When to instruct solicitor

blinko

Hi All,

I have had an offer accepted on a property and the Estate Agent is pushing for my solicitors details (understandably) when would people recommend instructing the solicitor.

Should I wait till the bank completes a survey OR should I instruct them anyway with a view not to proceed until the survey results have come back (although they may ask for a deposit etc)

Thanks.

Old_Git

do it now otherwise it looks like you are not committed.
How long do you expect the survey to take

blinko

I had the offer accepted and the property taken off the market on Monday. I'm certainly committed and have sent a proof of cash and AIP to Estate Agent yesterday.

I've been given an AIP with the building society I wanted today and amount I wanted today and expect to have a telephone call with YBS (Yorkshire Building Society) tomorrow to follow it up.

I have a back up telephone call with another lender tomorrow.

I would prefer to have the bank surveyor go in and do his thing before instructing a solicitor and potentially incurring cost.

I honestly don't know how long it will take to get the surveyor to compelte a survey. I'm guessing about 2 weeks from today...

Old_Git

blinko wrote: »

I had the offer accepted and the property taken off the market on Monday. I'm certainly committed and have sent a proof of cash and AIP to Estate Agent yesterday.

I've been given an AIP with the building society I wanted today and amount I wanted today and expect to have a telephone call with YBS (Yorkshire Building Society) tomorrow to follow it up.

I have a back up telephone call with another lender tomorrow.

I would prefer to have the bank surveyor go in and do his thing before instructing a solicitor and potentially incurring cost.

I honestly don't know how long it will take to get the surveyor to compelte a survey. I'm guessing about 2 weeks from today...

are you expecting problems with the survey

blinko

Old_Git wrote: »

are you expecting problems with the survey

Not really, the property is currently being let so I'm pretty sure it's habitable but it is also at let at 30% below market value. This could be due to the tenants being long term of due to the condition. I think it the former.

Old_Git

instruct the solicitor to do nothing until you get the survey .Tell the agent you have instructed your solicitor . That way everyone is happy

blinko

thanks OG, is this the norm (if such a thing exists in the housing market) i've asked the lender to wrap the arrangement fee up in the loan so that I can reduce the risk of losing the money if sale falls through for whichever reason.

Is there anything else that is wise to protect me when going through the purchase process? thanks

kamkaro

I would prefer to have the bank surveyor go in and do his thing before instructing a solicitor and potentially incurring cost.

topcat007

I have instructed solicitor and told them to do no searches before survey is back.

Yesterday they got the contract through which found no buildings regs .. This could mean you could then pull straight out without wasting money on survey or get the survey to home in on this aspect

Also get solicitor no completion no fee

Good Luck!

mrginge

blinko wrote: »

Not really, the property is currently being let so I'm pretty sure it's habitable but it is also at let at 30% below market value. This could be due to the tenants being long term of due to the condition. I think it the former.

Have the tenants left or are you taking on a BTL?

blinko

mr gringe The tenants are going to be given notice when I have had the survey according to the Estate Agent, although in reality I think they will be given notice when the exchange of contracts is about to take place.

Topcat007 (love the username) - did you have to pay a fee for instructing the solicitor and requesting no action until the survey is complete (assuming this is possible) as the estate agent is requesting solicitors details but without giving the solicitor some sort of deposit/fee I can't imagine they will be willing to confirm I have appointed them....