Offer accepted (cash) what to do next

serious_saver

We've just had a cash offer accepted on a property.

I'm a first time buyer and I've seen a lot of advice on what to do if you need a mortgage but nothing for cash buyers.

Obliously I don't need a mortgage valuation survey but I was wondering what other surveys I should should consider.

Also, how do I find out if their property has had a previous claim for subsidence? (The property is on the side of a steep hill) Is this something that will come up in the conveyancing process?

DVardysShadow

Take a small mortgage. Seriously.

One of the biggest pitfalls is buying a property which turns out to be unmortgagable. Strangely as FTB, that is several orders of magnitude a bigger risk for you that it would be for mortgaged buyers. Firstly, if you have mentioned to EA's that you are a cash buyer, they could try and push property onto you which they know may be unmortgagable. Secondly, any mortgaged buyer would be de facto excluded form buying the property. So you have a bigger risk that you may buy something which you cannot sell.

Getting a small mortgage will be well worth the cost if you pay it off after a year.

serious_saver

Thanks for the advice. I won't go into details but getting a motgage is simply not an option. It wouldn't matter which house we offered on.

I'm really after advice on the most thorough survey that I can get.

DVardysShadow

If it is not, then engage a surveyor and instruct him in writing to confirm in writing whether the house is mortgagable and its valuation for mortgage.

robatwork

Be specific. The "Homebuyers report", which isn't as thorough as a full survey, will include a valuation.

A full survey won't.

I would always go for a full survey AND specify you need a valuation too - it will cost extra.

Gentoo365

I would a good solicitor by recommendation and specifically request that they do all the normal legal checks and enquiries that they would do if they were acting on behalf of a strict mortgage lender.

I would also probably get an full structural survey and valuation done. This should have a section where the surveyor states whether or not the property is suitable security for a mortgage, and if not what rectifications are needed.

serious_saver

Thanks everyone that's great advice. I'm very confident in the solicitor that we are using but I will make sure that I ask that they treat it as though I was getting a mortgage.

DVardysShadow

serious_saver wrote: »

Thanks everyone that's great advice. I'm very confident in the solicitor that we are using but I will make sure that I ask that they treat it as though I was getting a mortgage.

In writing ask them to 'give all relevant advice which you would give to a mortgage lender in order to ensure that the purchase will be mortgageable to future purchasers as far as can be discerned with current information'