Do we need to get the searches going?

tenacious

Our mortgage application has gone in today. The broker has said that it will be 2 or 3 days until the valuer is instructed. What do we need to be doing in the meantime?

Do we need the searches etc completed before we can get the mortgage offer or is that nothing to do with it?

Sorry if its a stupid question, its been a while since we bought a house!

Senior_Paper_Monitor

Relax - go for a beer

Your solicitor instigates and receives the searches - generally makes sense not to do these until the offer is at least ready to go (and that is dependent on seveeral things, not least a succesful valuation).

The secret is not to commit to expenditure (including seraches until any possible prior hurdles have been cleared)

tenacious

Great thank you. By the sounds of it we could be in for a wait with Clydesdale so will have a few beers! So best to leave the searches until we get the offer? (everything crossed!)

Senior_Paper_Monitor

You'll need a liver transplant if you drink till Clydesdale come back !!

Your broker sounds an optomistic sort of chap (2 days !!!!!!)

tenacious

I thought that as well but he said he goes direct to senior underwriters. He reckons they are taking around 4 weeks in total but hopes to get ours through in 3... probably all the usual chat though so im not expecting miracles!

How long would you expect them to take? (im assuming you know your stuff ;o))

KingElvis

Your lawyer will instruct the searches when they receive their copy of the mortgage offer, to do it before then would not make sense as the bank may mess you around and leave you out of pocket for searches you don't need.

Valuation to offer (in my experience) takes a minimum of a week but a more realistic time would be two weeks, this then has to turn into a formal offer which then has to be sent to you and your lawyer which will take a week or so too.