Offer accepted should it be in wiriting ?

adindas

I have made a written offer to a property that I have written by myself to an EA and it has been accepted. I got offer acceptance via phone, not in writing.
Do you think it is common in this way ?

I have got AIP from HSBC prior to this acceptance and I understand that I now need to get the lender final approval. I could get a very good rate from HSBC as I could effort to put 40% of deposit a large sum of 40% deposit (e.g LTV of 60%)

The EA which is Mann Countrywide said that I already need a solicitor and they offer to use its conveyancing service which is "Countrywide Conveyancing Services, CCS)" but it will cost £1,400 with upfront cost of £400 to conduct all conveyancing work.
Do you think I shall take this offer?.

I understand that "Countrywide Conveyancing Services, CCS) is also in the HSBC preference. So "Countrywide Conveyancing Services, CCS) is catually a reputable company.

My worry here is that if the process stop in the middle before the exchange of contract because the vendor change his mind, I will loose my £400.
Is there any conflict of interest from EA here if I take this offer ?.

My alternative is to ask HSBC list of Conveyancing Services and approach one of them of find it by my self.
Apart from the cost, what other things do I need to consider to use the conveyancing services rather than using CCC ?

Thank for your time.

G_M

adindas wrote: »

I have made a written offer to a property that I have written by myself to an EA and it has been accepted. I got offer acceptance via phone, not in writing.
Do you think it is common in this way ?
Yes

I have got AIP from HSBC prior to this acceptance and I understand that I now need to get the lender final approval. I could get a very good rate from HSBC as I could effort to put 40% of deposit a large sum of 40% deposit (e.g LTV of 60%)
If you know which mortgage provider you want to use, go direct. If not, use an independant adviser, NOT the estate agent's.

The EA which is Mann Countrywide said that I already need a solicitor and they offer to use its conveyancing service which is "Countrywide Conveyancing Services, CCS)" but it will cost £1,400 what does this cover? It is meaningless without a breakdown. with upfront cost of £400 to conduct all conveyancing work.
Do you think I shall take this offer?.
No. Find.choose yourown conveyancer. Shop around. Be careful with quotes as some conveyancers 'hide' additional fees in the small print so they look cheap, but end up expensive.

Read more here.

I understand that "Countrywide Conveyancing Services, CCS) is also in the HSBC preference. So "Countrywide Conveyancing Services, CCS) is catually a reputable company.

My worry here is that if the process stop in the middle before the exchange of contract because the vendor change his mind, I will loose my £400. I'm afraid all conveyancers will want some money upfront to cover costs that they incur on your behalf (eg they will arrange searches, which they have to pay for, so want money from you to cover this cost).
Is there any conflict of interest from EA here if I take this offer ?.Do you really want to pay the EA commission for the privilidge of using their 'recommended' conveyancer?

My alternative is to ask HSBC list of Conveyancing Services and approach one of them of find it by my self.
Apart from the cost, what other things do I need to consider to use the conveyancing services rather than using CCC ?

Thank for your time.

Ask HSBC for a list of local conveyancers.
Ring each and ask for a quote.
Make sure the quote is a) written and b) broken down (ie not just a final figure which could include/exclude anything).

kingstreet

Once both parties have instructed solicitors, the sale will be confirmed in writing by the agent issuing a "Sales Memorandum" to the four parties. Normally, that will be your written confirmation.

Gentoo365

Perfectly fine to have the offer acceptance verbally. In England and Wales the offer is not binding on any party so having it in writing is not that important.

Once you have your solicitor sorted out the EA will send a memorandum of sale confirming the sale price etc. Also any offer is always 'subject to contract'.

I would not go via the estate agent recommended one as you will have to pay more to cover commission. Look at the quote carefully and there ill be a figure (possibly hidden and in words) saying that the conveyancers will be paying a large amount to the EA. It will state that you do not pay it. However you clearly do, as if someone went direct the prices are cheaper.

Get a quote from a few other places. I am guessing that 1stpropertylawyers are probably a good 'comparison' for countrywide. They are also on HSBC panel, but under the name of 'premier property lawyers' Also get a quote from a local firm if you can. Just as a comparison.

When comparing them look at the detail. Sometimes they will have cheaper legal fees, but then charge more for money transfer fees etc. If the property is leasehold ask if what they charge if a 'deed of covenant' is required.

HSBC have set fees for your solicitor to 'act on behalf of them' so make it very clear that you have your mortgage with HSBC.

Apart from cost consider the following:

1) Do they have a website system where you can read copies of documents online (e.g. search reports, contracts) or so you have to wait for everything to be sent in the post?

2) Do they allow you to scan in and send (or upload) documents via their website, or again, is post required?

3) What type of help do they give? Will they talk though the contract/lease/enquiries in detail, or will they just ask you to read it and sign it?

4) Do they offer a 'no-completion no-fee' service

5) Are the legal costs fixed or estimated, under what circumstances might the fees change.