Basic Valuation question

Fire_Fox

sangupt wrote: »

Great list Kingstreet - much appreciated.

I was under the impression that the solicitor comes in only after the survey (in my case building survey after lender's basic valuation) is completed.

However, if I instruct him to proceed before the building survey, I stand to lose £100+VAT (told by the solicitor) on top of the survey cost if I decide not to go ahead based on the survey report or if my mortgage gets declined. Agreed it is a relatively small amount but then again I'm already on a very tight budget and wouldn't want to just blow £120 away if we agree to wait for a few more days before starting the searches.

Am I being unreasonable in asking to wait for a few more days? .

Thanks a lot

You should have a float for one or more sales falling through and losing money on a survey or legals. You can also instruct a no sale-no fee solicitor. Don't you already have a mortgage in principle from your chosen lender? If so why do you think you may get refused?

If your budget is that tight honestly you are not ready to buy - you should have money set aside for something breaking or breaking down right after you move in, three months mortgage payments in case you get ill or injured and cannot work.

The whole attraction of a first time buyer is that you are in a proceedable position - if you want to slow things down and stress about £100 you are no longer as attractive a buyer you first appeared.

Mobeer

Fire_Fox wrote: »

...
The whole attraction of a first time buyer is that you are in a proceedable position - if you want to slow things down and stress about £100 you are no longer as attractive a buyer you first appeared.

Spot on. £100 can disappear in an instant when buying a house - it's quite amazing where money goes.

Having a solicitor and a mortgage in principal should be standard things to have in advance; having them can be used as an a way of selling yourself as a buyer rather than just offering more money.

sangupt

Firefx, Mobeer and propertyman

I see your point. Yes I do have a AIP. Agree I'm hedging bets and also agree it's not a positive message I'm sending to the seller.

I'll proceed with instructing my solicitor.

Really thank all you guys for your frank feedback. I'll come back with updates as things progress.

Regards
sangupt

sangupt

Hi Guys

I went ahead and gave my solicitor's details to the EA. Turns out the seller is also using the same solicitor so I have to go back and hire another one:).

They had said that they would take it off the market as soon as I got the survey done but their website was still showing the property as available. I asked the EA why and he said he's not showing it to anyone and the website would be updated soon. I was a bit suspicious so I asked a friend to call and arrange a viewing. She was given a 6:30 appointment:mad:

I've half a mind to blast the EA off and send an email to his boss too - but is it worth it? Any suggestions on a mature way to deal with this?

Thanks again

propertyman

Pick a time that busy and ask in your loudest civil voice why you lied to me :cool:

But it is really the vendor's choice- selling almost always involves one or other wanting their cake and eating it.

The honest way is to say that viewings will continue however you have first refusal while the survey is being done - say 2 weeks.

sangupt

the seller has also advertised through another EA. Maybe I should go via them to teach this guy a lesson?

kingstreet

leew wrote: »

Memorandum of Sale received from EA - do they pass this on to our Solicitors or do we??

When the selling agent has the full details of the two parties and their solicitors, the agent sends the sales memo to all four, so you all know exactly who each other are. It details the property, sale price, mortgage arrangements and any other relevant information.

The mortgage and legal work will be going on in the background, so it may go quiet for a week or two once the process starts.

DannyboyMidlands

"a builder and has done the work himself"

In my experience the absolute worst type of vendor. Everything will have been badly botched. Everything. You will spend years undoing all of the stuff that looks ok on the surface.

I wouldn't pay a penny more that he paid. In fact, I'd pay less.

sangupt

DannyboyMidlands wrote: »

"a builder and has done the work himself"

In my experience the absolute worst type of vendor. Everything will have been badly botched. Everything. You will spend years undoing all of the stuff that looks ok on the surface.

I wouldn't pay a penny more that he paid. In fact, I'd pay less.

Strong and disturbing words there Dannyboy. What if he has all the completion certificates for the electrical/gas safety/building completion/FENSA etc.?

Fire_Fox

sangupt wrote: »

Hi Guys

I went ahead and gave my solicitor's details to the EA. Turns out the seller is also using the same solicitor so I have to go back and hire another one:).

They had said that they would take it off the market as soon as I got the survey done but their website was still showing the property as available. I asked the EA why and he said he's not showing it to anyone and the website would be updated soon. I was a bit suspicious so I asked a friend to call and arrange a viewing. She was given a 6:30 appointment:mad:

I've half a mind to blast the EA off and send an email to his boss too - but is it worth it? Any suggestions on a mature way to deal with this?

Thanks again

Didn't you make it a condition of your offer that the property was removed from the market immediately and no more viewings permitted? It is standard to specify this, it's only of many reasons I often recommend submitting offers in writing giving your solicitors details, position and conditions of the offer.