Exchange and complete on the same day?

RAINBOW123_3

Richard Webster or Chickmug or anyone whos knows.

Can searches be done before the valuation/mortgage survey has been approved?

Or is this a stage where it has to be done after the survey?

Hope to hear from you :beer:

Richard_Webster

If you have instructed your solicitor he will normally do the searches as soon as he has had money from you on account to cover the cost and he has also had draft contract papers from the seller's solicitors.

If you wanted to put off doing the searches until you were sure of your mortgage you could give him special instructions to that effect, that but it might be a wind up to your sellers if things were thereby delayed.

RAINBOW123_3

Richard.

Thanks.

Sorry,I didnt explain, Im the seller.

So it would be the buyers solicitor who needs to instruct their solicitor to carry out these searches before,at the same time or asap of the searches?

Is this right?

I did ask my solicitors secretary if the searches can be done before the survey & they said that :

"You would wait until you are sure your client has got the
mortgage offer, but they can be done."

chickmug

RAINBOW123 wrote: »

Richard.

Thanks.

Sorry,I didnt explain, Im the seller.

So it would be the buyers solicitor who needs to instruct their solicitor to carry out these searches before,at the same time or asap of the searches?

Is this right?

I did ask my solicitors secretary if the searches can be done before the survey & they said that :

"You would wait until you are sure your client has got the
mortgage offer, but they can be done."

Yes it is the buyers solicitor that does these searches. Some solicitors feel it is better that they hang back, on this work, to make sure their client will get the finance sorted. But some plough on at the same time as the finance application is going through.

Sometimes the solicitor will ask their client what they feel is best to do but more often they do what they (the solicitor - Richard aside;-) ) feel is the right thing.

So to find out what the buyer/buyers solicitor is doing you need to get the agent to check and report back to you. That is their role or IMO it is??

RAINBOW123_3

Richard & Chickmug.

You are very helpful in all this,Thank you.

I will be getting on to my estate agents to ask them to ask the the buyers if they would mind asking & or to instruct their solicitors to carry out the searches before or at the same time as the valuation survey is being done (which we are hoping is next week).

I do think that they will do this as they are still wanting to go ahead with the move.

Could you let me know:

1.What in the searches would stop it going through?

2.Also,I asked my estate agents if he thinks that the mortgage will be approved & he said yes he is sure that it will.Do you think we should take his word for it? :rolleyes:

3.What is left after the survey/searches?

4.What would be your advise on: If you think it would be safe to pay the rest of the deposit for the rental place we have put a holding deposit down for which is due to be paid 1st septemeber.This is when we need to do the inventory otherwise its going back on the market?

Would we lose the rest of the money left to be paid or will it just be the holding deposit money?

Hope you can help

Richard_Webster

1. I'm assuming there is a local search in HIP which doesn't have anything nasty in it - hopefully buyer's solicitor will have already seen this. Ther are all kinds of obscure and unlikely things that can come up, but generally they are pretty rare.

Occasionally environmental searches can throw up historic nasties, but usually this is because there is insufficient information to rule out a problem so the search providers play safe by saying there is a risk.

In some areas too close a proximity to mine workings could put you off.

2. No, you haven't got a mortgage offer until you have a mortgage offer.

3. Solicitors will be asking questions to make sure that there is nothing that could leads to buyer having any legal liabilities - no breaches of restrictive covenants or building regulations, etc. When they have satisfactory answers to those points, and further searches back and OK, and you have your mortgage offer they will be ready to get the buyer to sign the contract.

4. I never advise people to make legally binding commitments until contratcs have been exchanged. Your buyer might pull out at the last minute because he loses his job or whatever. ther is always a risk. You may decide to take the risk, but you must udnerstand it is a risk.

maximumme

Yes it is possible. Jack Duckworth in Coronation Street made an offer on a house on a Monday, and moved in on the following Wednesday. Try and find out which solicitor he used.

chickmug

maximumme wrote: »

Yes it is possible. Jack Duckworth in Coronation Street made an offer on a house on a Monday, and moved in on the following Wednesday. Try and find out which solicitor he used.

Richard - was this you:D

sancho

lol.

The vendor has agreed to get the electrics and gas checked out, which i suppose will delay things a little, but more peace of mind for us.

When i asked my solicitor for a time scale he said it was just ironing out a few details, like making sure the extension had planning permission etc.

Will give it a few days and see if he has an idea then, got a big list of people to tell, BT etc. and don't want to get onto that yet obviously

Richard_Webster

Quote:
Originally Posted by maximumme
Yes it is possible. Jack Duckworth in Coronation Street made an offer on a house on a Monday, and moved in on the following Wednesday. Try and find out which solicitor he used.

Richard - was this you:D

No,special legislation that I don't know about applies to Coronatrion Street and Eastenders!