveyor, they were purchasing at £200,000 and I actually saw the valuation report which valued it at £250,000!
About what happens after the survey, the lender can take up to 2 weeks to send out the mortgage offer to your solicitor, Your solicitor will in the meantime draw up the draft contracts and send one copy to your purchasers solicitor for them to go through. If you have a HIP that is older that 3 months, the purchasers solicitor will have to apply for new searches to local authority etc. Once all documentation is back and all queries answered the solicitors will exchange the contracts and a date will be set for completion. Though you can and exchange on the same day if you so wish, but people normally like to exchange as soon as possible as it gives everyone peace of mind. A sale/purchase can take anything from 4 weeks to 3 months, I find. Hope this has been of helpTo love and be loved is the greatest happiness of existance - Sydney Smith0
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