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WWYD - legal work before buyer has mortgage offer?
Bookgal88
Posts: 80 Forumite
I have found a buyer for my S/O flat. