Order of Purchase

anon_private

Hello,

I would like to check the order of precedence when purchasing a leaehold flat.

I have seen a flat that I would like to purchase.

I have carried out some research and have decided on the ammount I am prepared to offer. I will make an offer

If accepted, I will then instruct a surveyer to produce a report for my benefit.

If the report is satisfactory, or, after further negotiation, I have ammended the offer, and this has been agreed.

I will then appoint a solicitor to conduct the conveyancing process.

Is this the correct order of precedence?

Thanks

NB. UK resident

da_rule

You may want to instruct the solicitor early as they also work for the mortgage lender who will likely require some form of survey (at your cost). Therefore you can make sure that you get the correct sort of survey rather than having to potentially pay for an additional one.

The survey may also make certain assumptions about the lease, which your solicitor will then be able to advise you on.

eddddy

Seems OK - except that you will probably be asked for details of your solicitor when your offer is accepted.

So perhaps instruct a solicitor at the outset, but tell them not to do any chargeable work until you confirm that the survey report is satisfactory.

Maybe you should also explain this to the seller and/or EA - so that they don't start panicking that your solicitor isn't doing anything.

Also bear in mind that the seller might be in a chain. Some people choose not to pay out for surveys etc until the chain is fully formed - but that's up to you.

anon_private

eddddy wrote: »

Seems OK - except that you will probably be asked for details of your solicitor when your offer is accepted.

So perhaps instruct a solicitor at the outset, but tell them not to do any chargeable work until you confirm that the survey report is satisfactory.

Maybe you should also explain this to the seller and/or EA - so that they don't start panicking that your solicitor isn't doing anything.

Also bear in mind that the seller might be in a chain. Some people choose not to pay out for surveys etc until the chain is fully formed - but that's up to you.

I have mentioned to the estate agent that if my offer is accepted then I will ask a surveyor to conduct a survey. On the basis of the report, I will either ammend my offer, or engage a solicitor.


In the event of needing to ammend my offer, I plan to instruct a solicitor when the new offer is accepted.



I believe that this is the best way forward.


Ps. No mortage is necessary

KL0001

Assuming the buyer and estate agent are happy with this then I don’t see a problem. It is more common to appoint a solicitor as soon as you’ve had an offer accepted and they are usually fine with not doing any chargeable work until you instruct them to do so (they won’t usually start until you pay them a deposit of some sort anyway). Most importantly just let everyone know your plan. As a seller I’d be a bit concerned that my buyer hadn’t appointed a solicitor unless they explained to me/the estate agent why.

eddddy

anon_private wrote: »

I have mentioned to the estate agent that if my offer is accepted then I will ask a surveyor to conduct a survey. On the basis of the report, I will either ammend my offer, or engage a solicitor.

You need to make sure that you don't come across as a difficult buyer.

To be honest, if I was selling and you said that, I might decide to leave the property on the market until you've had the survey and decided how much your final offer is.

anon_private

It just seems to me to be the best approach. Contact a solicitor when I am ready to buy. The seller should be confident that there property will pass the survey

G_M

anon_private wrote: »

It just seems to me to be the best approach. Contact a solicitor when I am ready to buy. The seller should be confident that there property will pass the survey

since you seem so confidant that this is the 'best approach', and are ignoring alternative suggestions, why are you posting here?

anon_private

Interestingly, I just found this information on this website

• Find a property:
  Research the area, scour estate agents and search websites.
• Put in an offer:
  Tell the seller what you're willing to pay and any conditions.
• Offer to exchange: 2 to 6 weeks
• It's accepted:
  Now get a survey to check the property's condition. Your solicitor checks any legal issues.
• Exchange:
  You pay your deposit and can't back out without major cost.
• Exchange to sale: instantly to 4 weeks
• Completion:
  You hand over the rest of the cash in exchange for the keys and deeds. The property's now legally yours.

It looks like the survey comes first and then the solicitor's advice

hazyjo

anon_private wrote: »

It just seems to me to be the best approach. Contact a solicitor when I am ready to buy. The seller should be confident that there property will pass the survey

There is no pass or fail. Even a new build will have (hopefully minor) issues. Of course there will be things wrong. You will never buy a perfect property. Usually, unless the surveyor values it as less, you won't have a leg to stand on asking for a reduction.

Are you getting a mortgage?

Agree with those suggesting appoint a solicitor first.

anon_private

hazyjo wrote: »

There is no pass or fail. Even a new build will have (hopefully minor) issues. Of course there will be things wrong. You will never buy a perfect property. Usually, unless the surveyor values it as less, you won't have a leg to stand on asking for a reduction.


Of course there is not a pass/fail.


If the property is overpriced, has been on the market for sometime, how quickly the vendor wants to move, etc, etc. All could lead to a price reduction



Are you getting a mortgage?


Read post#4


Agree with those suggesting appoint a solicitor first. See previous post (timeline){/QUOTE]