when do I instructor a solicitor?

irish_expat

We have had our DIP they have done our credit check, they said we could borrow up to £218k, but we only need to borrow 95000. 95%ltv.

We have had our offer accepted on a house, and the estate agent has marked it STC.

Our appointment for the full mortgage application is Wednesday 29th. I gave already provided 3 x wage slips for both my husband and myself .

The house is a relatively new build and there are lots of others on the market for similar value in the area. I'm not expecting the home buyers report to show up anything and the house to be worth what we are borrowing.

At what point do I need to I need to instruct a solicitor?

heytoki

I instructed my solicitors as soon as i found out that the bank was happy to proceed with my mortgage application after doing the valuation, which was last week.

Today i have received by post the mortgage offer with the results from the valuation.

My solicitor should start the researches this week at some point

Malmo

You can appoint one now and ask them to open a file for you. This will enable:
1) the vendor's agent to issue a Sales Memo to all parties
2) the vendor's solicitor / conveyancer to issue the draft contract and plan of the property

However, do not instruct your solicitor / conveyancer to start searches until you have your valuation report and / or survey from your lender and you are happy to proceed. This will minimise your costs in case an issue arises.

Obtain like-for-like quotes for a number of solicitors that can do the conveyancing tasks for the property you wish to purchase. Then choose one that you are comfortable with. Avoid solicitors recommended by the vendor's estate agent as the agent will receive a commission / referral fee / kickback, which will inflate the cost to you.

Have a look at this article for a breakdown of the solicitor / conveyancing costs that you should review and query when comparing quotes.

Tarragondragon

We instructed our solicitor when our offer was accepted, as the Estate Agent asked for their information.

stator

Yes, appoint the solicitor now and you can open the account and they can do their ID checks etc. Then when you want them to start work you pay the deposit. That would normally be after you have the mortgage offer and survey results, but if you want to speed things along you can start sooner and risk the extra money

irish_expat

Brilliant thanks for all your help guys much appreciated