HELP-FTB rather overwhelmed by solicitor!!!

sterl1ng

So i've received all my paperwork today confirming I've instructed solicitor and I've read all the bumph but its really a lot to take in.

On the surveys she strongly suggests I get a structural survey done but I already had homebuyers report done as its a flat, not sure I can get structural unless I'm buying freehold house. Whilst the flat is share of freehold I still don't think structural would be possible but I wonder if its just panic.

Also other surveys - i'm having damp survey and roof/chimney checked out which was from homebuyers report alone but I haven't really thought about having asbestos survey - is that something buyers do?

She also wants source of funds information. Its mostly all from my savings of salary over the years but I've changed banks so many times rather concerned how far back she expects me to go.

Plus about paying the 10% deposit - I've no idea how best to do - bankers draft, chaps? its all new to me!!! I don't mind, whichever most efficient in getting job done but whats the norm?

Any help would be great. I'm just wondering if I'm overlooking everything, especially as I'm FTB!

A new can of worms I've opened!!!:rotfl:

stebiz

What kind of Damp Survey are you getting on a flat?

How old is the flat?

It will be the Building Society that wants to see funds. They just don't want to see 10% dumped in an account overnight.

princeofpounds

You can get structural surveys on flats. Their scope may be limited by access and freeholder cooperation however. Plus a homebuyers survey should flag up really major issues unless they are part-hidden (eg broken joists in the roof space). Bear in mind also structural problems will probably be borne by all leaseholders. So basically, a homebuyers survey for a flat can make sense if you don't need any detail or detailed analysis.

You are unlikely to need an asbestos survey as long as your walls are in good condition. It would mostly be used in common area materials.

Asking source of funds is now a legal requirement to stop money laundering.

Bank transfer to solicitor; if time is not of the essence, any traceable route that can cope with the £ amount is fine. That normally means CHAPS but it's not the only way.

sterl1ng

stebiz wrote: »

What kind of Damp Survey are you getting on a flat? I'm having an independent damp specialist look at the damp issues which were highlighted within survey.

How old is the flat? Building around 1930s but converted into flats mid 80s, its a terraced

It will be the Building Society that wants to see funds. They just don't want to see 10% dumped in an account overnight.

That's fine but how far back should I provide statements where salary accrues

sterl1ng

princeofpounds wrote: »

You can get structural surveys on flats. Their scope may be limited by access and freeholder cooperation however. Plus a homebuyers survey should flag up really major issues unless they are part-hidden (eg broken joists in the roof space). Bear in mind also structural problems will probably be borne by all leaseholders. So basically, a homebuyers survey for a flat can make sense if you don't need any detail or detailed analysis.

You are unlikely to need an asbestos survey as long as your walls are in good condition. It would mostly be used in common area materials.

Asking source of funds is now a legal requirement to stop money laundering.

Bank transfer to solicitor; if time is not of the essence, any traceable route that can cope with the £ amount is fine. That normally means CHAPS but it's not the only way.

So for asbestos thing I should leave? The homebuyer would have flagged up something I guess. With structural I'm looking to see what my surveyor can do but I've always been under impresson that all property has to be inspected. Yes the sources of funds thing is mentioned in there just not sure how far back solicitor wants me to go.

chewmylegoff

sterl1ng wrote: »

So i've received all my paperwork today confirming I've instructed solicitor and I've read all the bumph but its really a lot to take in.

On the surveys she strongly suggests I get a structural survey done but I already had homebuyers report done as its a flat, not sure I can get structural unless I'm buying freehold house. Whilst the flat is share of freehold I still don't think structural would be possible but I wonder if its just panic.

Also other surveys - i'm having damp survey and roof/chimney checked out which was from homebuyers report alone but I haven't really thought about having asbestos survey - is that something buyers do?

She also wants source of funds information. Its mostly all from my savings of salary over the years but I've changed banks so many times rather concerned how far back she expects me to go.

Plus about paying the 10% deposit - I've no idea how best to do - bankers draft, chaps? its all new to me!!! I don't mind, whichever most efficient in getting job done but whats the norm?

Any help would be great. I'm just wondering if I'm overlooking everything, especially as I'm FTB!

