Buying House from a friend (pub deal!)

zag2me

Heh guys need some help.

I recently agreed to buy a house off a good mate of mine, We've agreed a price(over a few pints in the pub) and he is looking for a new house now.

My question is what do I need to do now? Can we use the same solicitor and do it all through him, or do we need to get estate agents involved or surveys completed.

Any help would be apreciated.

theGrinch

interesting and a novel twist on "I brought it from a friend down the pub"

you need to finance your purchase either wholly or partly through a mortgage (unless you are a cash buyer). so get a mortgage offer (speak to your bank or broker). yes you should get a survey. I recommend something such as a homebuyers report. you need to get a solicitor. usually, Id recommend different firms so independence is maintained.

no estate agent is required

meanmachine_2

zag2me wrote:

Heh guys need some help.

I recently agreed to buy a house off a good mate of mine, We've agreed a price(over a few pints in the pub) and he is looking for a new house now.

My question is what do I need to do now? Can we use the same solicitor and do it all through him, or do we need to get estate agents involved or surveys completed.

Any help would be apreciated.

The last thing you need is an estate agent. Just get a different solicitor from the one your mate has got, and they'll do the conveyancing for you. And don't take your mate's word for it regarding the state of the property, always get a full survey done.

By the way, the mortgage company will send their own surveyor, so just "agreeing a price" might not be as straightforward as you think. If they value the property less than the price you've agreed to pay, you might well have problems securing the mortgage.