Legal checks 3 months before mortgage?

ilikepancakes

Hi, I want to buy my first flat but I have to wait 3 more month before I can get a mortgage because my partner has zero-hour contract and she needs full 12 months of employment in one place to get the mortgage.


We have found a flat and made an offer to the seller, but saying that we can get the money in mid August. It was more about showing the interest so he can wait or something.
Seller accepted the offer but the Agency he is using to sell his flat told me that seller wants us to do all the legal stuff right now (they will take the property off the market) and in mid August just proceed with the mortgage.


I am first time buyer, I'm not UK citizen and I don't have any idea how it works, if its possible, what should I be aware of etc.
Please, anybody could let me know if this kind of scenario is doable? I mean doing this "legal part" now and then waiting 3 months for a mortgage?


I am going to meet the Estate Agent on Saturday so I will ask for anything that comes up to my mind but I want to proepare to this meeting somehow.
I would really appreciate any suggestions.


Thank you

lisyloo

I don’t think there is anything to stop you paying for searches, surveys etc. But the obvious risk is that if for some reason you can’t get the mortgage then you’ll still have to pay the fees for the searches, survey and the hours your solicitor has worked on it.

Do you have a mortgage “in principle” I.e. have the mortgage company checked everything else and said it’s only the work issue? Or have no other checks been done?

Have you or the lender carried out affordability checks?
Have you both checked your credit reports?

I would guess it’s up to you if you want to take the risk but it’s clearly the risk is lower if you know you would pass all the other checks to get the mortgage.

ilikepancakes

Yes, we have mortgage in principle based on our situation in August, we should be good with the mortgage as we want to borrow £20k less than our affordability calculated by bank.
We have met the mortgage advisor as well and he said we will get it but only this zero-hour stops us at the moment.

I am aware of the risk that there is a chance something can happen and we won't get the mortgage or something but if there's anything to stop us from doing the searches and surveys then I think we're good.

Thanks

lisyloo

You could ask your solicitor to do it in serial and not parallel to reduce costs (many don’t need to be told to go slow).
E.g. you could do the searches and nothing else to minimise costs as this take a while.

May satisfy your buyer that you’re committed whilst minimising the costs.

ilikepancakes

What does it mean "to do it in serial and not parallel"?

AdrianC

ilikepancakes wrote: »

What does it mean "to do it in serial and not parallel"?

Do A then B then C, rather than do A, B and C all at the same time.

lisyloo

If you do the searches only and for some reason it falls through e.g. job loss, then you only have to pay for the searches and minimal solicitors time.

If you do searches, survey, buyers itinerary, checking contracts all at the same time and it falls through then your costs will be higher.

Your buyer wants to see commitment but there’s no reason for you or your solicitor to hurry.