Choosing lender and survey questions

SunnyCat

We have had our offer accepted and are trying to figure out next steps. A few questions...

1. I requested a few quotes from solicitors and the EA offered to recommend us a solicitor too. I am planning to ask them for a quote and vet them in a similar way as others. Is there a reason not to go with EA recommended solicitor?

2. We have AIP both from our bank, first direct, and a broker. At which point do we choose which lender to go with? As we have an accepted offer, should we now speak to both and get options of actual products?

3. We would like to get a structural survey done. Someone suggested that the best way to do it is to get the lender to upgrade the valuation survey to structural and pay the difference. Is that a good idea? I would like to come along to the survey if it's possible, but I've received conflicting opinions on that (One saying that it's worth doing, the other saying that it's "frowned upon").

ScottishSaver14

Hi there!

First, congrats on finding the house! Second, my reply is based on my (slightly OTT) research and my friends recent experiences which I've been keeping a close eye on- so I am not a homeowner yet, hopefully someone will chime in if there is additional info you'd find useful

1) I requested a few quotes from solicitors and the EA offered to recommend us a solicitor too. I am planning to ask them for a quote and vet them in a similar way as others. Is there a reason not to go with EA recommended solicitor?

- You're solicitor should be 100% on YOUR team in the house buying process. This is the reason that EA recommend/affiliated solicitors are discouraged,as there can be ambiguity about who's side they're really on. I'd recommend find out about solicitors in the area of where your new house is. In my case, I was able to phone and get a quote for the higher end of our budget,get a feel for their service etc.

2. We have AIP both from our bank, first direct, and a broker. At which point do we choose which lender to go with? As we have an accepted offer, should we now speak to both and get options of actual products?

- If your broker is whole of market, they should have had first direct as an option to offer to you if they were most suitable for your needs. We'll be going through a broker mostly for the hand holding, however if your application is as vanilla as they come and you are 100% set on first direct then it's up to you. Brokers are useful not only for finding the best deal, but for having more insight on which lenders are best suited to your circumstances. As you know, an AIP is not a guarantee you'll get the offer you'd like.


3. We would like to get a structural survey done. Someone suggested that the best way to do it is to get the lender to upgrade the valuation survey to structural and pay the difference. Is that a good idea? I would like to come along to the survey if it's possible, but I've received conflicting opinions on that (One saying that it's worth doing, the other saying that it's "frowned upon").

- again, see point 1 about having an independent viewpoint. There's no harm in seeing how much it would be to 'upgrade' your survey and comparing it to an independent surveyer who is a good fit for the type of house/issues you anticipate.

Regarding being present at the surveying...I know what you mean, part of me would want to be there as well. However it will depend on company policy and remember,you are paying for their expertise. The surveyor is not going to miss something that my un-qualified eyes can see and 'helpfully' point out (/sarcasm) so even if they did allow it,I will probably leave them to it.

SunnyCat

Thank you for a thorough answer ScottishSaver 14!

I wanted to clarify/ add a bit to two points below.

If your broker is whole of market, they should have had first direct as an option to offer to you if they were most suitable for your needs.

My broker is whole of market, but first direct is one of two banks that don't work with brokers. As we bank with them it made sense to check with them, especially that they are apparently quite competitive on mortgages.

The surveyor is not going to miss something that my un-qualified eyes can see and 'helpfully' point out (/sarcasm) so even if they did allow it,I will probably leave them to it.

I didn't mean to come to supervise the surveyor :P But rather the advice I had was that the surveyor will tell you in person things they won't put on the report. I don't know if that's true... hence asking for views here!

amnblog

Our view here is don’t pay for expensive reports until you know the lender is happy with the property and the sale is definitely progressing.

Therefore standard valuation for lending purposes, then whatever you want after offer when the ducks are lined up.

Nothing worse than paying four figures on a structural survey to discover you cannot get the mortgage anyway, or the the buyer pulls out.

The surveyor does not want you holding their hand. Forget that idea.