Guide to selling

rustyhead

Hope someone can help, I've excepted an offer for my property, the buyers need a mortgage, I don't really want to incur legal fees if they cant get a mortgage so was holding off with this. Is this the right thing to do or do I have to send them a draft contract before they have a valuation done.
Tia

picklepick

Our buyers had their mortgage valuation done before their solicitor had received anything from ours.

Not doing anything in the meantime will make your conveyancing process much longer than usual though. Some banks valuate at the start of the application process, some at the end.

jbainbridge

Your buyers need to get their finances in order first ... they need to get a mortgage in principle agreed. Until they have they can't proceed anyway.

LisaLou1982

rustyhead wrote: »

Hope someone can help, I've excepted an offer for my property, the buyers need a mortgage, I don't really want to incur legal fees if they cant get a mortgage so was holding off with this. Is this the right thing to do or do I have to send them a draft contract before they have a valuation done.
Tia

Instruct your solicitors
You wont need to pay out anything for your sale.
Are your solicitors a no sale no fee type?

Usually you'd advise them to wait until mortgage valuation has been instructed and then send out draft contracts

Are you purchasing too?

rustyhead

Thanks for the replies, I've got all the paperwork to fill for the sol, have made a start.
Its not a no sale no fee type, I will be buying another house but with the cash from my sale no mortgage needed:D
I'm just a little bit worried that the buyers might not get the money need, was wanting for their valuation its been 2 weeks since offer excepted

LisaLou1982

I wish i didn't have a mortgage

What has your estate agent said about the buyers mortgage position?

Depending on the lender, things can sometimes take a while. When i bought 2 years ago there was a 7 week backlog for valuation!! I had instructed my own survey in the mean time and had paid fees to my solicitors so they did know i was proceeding.

Ask your EA to chase it up for you. Some lenders do all the underwriting on the mortgages first which although means it will take longer for the initial valuation to be carried out, also means the mortgage offer will be out quicker. Swings and roundabouts really but the EA should be able to enlighten you more if theyve chased it up

rustyhead

Thanks Lisa
My ea as given them 4 weeks to sort themselves out, he said it could take that for the valuation, I'm was not sure hence my question.
I last moved house 15 yrs ago so its all a bit new.


Rusty

vectistim

Even if they end up not buying it there shouldn't be too much extra expense for you since the initial work by the solicitor will have to be done anyway.