Solicitor Forms or Mortgage Application first?

james231287

Hi all,

My partner and I have had an offer accepted on a property we love - exciting. We are FTBs.

We have done our research and we will be applying for a mortgage through Loughborough BS (had AIP and Key facts sent through) and have a solicitor which we have received quotes for and want to proceed.

My solicitor has asked for a £250 initial payment to begin the work. However the valuation fee we will pay is £260 with Loughborough BS. I have no reason whatsoever to believe the app wont go through but it would be a wasted £250 solicitor payment if it didn't go through.

My question is should I instruct the solicitor now and pay the £250 before I have completed the mortgage app? Or should I submit them both together? Or even the Solicitors first before I submit my mortgage app?

Many thanks guys,

James:beer:

ValHaller

All the fees you pay from now until exchange of contract are at risk. If you are risk averse, you will rank the risks in order and take on the biggest risk first. Only if that pans out will you take on the next risk. You can even include the solicitor's individual searches in this risk averse strategy.

The consequence will be that your seller dies of boredom and you lose your purchase.

This is one of those decisions where the wrong decision is far better than no decision.

G_M

Just sit down and fill all the forms in and get the process moving.

ACG

You dont have to get the solicitors involved until you have a mortgage offer.

I have a solicitor i use for about 80% of my mortgages (where free legals are not included) and she doesnt even look at the case until she receives a copy of the mortgage offer unless specifically asked to do so (eg a quick completion is needed).

Tell your solicitor you intend to go with them, they may charge an admin fee (£25 maybe) to open a file but that will be it until you get a mortgage offer.

james231287

Many thanks for your time guys - great advice

James