Offer/searches

unicornbunnies

Hiya!

so- my valuation came back with a retention, which has now been amended and im in the queue for mortgage offer. Lender said they may just issue it or have some loose ends that need tying up.

The lender e-mailed my solicitor to update them of the progress and to say that the retention had been agreed with the underwriters from the surveyor. So... the EA then told me to contact solicitors and start searches.

shouldn't i wait until i get the paper mortgage offer? is it likely that stuff falls through at this point?

i don't mind paying and getting them started im just not sure if that's the order its supposed to go in, or which one is meant to come first?

Sorry if this is a silly question!

King_Slayer

Your SOL cannot start searches without Contract/title paperwork from vendors SOL. However I wasn't willing to proceed with searches until my mortgage was offered and survey came back ok.
That way You won't loose your money if you decide not to proceed.

unicornbunnies

Thanks, as far as i know they have some paperwork? not sure quite what it is

ive received my F&F form, and they have just got the amended paperwork from the vendors SOL today.

just not sure if its worth just starting them or if i should hold it off for a week? ( Vendor is off on a holiday for a month end of next month) so dunno if this is why things are starting to pick up speed?

How long does it take on average to get searches back? or is it a piece of string?

Surrey_EA

unicornbunnies wrote: »

How long does it take on average to get searches back? or is it a piece of string?

It varies considerably from one local authority to another. Could be 1 week, could be 6.

I'd be finding out who is taking over your file when your solicitor disappears for a month.

unicornbunnies

oh i must have got the word wrong lol, its the sellers who are off away for a month, which is why i think they wanna complete before hand.

Surrey_EA

unicornbunnies wrote: »

oh i must have got the word wrong lol, its the sellers who are off away for a month, which is why i think they wanna complete before hand.

Nope, you didn't, I just read it wrong! Apologies, I blame the heat today

Hoploz

That is extremely bad timing with the month long holiday. You need to discuss this ASAP. Are they planning/hoping to move before or after this? You really need to know.

unicornbunnies

the EA didnt even know they were going on holiday! haha i told them :P

she sounded super horrified at the idea of us completing after their holiday though so i dont know.

they are super lovely people thankfully, so hopefully it will all work out.

just worried about doing searches before i have the actual mortgage offer (even though im in a queue) but if i hang on i defo wont be in the right position to complete before their jollys.

halfabee

I felt similarly unsure of this. I decided to wait for valuation and confirmed mortgage offer before asking the solicitor to proceed with searches, though I have sent them all the necessary paperwork, ID, and paid for the searches. Just waiting to hear back about the valuation now. I guess you need to think about whether you are worried the house might be valued at less than you would pay, and whether there is anything that would make you want to pull out. Also how likely it is that your mortgage will be approved. We felt particularly nervous about valuation hence the pause. Sounds like most people just go for it, from what I've read on here.

Hoploz

If you want to be cautious and take things one at a time then it wouldn't be an issue to wait. However, if they want it speedy and you have no reason to think your mortgage will be declined, I think in this case you ought to order the searches now. You will have to pay, but the worst that can happen is you lose out a couple of hundred pounds, which isn't a huge amount in the scheme of things. You don't want to be a week behind if it gets to the eve of their long holiday, you might regret hanging on