A new can of worms I've opened!!!:rotfl:

I paid by CHAPS - costs £30 or so. Check with your bank as depending on who you bank with, you will probably have to go into a branch with some ID to make the payment.

In terms of proof of funds, my solicitor only wanted me to say whether it was from savings / inheritance / gifts etc. They weren't interested in seeing bank statements or anything like that - I just had to fill in a form which they sent me- but if you aren't clear on what they want you just need to ring up your solicitor and ask what exactly they want to see. Incidentally my mortgage provider did no checks on this whatsoever and never asked a single question about it. I sent them three months' bank statements (to confirm my salary payments) which clearly showed a large chunk of money (about 1/3 of my total deposit) arriving from my parents' bank account in several tranches over five days and they asked no questions about that either. This was a month before the new affordability rules mind...

princeofpounds

So for asbestos thing I should leave?

This is your choice. But asbestos surveys are not typically standard. Normally you only get them done when you have a suspicion of significant amounts of asbestos. Normal structural surveys will flag up risks but to be honest they are usually over-conservative and any fibrous-looking material gets flagged.

As you own a leasehold flat, there is very little that is actually your direct responsibility that is likely to be asbestos. If anything, it's likely to be communal materials like insulation, fire screens, tanks etc.

The homebuyer would have flagged up something I guess. With structural I'm looking to see what my surveyor can do but I've always been under impresson that all property has to be inspected.

For a proper structural yes - a surveyor can still do one on a flat, but they will only look at what they can access, so you will rarely get a full report.

With a homebuyers, they do look at major structural issues that are apparent on the surface, but it's basically a checklist type of operation that automatically generates a report. A structural is more like a bespoke essay.

Yes the sources of funds thing is mentioned in there just not sure how far back solicitor wants me to go.

Ask them. It's not a total audit, it's just to show reasonable evidence. The last couple of years of P60s would probably be enough.

sterl1ng

So I finally spoke with solicitor and thankfully she said she only needs 6mths worth of bank statements showing build up of savings. Spoke with surveyors and they said there was nothing during the homebuyers report that suggested structural survey should be carried out but she did say that if I wanted asbestos survey then that's my choice and given 1920s-1930s property it could be there just dormant but if I wanted peace of mind may need to give it thought. So I spoke with asbestos firm and for the survey just for my ground flr flat its £228, which I'm fine to pay for but given that all communal areas of this share of freehold flat which is shared between me and upstairs (house conversion of 2 flats) then surely the company wll only be able to do my flat but not communal areas when testing so really is there much point I wonder?

Went to bank today and they mentioned they can do a fast payment which is done overnight to the solicitors account at a cost of £25 when shifting that 10% deposit. So how does it work at completion day then? I'm guessing bank give solicitor the 80% LTV I'm borrowing and then I do another fast payment of the other 10% I'm putting in? Then I'm paying another £25 for priviledge! Is that how its done?

Jitterbug123

In terms of the Source of Funds, I had a similar situation to you with my various different accounts, etc.

I transferred everything over into one account- which I had also been putting regular savings into. Got a six month statement for that account. Then I also included printed statements (I printed from online banking) showing the other savings accounts which had held my money in my name.

This seemed to be fine.

TBagpuss

You can pay using the method your bank has suggested, which as you say will incur a charge. Alternatively you can make a simple transfer (in effect a 1 payment standing order) which won't generally incur a charge, but you will have to set it up a little earlier to ensure that the money clears.

I chose to do it that way, as the interest I would earn on the money by leaving it in my savings account for an extra 3 days was a lot less than the cost of paying for a transfer. In fact, my payment was in my solicitors account the same day I sent it, but to be safe you'd need to allow a few days.

If you are feeling really old fashioned you could even do it by cheque, but again, ask the solicitors how long they need to ensure that the cheque has cleared.

kmmr

I sent the deposit to my solicitor by cheque. Obviously far enough in advance, but it was free. I had the full deposit in their account a few days before completion. I wouldn't gamble with your deposit being transferred on completion day.

The money is safe with the solicitors. They keep it in a client account which is protected even if the solicitors go suddenly out of business.