House just come on market which i like @ £240k, whats my first offer?

PokerPlayer111

Surrey_EA wrote: »

That's certainly an interesting strategy.

You're entering in to a very large financial commitment, and rather than finding the best legal representation you'd like to go for the cheapest? Does that seem wise?

Well, apart from be slow im wondering what the potential risks could be. Sorry i have lack of knowledge. I see they search out stuff like environment checks and flood checks - property is high up no chance of flood. As regards environment checks, i cant believe the house could be built on anything unhealthy since is a newerish estate, surely they would have never built there? idk

The estate agent dealing with the property has suggested 2 solicitors by them which is about 75 miles away from me. Should i use a solicitor who is close ? - does it matter?

Surrey_EA

PokerPlayer111 wrote: »

Well, apart from be slow im wondering what the potential risks could be. Sorry i have lack of knowledge. I see they search out stuff like environment checks and flood checks - property is high up no chance of flood. As regards environment checks, i cant believe the house could be built on anything unhealthy since is a newerish estate, surely they would have never built there? idk

The estate agent dealing with the property has suggested 2 solicitors by them which is about 75 miles away from me. Should i use a solicitor who is close ? - does it matter?

There is an awful lot more to conveyancing than just looking at searches.

It is not essential for the solicitor you use to be local to you, however it does provide some advantages. As a FTB you may find it useful to visit the solicitor to enable them to explain any points you are uncertain about.

The likelihood is you will only find out you've had a poor solicitor act for you when you come to sell in the future, and it turns out they missed something. I know this is a money saving site, but in this instance cheapest is not always best, as there is potential for it to cost you more in the long run.

Being a FTB, I would caution you against electing not to have any sort of survey, and to employ the cheapest solicitor you can find.

ThemeOne

PokerPlayer111 wrote: »

As regards environment checks, i cant believe the house could be built on anything unhealthy since is a newerish estate, surely they would have never built there? idk

Unfortunately there have been quite a few cases of new properties being built on unsuitable land e.g. flood plains (I know that doesn't apply to this property), old industrial land subject to subsidence and still full of toxic waste to name just two scenarios.

If your offer gets accepted you will doubtless find the estate agent suggests a solicitor, from whom they will get some commission for the referral.

There are disadvantages to using a solicitor referred in this way (others will be happy to elaborate) but one advantage, which the agent will probably mention, is that if there are issues along the way (and few purchases go without the odd hitch or two) there will probably be fewer and less serious delays if agent and solicitor are used to dealing with each other.

This can be useful, especially if you're a first time buyer, since you may be unprepared for how slow most solicitors are.

Mutton_Geoff

PokerPlayer111 wrote: »

The estate agent dealing with the property has suggested 2 solicitors by them ..

Personally I would not use agent recommended solicitors. They usually pay the agent a commission (which will be declared to you) but this means they may be faced with a difficult decision during the purchase if something goes awry. Do they act for you 100% or do they consider potential loss of commission from the agent that put you onto them?


I would select and use your own. I recently bought a flat and used a local high street firm. I negotiated their fee which ended up being cheaper than a few online quotes I got. The agent sucked air through their teeth when I told them and said "good luck, we've had trouble with them in the past". The solicitor was excellent, left no stone unturned and the agent had to admit later that "they had improved". Which was nonsense, the agent just didn't like the methodical way the solicitor worked on my purchase.


As you're a first time buyer, I highly recommend a detailed survey. In most cases, you should save money on the cost of this since it is your best leverage to negotiate the price and receive an independent valuation of the property.


I'm guessing you're a gambling man by your username. If you want to gamble a quarter of a million quid of your own money, so be it, but as your first property purchase, I would tread carefully and stop trying to run the process based on the lowest cost.

PokerPlayer111

working on my strat, going to do searches, thx all, i read everything, will update!

kinger101

PokerPlayer111 wrote: »

Well, apart from be slow im wondering what the potential risks could be. Sorry i have lack of knowledge. I see they search out stuff like environment checks and flood checks - property is high up no chance of flood. As regards environment checks, i cant believe the house could be built on anything unhealthy since is a newerish estate, surely they would have never built there? idk

The estate agent dealing with the property has suggested 2 solicitors by them which is about 75 miles away from me. Should i use a solicitor who is close ? - does it matter?

Being slow is a risk in itself. As is being incompetent (asking the same questions over and over because they can't be bothered to read the file properly). The vendor might be tempted to put the property back on the market if it drags on really slowly. I've known some not to send out engagement letters for four weeks.

Try to find good solicitors. Then compare prices.

BTW, many cheap quotes will have many additional charges hidden in small print.

PokerPlayer111

kinger101 wrote: »

Being slow is a risk in itself. As is being incompetent (asking the same questions over and over because they can't be bothered to read the file properly). The vendor might be tempted to put the property back on the market if it drags on really slowly. I've known some not to send out engagement letters for four weeks.

Try to find good solicitors. Then compare prices.

BTW, many cheap quotes will have many additional charges hidden in small print.

Yep, i see the potential risk here.

I agreed to go with a solicitor via email and they are now sending out letters etc. Until i actually sign something though i owe solicitor no money right?