Should we engage solicitors now or after mortgage is approved?

[Deleted User]

We have bought a house - FTB's and our offer was accepted January 31st and we met with our mortgage advisor a few days after to begin the mortgage application. She took away everything she needed from us and contacted me afterwards to ask for a couple of extra bits she needed (P60 and OH's tax calculation overviews). As far as I know she has now sent off our application and we await any news/updates. :eek:

Our solicitors have sent through a rather large document basically detailing everything they will do for us and what we need to do.

What I would like to know is, should we go ahead and start the ball rolling with the solicitors BEFORE we get news of our mortgage offer, or wait until we know for sure we are going to get the mortgage?

What I would like to avoid is forking out for all the searches etc now and then finding a few weeks down the line that there are issues with the mortgage and all the money we spent with the solicitors was for nothing. However I also don't want to upset our vendors by delaying things (although as I understand it they still need to find somewhere to buy)

Any views?

m0bov

You've not brought the house yet, only once you have Exchangeed. I would be looking at getting a survey done now. Then once you mortgage has come through, get your Sol on the case.

G_M

m0bov wrote: »

You've not brought the house yet, only once you have Exchangeed. .

Since you are defining, at least define accurately!

OP will only have committed to buy at Exchange. OP will not have bought until Completion.

HouseBuyer77

although as I understand it they still need to find somewhere to buy

Personally I wouldn't spend any further money until the chain is complete. Getting your mortgage application sorted does show commitment to your vendor but you run the risk of your offer expiring (generally you get 6 months but if the chain isn't complete yet completion could be further away than that).

There's no harm in filling in all the paperwork your solicitor provides, just instruct them you don't want searches done until you instruct them to do so (or potentially tell them to do no work at all until you instruct them, so no further money is spent).

G_M

As for the question, it depends....

If speed is your priority, then do everything in parallel. Instruct the solicitors now, arrange a survey, and apply for a mortgage. By doing all at once you reduce the overall time of the process.

If you're scared one or other of the steps may lead to failure, and you wish to reduce wasted costs, then decide where the greatest risk lies.

If you worry the conveyancing may throw up an insumountable issue, then instruct solicitors first to check this, and only apply for the mortgage when your solicitor says it's all OK.

Or if you worry the mortgage may be refused, then do the opposite.

Or if you fear the survey may find a major problem, then do that before instructing the solicitor or applying for the mortgage.

the choice is yours!

edit: plus as housebuyer says, consider the rest of the chain too......

dc197

Also, make sure that your chosen solicitor can work with your chosen lender. Some lenders won't work with some smaller solicitors, or insist you use one from their chosen panel.
No point in committing to the solicitor if they can't work with the lender. Ask both parties.

My solicitor advised me to always put my lender first. They expressly said don't choose their law firm if it meant not getting a good deal on a mortgagee with an obtuse lender.

Filo25

We were in a similar position ourselves on our first attempted purchase, held off on doing any significant work beyond getting the mortgage offer in place (and we rolled the mortgage fees into the loan) until the other side of the chain firmed up.

Its fortunate that we did as the whole purchase fell apart in the end due to issues with the chain.

andybenw

The op might well not be in a chain. They're half way free as FTB'ers.

Op, surely you were given a reasonable indication that your mortgage application will go through.

If so, next thing is survey. You may find a wedge of faults that require renegotiation. Once that's done then I would instruct solicitor to start searches etc. Obviously if a chain you can wait for it to firm up.

Your in a nice position that not much needs doing solicitor wise for a house and it can be done quickly. With a leasehold I'd be asking solicitor to get cracking ASAP as enquiries can go back and forth taking ages.

J_i_m

I was very keen to proceed as soon as possible.

I learnt that my offer had been accepted towards the end of business on a Monday.

I instructed a solicitor the very next day and also consulted my broker to get the mortgage application rolling. I organised my home buyers report once the mortgage had been approved.