Valuation first and then Instruct Sols ???

livalicious

Hi there,

Im a FTB and just my offer accepted, so not sure what is best to do first.
Should i wait for the mortgage lender to do valuation of the property and survey first and then instruct solicitors, so that if the property is valued less than the offer or requires extensive / costly repairs, then i wont have lost funds on searches,etc if i had to pull out of the sale for the above reasons? Or do i instruct them now while waiting for mortgage application to go through, etc.

At this stage i dont really want to lose money if i can avoid it, and to my mind it makes sense doing the valuation first, but the sellers ea is getting narky (offer only accepted this morning - sheeesh ) and requested my sols details because the vendors are pushing for the sale to go through.

Does anyone have any good advice as to what this clueless girl should do?

CharleneUK

Hi there

My solicitors have set up a file for me, but I have not instructed them to carry out any searches yet! Although my valuation has been completed (Last week) I've not had my full structural done yet, so until that time, I'm not instructing them to do anything!!

I personally think this is the best way to go.

livalicious

Thanks CharleneUK, very useful bit of info, as i was close to pulling my hair out trying to decide what to do.

I dont want to come across to the ea (and vendors) that we dragging our feet (even though its the first day) but i didnt want to be bullied into instructing a sol until after the valuation/survey. But i will ring the sols tomorrow to see if we can do it that way, and possibly keep the ea sweet too(if thats ever possible )

KellsBells

Hi Livalicious,

There's no right or wrong way to go about this - it really depends on how quick your lender can get the valuation through. I sell repossessed properties and we expect the buyer to have carried out survey within 10 days and apply for searches immediately after contracts have been received by the buyers solicitors. But then again, we do have very strict deadlines to follow!!

livalicious

Thanks KellsBells, I contacted Abode Conveyancing today and they said i could instruct a solicitor but tell them to hold off on the searches until after the valuation has been done. So did just that, and was able to give the EA their details so they could send off draft contracts, etc. Phew! panic over!!!

Thanks for ur advice guys :T