Instructing solicitor + Mortgage application

powerline

Hello,

I have had an offer accepted on a property, and have an DiP with a lender.

First question: I am in the process of instructing my solicitor and I am unsure how to proceed with the paperwork. The instruction form asks for details about my mortgage lender. From my perspective I don't have a mortgage lender because I haven't made an application yet.

Can I omit my mortgage lender's details and tell the solicitor via a cover letter with the instruction documents what I am expecting to do?

I tried to contact the solicitor but because it is a Saturday, they are closed.

Second question: I tried to start a mortgage application with the mortgage lender I have a DiP with but I was stopped because I said I might want to change the purchase price following the results of the valuation and survey of the property. The main reason for stopping was because I would have to re-do the decision in principle and advice stages if the purchase price changed. I am keen to get the ball rolling, so what should I do? (Taking into account my first question too).

Thank you.

kinger101

Has the chain completed? I'd sit tight until then. Many sales fall through because interminable delays in chain completion. No point spending a loads of money then finding out your vendors can't find their dream home.

You can shop around for solicitors, but you'll at least need a good idea of whom you'll be lending from. Not every solicitor can act for every bank. Personally, I'd ask the solicitor to do nothing until my valuation was complete.

powerline

Kinger101:

I believe the vendor has found the home they are moving to. So I think the chain is complete in that respect.

The solicitor I am considering instructing can act for my mortgage lender. Good point on asking for nothing to be done until valuation is complete.

SmlSave

Your solicitor will be used to just basic lender info being given at this stage, they know better than most that nothing is set until the actual mortgage offer comes through.

The main problem with asking your solicitor not to commence work until the valuation has been done is the Local Land Search. Some council's take a lot longer than others, check the appropriate ones website for a rough timescale.

Also, please don't ask your solicitor not to commence work until the valuation has been done and then expect to move the next week - the amount of people who do...grrrr :mad: