Instructing solicitors before the seller has found a new property?

martin2345uk

Hi, bit of a n00b question but I’ve had an offer accepted on a house I want to buy. I’m meeting the mortgage broker this evening to apply.
My question is do I instruct a solicitor now (and pay their required up front fee portion) even though the sellers haven’t found anywhere yet? Seems like I’d be at risk of losing that money if they for whatever reason don’t find anywhere?

Thanks! 

eddddy

It's your choice. Some people instruct solicitors in those circumstances, others don't.

Instructing solicitors might reassure the sellers that you are committed to the purchase, and might (or might not) encourage them to proceed a bit quicker.

But, if for example, the sellers can't find anywhere and change their minds about selling - you might lose some money.

You could find out (maybe via the EA) whether the seller has instructed the solicitors yet. If they haven't, there may not be much your solicitors could do anyway.

But if you talk to the EA, it's very possible that they'll urge you to instruct solicitors anyway - because they'll want you committed to the purchase, and less likely to walk away.

ace33

Can you not instruct them but ask them not to do anything until your seller finds a new property?

Hannimal

Personally I would not instruct until the sellers had an offer agreed. I would also tell this to the sellers and depending on my circumstances I would give them a deadline or pull my offer. At the moment the market is moving fast so should they be serious about buying they will find something soon. 

hazyjo

Not a lot of point sorting your mortgage either.

The entire chain should be complete before you spend money, unless someone's prepared to break the chain and live elsewhere for however long.

martin2345uk

Thanks guys. I had a chat to the conveyancer I want to use and they said they're happy for me to give their details to the mortgage people but not instruct them until the sellers have had an offer accepted.
I'm not in a chain myself. I have sold my house and am back living with parents until I buy a place so I guess I am the bottom of the chain?? :-)

Thrugelmir

Solicitor isn't going to commence work unless you ask them to. The solicitor may well request funds for the searches at the outset. Though this will be refunded if matters don't progress. 

MaryNB

I chose my solicitors when I offered on a house but told them I didn't want them to start work until the chain was complete. They said that was fine. I gave their details to the EA and lender when requested but advised both that my solicitor had not started work. Once the chain was complete I gave the solicitors the go ahead and they sent me all the forms to fill in and I paid the initial fee.

Slithery

martin2345uk said:

I'm not in a chain myself.

Of course you are. Your vendors haven't found a property yet.