Vendor has found somewhere! Should we get the ball rolling now? (searches, survey, etc)

KatieDee

I was advised at the weekend that after less than a week, our vendor has put an offer on a property she wishes to buy. This is fantastic news, as I was expecting it to take much longer! We haven't spoken to the vendor directly about this, we've just been told this by the estate agent.

We had an existing mortgage offer for a previous property and were allowed to amend this with the new property details. We are just waiting for the application to come back from the underwriters. The only potential issue with this is that the offer will expire in July (as it is counted from the original offer date).

Is it okay for us to ask our solicitor to request searches now? And what about our survey - should we get the ball rolling on this?

We were told not to start any of the legal process until the vendor had found somewhere. Due to our previous property purchase falling through, we had to pay for legal costs as well as the survey. We don't want to risk losing more money.

Now she has had an offer accepted, is it is all systems go?

Slithery

Have the owners of the property that your vendor is buying found anywhere yet?


It's best not to spend any money until the chain is complete.

KatieDee

Slithery wrote: »

Have the owners of the property that your vendor is buying found anywhere yet?


It's best not to spend any money until the chain is complete.

Thank you! This is what I hadn't thought of. It's probably a good idea to ask the EA if they know whether the new property is chain free.

They did say that should their sale fall through, they would go into rented. I'm pretty sure most vendors say this though, so we didn't want to assume it was the case.

I'll hold off until we hear more.

lisyloo

I’ve heard of numerous cases of people saying they’ll go into rented without giving it too much thought, but when push comes to shove they change their mind. Whether they don’t fancy the idea, don’t want to move twice or find it more expensive than they thought I don’t know, but it does seem that people rather casually agree to this and then change their minds.
They can change their minds right up to exchange.

First of all it would be best to establish if their offer has been accepted and also whether their vendor is chain free.