Instructing before offering (EA recommended conveyancer)

sn112112

Interesting scenario for you. Viewing a property at an open house as a first time buyer this coming weekend. Guide price appears low for area, massive renovation potential...very attractive and I'm told 40 people viewing in one day.
EA is strongly suggesting that we're instructed prior to viewing given the potential competition, OK now I'm a little concerned we may need to up our game, because we're quite serious.

So I've investigated the online vs local conveyancing argument and stand to save around half if going online (quoted 850 all in reputable not cheapest online as opposed to 850 legal fees only with local).

Now I find myself in a situation, a particular local firm has been recommended to me by various friends and the same firm also been recommended to me through the EA panel. So I suppose irrespective of the EA recommendation if I had gone local, I would have probably chosen this firm...however I would have probably gone online if not in this particular scenario.

The cynic in me says, if they need a decider between offers and it comes down to who the potential buyer has instructed, they're going to go with the local firm.

I'm trying to rationalise having a potential offer declined because the EA prefers a smoother trodden path....not an unreasonable assumption surely??

There is the argument that someone comes along and completely outbids us beyond our maximum anyway but that's besides the point!!

So in my head it's...go online save ~£800 become a less preferential buyer....or go local, pay more, become ideal buyer.

Thoughts?

ACG

Ask the local solicitor to open a file for you but to not do anything until further notice.

Tell the agents they have a file open for you should your offer be accepted.

If/when it is accepted advise them you have gone with a different solicitor because your uncle works there and will keep an eye on the case. In any event I would not be instructing the legals until your mortgage offer has been approved anyway. What happens if it gets down valued?

Rambosmum

40 viewers? It'll come down to highest offer. If they have several around the same mark then cash buyers will be preferable, then FTB, then second timers who are SSTC.

As long as you have a solicitor lines up it doesn't matter which one it is. The EA gets a kick back if you go with the one they recommend, it doesn't make you a better buyer.

Lots on here don't like online firms but personally I've had bad experiences with both and good experiences with both.

eddddy

sn112112 wrote: »

The cynic in me says, if they need a decider between offers and it comes down to who the potential buyer has instructed, they're going to go with the local firm.

I'm trying to rationalise having a potential offer declined because the EA prefers a smoother trodden path....not an unreasonable assumption surely??

You're being played.

1. Almost certainly, the reason the EA wants you to use their recommended solicitor is to get a referral fee.

(The recommended solicitor might be mediocre - or even a bit rubbish, but they probably pay the best referral fee. Hence the high fee you have been quoted.)

2. If the EA is giving that solicitor a lot of business, the solicitor may want to keep the EA happy. If there is a problem, maybe you want a solicitor who is 100% on your side, rather than partially on the EA's side.

3. The vendor accepts the offer, not the EA. Although the EA might try to influence them (into going with somebody using the recommended solicitor).

4. You mention online conveyancers. They generally have a bad reputation. Check online reviews.


Make your offer, tell the EA you'll be using their recommended solicitor - but don't instruct the solicitor. If/when the offer is accepted, use whichever solicitor you want.

G_M

Nothing to add it's all been said...................

shortcrust

Rambosmum wrote: »

40 viewers? It'll come down to highest offer. If they have several around the same mark then cash buyers will be preferable, then FTB, then second timers who are SSTC.

As long as you have a solicitor lines up it doesn't matter which one it is. The EA gets a kick back if you go with the one they recommend, it doesn't make you a better buyer.

Lots on here don't like online firms but personally I've had bad experiences with both and good experiences with both.

I know this is correct in theory, but in my experience it doesn't always come down to these things. My vendor accepted my offer over a higher cash offer because he liked me and felt bullied by the other buyer. My friends recently moved and they rejected an offer because they thought the guy was a **** who would mess them around, and their offer on the place they bought was accepted because the elderly couple liked them and wanted to sell to a young family. Buying and selling a home has an emotional component.

Anyway, that's all a bit off topic!

Slithery

Rambosmum wrote: »

40 viewers? It'll come down to highest offer. If they have several around the same mark then cash buyers will be preferable, then FTB, then second timers who are SSTC.

Not necessarily. I'd take an experience buyer in a chain over a nervous FTB every time.

ACG

I agree to some extent with shortcrust.

We bought our current house last year. At the time my Mrs was pregnant. Told her to get her belly out (not literally) and play on the "this will be our family home" card. I know we were not the only viewers but we may have been the highest bidder so that won it for us rather than my girlfriend being pregnant. But you play whatever card you can to your advantage.

shortcrust

ACG wrote: »

I agree to some extent with shortcrust.

We bought our current house last year. At the time my Mrs was pregnant. Told her to get her belly out (not literally) and play on the "this will be our family home" card. I know we were not the only viewers but we may have been the highest bidder so that won it for us rather than my girlfriend being pregnant. But you play whatever card you can to your advantage.

I was encouraged to pop over for regular cups of tea and cake with my vendor between offer and completion.:D We had long discussions about whether or not I'd keep his cat! I smiled sweetly as the fleas jumped all over me and repressed the urge to scream "when are you going to leave?!" I learnt from my neighbours that he wasn't sure he was going to go until the very last minute and the endless delays were all to give him thinking space. If I'd been strictly 'business' about it I wouldn't be here now.

hazyjo

Whoever you choose will need to be on your lender's panel so that may swing it as to who you use.

DottieDam

We have an online solicitor, they don't respond to emails or pick up the phone. We have a direct dial number that is never answered and if we call the main switchboard they refuse to deal with us as have to use unanswered direct dial.

We think they have made a mistake by issuing something without our consent and now our sale is at an impasse until they respond. Which they don't.

A local firm could be equally as rubbish but at least you could walk in and pester face-to-face.