The order of things...

Wantingtobesolvent

Hi

Just after some advice. We've sold our house and have had an offer accepted on another house. Mortgage application went in this week, and we should hear soon. Affordability not an issue, but because I'm starting a new job with a 3 year probation period (standard in many universities and I have been in this line of work for a long time) it *may* go to underwriters.

Our estate agent and our seller's estate agents keep pushing us to instruct solicitors, the bank says to wait until we have the mortgage in place. So far, we've waited - we've got the quotes, and are ready to instruct the moment the mortgage comes through. But everyone else seems to be getting very twitchy. Is it normal to instruct a solicitor before the mortgage is in place? It's been a long time since we've bought a house....

Many thanks!

marksoton

Instruct them and tell them to do nothing. Should buy you some time.

Guest101

Wantingtobesolvent wrote: »

Hi

Just after some advice. We've sold our house and have had an offer accepted on another house. Mortgage application went in this week, and we should hear soon. Affordability not an issue, but because I'm starting a new job with a 3 year probation period (standard in many universities and I have been in this line of work for a long time) it *may* go to underwriters.

Our estate agent and our seller's estate agents keep pushing us to instruct solicitors, the bank says to wait until we have the mortgage in place. So far, we've waited - we've got the quotes, and are ready to instruct the moment the mortgage comes through. But everyone else seems to be getting very twitchy. Is it normal to instruct a solicitor before the mortgage is in place? It's been a long time since we've bought a house....

Many thanks!

I doubt that a 3 year probation is enforceable. After 2 years you gain full employment rights, by law.


But no, I wouldn't instruct solicitors at this time. ( or as Mark suggests, nominate a firm - on the lenders approved list )

G_M

Do you want

A) to do everything in sequence to protect your costs if something goes wrong, but slow the whole process down

to move things forward asap, but risk some expenses if things go wrong somewhere?

And where is the greatest risk? eg

a) if you fear the conveyancing may throw up a problem, hold off on paying for survey, and mortgage application, till the conveyancing has progressed and shown there are no issues

b) if you fear the survey may throw up a problem, hold off on paying for conveancing, and mortgage application, till the survey has been done and shown there are no issues

c) if you fear the mortgage application may throw up a problem, hold off on paying for conveancing, and survey, till the mortgage application has been done and shown there are no issues

d) etc with each step.

Of course, your purchase will take months instead of weeks, and your buyers may get fed up with you and give up waiting............

kinger101

The probation period isn't typically three years at a university. Perhaps you're thinking of a fixed term contract. But after two years, you'll get entitlement to redundancy anyway. Though you will be made redundant if you cannot find a pot of money from which to pay your salary.