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Instruct solicitor before mortgage offer?
Comments
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No money upfront.
Re plastered throughout & new kitchen & bathroom0 -
chrissie83 wrote: »No money upfront.
Re plastered throughout & new kitchen & bathroom
I'd be very surprised if that were enough to classify it as a new build property.0 -
I always run them simultaneously. Take legal fees insurance if offered. Wastes time to be waiting for this and that and in the past, I've pulled out and gone for other buyers because it's too much messing about and time delays.0
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Thank you. That’s what I’m worried about too, although I’m still waiting to hear about our buyers valuation. He paid for it last week so hoping it won’t be too long0
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How often do you find that the time taken to get a mortgage offer, and time taken for conveyancing differ?
I am currently selling a house I inherited, and the buyers have basically done the conveyancing (we have signed and everything) - but we are waiitng on their mortgage offer before exchange. It has currently been 4 weeks since we had any update. Is it normal for a mortgage to take longer than the conveyancing?0 -
We're in exactly the same aituation as your buyers TomPucci85 (and if it turns out we ARE your buyers then I can only apologise!).
Started mortgage application and coveyancing at the same time (early August), thank goodness. After a mix up on the forms by the broker, and different people at the lender making different decisions about amounts, we finally got an amount agreed/credit checks etc done after about 4 weeks. Then the house itself was valued at £0, and we had to judge whether to stick with lender or cut our losses and try elsewhere. Decided to stick (with hindsight I wouldn't have...) and spent another few weeks doing legal paperwork to bring the property within the lender's criteria (and yes, the broker will be getting a complaint letter when this is over as I pointed out the criteria before we put the full application in and he said he's spoken to them and it wouldn't be a problem).
Apparently the house is finally considered 'acceptable' by the lender, and we are may well get an actual offer today or Monday (but I'm not holding my breath).
I don't think this is remotely normal, but clearly it does happen occasionally, and not always cos the buyers are messing about!
I'm VERY glad we didn't wait til now to instruct solicitor as everyone and everything else is now ready and just awaiting our mortgage. However, it's a risky strategy, as if they do turn round and say no now, we'll lose our legal fees etc.
We did wait to do a survey though, thinking we'd at least save a few hundred if it all went wrong - but hadn't anticipated mortgage would take this long, and now I think seller's estate agent is annoyed at us for having a survey this late. With hindsight we should have done that earlier... (but when? When the lender were saying they'd only give us £20k less than we needed? Or when they'd said they wouldn't lend on that house? Never seemed like a good time!)
Sorry, wafflingI guess it comes down to whether you can afford to take the hit in legal fees if it turns out you can't get the mortgage, and whether your mortgage situation is very straightforward...
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Cheery_Daff wrote: »We're in exactly the same aituation as your buyers TomPucci85 (and if it turns out we ARE your buyers then I can only apologise!).
Hopefully not a three bedroom house in sunny Swansea! I've not really had any contact with my buyers since the viewing, I imagine you are being much more proactive about it! Hopefully everything completes for you soon.0 -
TomPucci85 wrote: »How often do you find that the time taken to get a mortgage offer, and time taken for conveyancing differ?
I am currently selling a house I inherited, and the buyers have basically done the conveyancing (we have signed and everything) - but we are waiitng on their mortgage offer before exchange. It has currently been 4 weeks since we had any update. Is it normal for a mortgage to take longer than the conveyancing?
Without a mortgage offer the conveyancing isn't complete. As the lenders requirements have yet to be dealt with.0
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