Do I wait until mortgage decision before starting conveyancing?

leftism

I’m in a similar situation to you. Waiting ages for the lenders valuation. So decided to just take a bit of a risk and getting going with the solicitors. Worst case scenario is we lose the money we’ve paid to solicitors, but that will seem like nothing compared to losing the house. 

eidand

leftism said:

I’m in a similar situation to you. Waiting ages for the lenders valuation. So decided to just take a bit of a risk and getting going with the solicitors. Worst case scenario is we lose the money we’ve paid to solicitors, but that will seem like nothing compared to losing the house. 

agreed, imagine a second lock-down coming, I want it done by then!

Slimby

Deleted_User - That is spot on. Its been weeks to wait for the appointment. Could be weeks until we know for sure

The property is in probate so no chain but I cannot imagine the seller would like to drag it out! 

I have instructed a solicitor but have them on hold until I know about the mortgage. I am really in a pickle as to what to do. Wish such a large purchase didn't have to be so uncertain.

leftism - Having to do some soul searching - what would be more devastating? Glad you are having some courage and getting on with it. Would love to know how you get on with everything! (I am seriously nosy haha)

eidand - A sobering thought.

[Deleted User]

@slimby yeah I think there may have to be a point you have to commit one way or another because you may risk losing the house by adding such a delay because best of 2 months is a long delay. Or at least have a conversation with the vendor.

Slimby

Deleted_User - Yes I think that my hesitation to contact the vendor really shows what I think they are going to say. However avoidance doesn't make the issue go away.

lesalanos

You could use a no move, no fee conveyancing solicitor.  

Or just have one ready to go as soon as you get your decision if you haven't found one already 

nervousftbs

@Slimby - our conveyancing process has also moved a bit faster because our sellers got all the way to exchange before the previous buyers got cold feet and pulled out so all of the paperwork their side just needed a slight adjustment with our names and new dates on, we also benefited from the previous buyers survey as the two small things it picked up, the sellers have fixed. 

dexterwolf

Personally I would start the conveyancing asap as worst case scenario you get another lender . Asking as your finances are ok and you haven't defaulted in payments a d you have a job to pay it then it should be fine .

Avalanche123

We have made the decision to wait for mortgage approval. The EA knows. We have paid the surveyor already.

This is mainly because I am worried about the valuation as we are literally on the edge with our deposit and should the valuation come in lower, they will either drop the price or we are out. There is space for negotiation as we simply don't have the money.

I dont think you would lose the house. Do you think the sellers would think putting the house back on the market and doing this all over again would be faster?

hannah2283

I started my mortgage application and instructed a solicitor within a few days of each other. I'm glad I did because the solicitor is taking things slowly. If I'd waited until getting the mortgage approved it would have slowed things up a lot. Have also instructed a surveyor. Good luck!