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Mortgage application before paying solicitor?
movilogo
Posts: 3,235 Forumite
Is it possible to apply for mortgage before paying solicitor?
I am planning to apply for a fee saver mortgage.Because mortgage is the main thing, just want to make sure I engage solicitor and surveyor after mortgage application is approved.
Bank will do their standard survey anyway.
I am planning to apply for a fee saver mortgage.Because mortgage is the main thing, just want to make sure I engage solicitor and surveyor after mortgage application is approved.
Bank will do their standard survey anyway.
Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
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Comments
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Yes, don't see why not. You can chose a solicitor and put the details on your mortgage application and you can probably go through the ID checks with your solicitor too. But don't pay the solicitor their initial deposit until you get the yes/no from the bank because he/she won't start work until you pay the deposit
Changing the world, one sarcastic comment at a time.0 -
Yeah- Its conventional to advise the Estate Agent who your solicitor is because they usually need to identify both sides' lawyers on the 'memorandum of sale' which they send to you, the seller and the two solicitor practices, as in effect, confirmation of the done deal and a trigger for the solicitor to start work. But although you will want to take quotes and identify a solicitor soonish (and preferably one who strikes you as accessible, efficient and, my personal preference, willing to pick up the phone, talk plain English and communicate by email), you can just tell em to hold off acting and maybe delay signing their terms of business and parting with cash til you know you are ready to proceed.
It probably hasn't happened in your case, but round here, 'cos houses sell fast, some agents insist on a financial health check and want to know you're good for the money before recommending you as a non-timewaster to their client. But that's rare0 -
Yes, don't see why not. You can chose a solicitor and put the details on your mortgage application and you can probably go through the ID checks with your solicitor too. But don't pay the solicitor their initial deposit until you get the yes/no from the bank because he/she won't start work until you pay the deposit
Thats exactly how I did things recently. 0 -
Yes, this is how we did things. We wanted to make sure we could put an offer in on a property first (also wanted to know exactly what our price bracket was) before parting with any money.0
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If my mortgage is approved and then surveyor finds something serious forcing me to back out, can the mortgage offer be valid for sometime in case I find an alternative house quickly?Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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You'd have to make a new mortgage application and pay for a new valuation if you want to buy another house instead.Changing the world, one sarcastic comment at a time.0
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