When to instruct?

frustrated12

FTB here so I have many questions....

We have had an offer accepted on a house we viewed recently. We have booked an appointment to see our mortgage adviser next Friday to do the full mortgage application.

We know which solicitors we will be using but when do we instruct them to carry out the initial searches? Once we have applied for the mortgage or wait until our mortgage offer has been accepted?

Also, when do we arrange for the Home Buyers Survey? Is it best to get the mortgage application accepted and then get everything else done, or can we start pushing forward with solicitors etc now?

G_M

You want to move slowly or fast?
I never see the point in waiting. You've decided to buy, your offer is accepted so
* instruct a conveyancer and
* apply for a mortgage (if needed) and
* arrange a survey (if you want one) and
* get all you ducks lined up, and moving.

frustrated12

Thanks!

We want to be as organised as possible and want to move as soon as possible, however we didn’t want to instruct a survey and solicitors for the mortgage application to be declined and waste several £££.

AdrianC

Is time or cost more important to you?
Is there any one aspect that you're worried about (mortgage, survey) which might be a showstopper?

frustrated12

I think we are most worried about the valuation from the lender. We are getting a 95% mortgage so if the bank values the property at less that what we have offered we would struggle to make up the difference ourselves.

G_M

frustrated12 wrote: »

....however we didn’t want to instruct a survey and solicitors for the mortgage application to be declined and waste several £££.

Fair enough, but

however we didn’t want make a mortgage application only for survey and conveyancing to find a problem and waste several £££

AdrianC

frustrated12 wrote: »

I think we are most worried about the valuation from the lender. We are getting a 95% mortgage so if the bank values the property at less that what we have offered we would struggle to make up the difference ourselves.

There y'go, then. Get that done first.

mpr87

Also a FTB. We had an offer accepted recently however we chose not to instruct/pay remittance and arrange a survey until we knew our chain was complete.



Our vendor when viewing kept suggesting that he was happy to stay if they couldn't get the house they wanted so I decided I'm not spending money until I know there is a complete chain.



we instructed about 6/7 weeks ago now and playing the waiting game whilst our solicitor waits for responses.

frustrated12

Also a FTB. We had an offer accepted recently however we chose not to instruct/pay remittance and arrange a survey until we knew our chain was complete.

Our offer was accepted a couple of weeks ago, however we were waiting for the vendors to find a property, which they now have, and it completes our chain now.

datlex

frustrated12 wrote: »

Thanks!

We want to be as organised as possible and want to move as soon as possible, however we didn’t want to instruct a survey and solicitors for the mortgage application to be declined and waste several £££.

Some mortgage providers will do a combined mortgage valuation and level 2 survey. Mine was £360 for these combined

frustrated12 wrote: »

I think we are most worried about the valuation from the lender. We are getting a 95% mortgage so if the bank values the property at less that what we have offered we would struggle to make up the difference ourselves.

It is not the bank that values the property. The mortgage company might not even offer on a property that is less than you have offered on it.

mpr87 wrote: »

Also a FTB. We had an offer accepted recently however we chose not to instruct/pay remittance and arrange a survey until we knew our chain was complete.

Our vendor when viewing kept suggesting that he was happy to stay if they couldn't get the house they wanted so I decided I'm not spending money until I know there is a complete chain.
we instructed about 6/7 weeks ago now and playing the waiting game whilst our solicitor waits for responses.

Frustrating isn't it waiting on responses.


Good luck to you both on your new homes. I bought my first place last year. I lined up a solicitor as soon as I had an offer accepted, but not actually engaged until the mortgage was approved. Was nailing biting waiting for the survey to be done and for them to confirm it was worth the money. Every step along the way, I was thinking what will be found, what could go wrong, but apart from a minor unexpected cost - Shale survey-everything went fine. One thing I will say is don't go too cheap with the removals.

frustrated12

Thanks datlex!

I guess everyone goes through this time worrying and always thinking the worse can happen. Hopefully it will all go smoothly though.