Order of Purchase

franklee

As you do not need a mortgage you are free to organise things anyway you like. Whether or not that comes across as a serious and organised buyer to the vendor and their estate agent is another matter.

If it is a buyer's market they will probably put up.

If it is a seller's market don't be surprised if they want to exchange solicitor's details immediately and see a survey booked before they take the flat off the market.

Personally I would line up both solicitor and surveyor from the off. That way you get in the queue for both of their time.

Other advice some folks give is to wait until the chain is compete before spending significant money. Agreeing with a solicitor that they will act for you and confirming their details to the vendor's EA doesn't cost significant money. The survey does.

Your call.

bouicca21

Personally I'd be asking to see the lease before spending any money. Supposing it's short or has onerous ground rent clauses?

hazyjo

anon_private wrote: »

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

Yes, but when you make the initial offer. Not when you have the survey. You may be able to reduce after the survey if something crops up that is not visible upon a viewing or two and if the property is down-valued by a surveyor.


You don't go in paying full price or a high offer and then reduce after a survey. You make your initial offer based on its value, the vendor's position and how long it's been on the market (especially if no reduction during that time).

anon_private

hazyjo wrote: »

Yes, but when you make the initial offer. Not when you have the survey. You may be able to reduce after the survey if something crops up that is not visible upon a viewing or two and if the property is down-valued by a surveyor.


Of course, but the results of the survey could lead me to revise my original offer



You don't go in paying full price or a high offer and then reduce after a survey. You make your initial offer based on its value, the vendor's position and how long it's been on the market (especially if no reduction during that time)

Could not agree more.

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anon_private

bouicca21 wrote: »

Personally I'd be asking to see the lease before spending any money. Supposing it's short or has onerous ground rent clauses?


The lease is 999y according to the Estate Agent.


The ground rent clause states that it doubles every ten years. But, the vendor has 'bought out' of thiis scheme, and now it increases only as the rate of inflation (normal practice). This is an important factor in my calculations.


As for seeing the lease, I believe that this occurs at the solicitor stage, but I know that in some cases it is seen earlier

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ToasterScheme

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

^^This sums it up for me.
You've confirmed to us that you're NOT yet ready to buy.

It's fine to do whatever you want but the seller will also quickly work out that you're not yet ready to buy. => Property stays on the market.

So your conservative course of action carries the risk that someone else - who appears to be slightly keener/less risk-averse than you - might get up and moving more quickly. And then you've lost your survey fee.

eddddy

Taking a step back, I think this is essentially your concern...

You want to buy a property, but you don't know what properties are worth, so you don't know what to offer.

So... if you see a property you like, you will ask a surveyor to value it, and then you will offer whatever the valuer says it's value is.

You can try that approach if you like - but it's unusual.

One problem with your approach is that the seller is unlikely to take you seriously, until you've made that offer. (So somebody else might jump in and buy the property.)

anon_private

eddddy wrote: »

Taking a step back, I think this is essentially your concern...

You want to buy a property, but you don't know what properties are worth, so you don't know what to offer.

So... if you see a property you like, you will ask a surveyor to value it, and then you will offer whatever the valuer says it's value is.

You can try that approach if you like - but it's unusual.

One problem with your approach is that the seller is unlikely to take you seriously, until you've made that offer. (So somebody else might jump in and buy the property.)

Not really,


I will decide on the ammount that I think the property is worth taking into account a number of factors.


The role of the surveyor, as I see it, is to survey the property and advise me ragading any work that needs to be done, and hopefully the costs.


I may then ammend my offer

hazyjo

anon_private wrote: »

Not really,


I will decide on the ammount that I think the property is worth taking into account a number of factors.


The role of the surveyor, as I see it, is to survey the property and advise me ragading any work that needs to be done, and hopefully the costs.


I may then ammend my offer

You will probably be advised to get an electrician in to check electrics, maybe that the boiler may be getting towards the end of its lifespan, and they will probably say they can't inspect the roof.


I have to say, I'm glad you're not my buyer! Sounds like you expect to get a perfect property, or money off to make it near-perfect. It's only a homebuyer's (presumably as it's a flat), so it's not going to give you lots of structural info re the building. Is it a small conversion or a big block?


Do come back and let us know what happens after the survey!

anon_private

hazyjo wrote: »

You will probably be advised to get an electrician in to check electrics, maybe that the boiler may be getting towards the end of its lifespan, and they will probably say they can't inspect the roof.


I have to say, I'm glad you're not my buyer! Sounds like you expect to get a perfect property, or money off to make it near-perfect. It's only a homebuyer's (presumably as it's a flat), so it's not going to give you lots of structural info re the building. Is it a small conversion or a big block?


Do come back and let us know what happens after the survey!

'I have to say, I'm glad you're not my buyer'


No you don't


I am just trying to do the best for myself.


I may, or may not, 'come back' after the survey.

Ps. I have unsubscribed from this thread for the time being.