Do I wait until mortgage decision before starting conveyancing?

Slimby

I am a FTB that has applied for a 10% mortgage with HSBC (with a valid mortgage in principle). I have an appointment in a week or so (has been around three weeks waiting already due to covid) where they will let us know if they are happy to pass it to the underwriters. 

Should I start the conveyancing process now or wait until they give us their decision in a weeks time? Should I wait for the underwriter to OK?

I assume under normal circumstances I should have got conveyancing started ASAP but... I am concerned that HSBC may say no and leave me with no other lender to turn to. That would mean losing the solicitors fees.

Am I being unfair on the seller to wait? I don't want to drag out the sale and be a bother to them! Any advice would be so appreciated as I am not sure of the right decision to make. 

RelievedSheff

In these current times I would wait until you have a firm mortgage offer until you start the conveyancing process.

Slimby

RelievedSheff - Thank you for responding. I have been doing lots of research into the buying process but there is not much advice for 'buying during covid'.

ThePants999

This is entirely up to you (and the seller). If you want to move fast, or you're worried the seller might pull out if you don't, and that's worth the chance of wasting a bit of money, get cracking. If money is more important than time, wait. Simple as.

Slimby

RelievedSheff - I was pondering this earlier. What would be worse: losing the house or the solicitors fees? Definitely something I need to seriously consider. 

eidand

Slimby said:

RelievedSheff - I was pondering this earlier. What would be worse: losing the house or the solicitors fees? Definitely something I need to seriously consider. 

that's the question, isn't it.
I chose to crack on with everything, solicitors instructed before mortgage approval came through. 

blue_max_3

Seven days is a drop in the ocean in conveyancing terms. You can easily stall for that long. If they are going to pull out after seven days, they are never going to wait three months!

Slimby

eidand - That is what I first thought I would choose to do. Argh adult decisions! Privileged position to be in but still haha.

blue_max_3 - I am really betting on the seller being cool about it and not chasing for an update until I have the lovely news of everything progressing. Just want to make sure I am not being too cheeky.

nervousftbs

we are hoping to find out on Monday from our lender whether everything is ok with the valuation and our finances and to get the offer - we have already instructed our solicitor to start conveyancing as we want to move as quickly as we can so took the risk! There's other lenders out there other than HSBC on a 10% so you could go with them if they do reject but i agree with others, 7 days isn't a massive amount to wait (although every day feels like a  week when you are waiting for a decision!) 

Slimby

nervousftbs - How exciting for you! Fingers crossed everything goes smoothy Let us know how you get on x

It has already been two/three weeks since the offer was accepted on the house so it feels like a long time to hold off! 

I am not 100% if I should start the conveyancing after the initial meeting next week (if it is a yes), or then wait for the underwriters/valuation to get back as a yes. Very confused.

[Deleted User]

I would say it depends on the situation and the chain. We are in a very similar situation to you but as the vendors waiting for a buyer in your position. The timescales are very similar, and we all want to move quickly so I would have been very frustrated if conveyancing hadn't been started either. In my opinion that really would drag it out. As it stands, its being slow getting the mortgage offer in but everything else is moving along quickly so hopefully if all is good with the mortgage it may even be the last thing that hits in. 
I know it sounds like it's just another week before you do anything - but technically it could be another 3-4 weeks before you hear about your mortgage so you will almost 2 months in before instructing a solicitor? I would have thought the EA would have got the solicitor side started so I'm surprised nothing has been said so far. I don't think it would bother everyone depending on what they are going in to but I think you should let them know if you aren't intending on instructing a solicitor until you've got a mortgage offer as it could be a substantial delay.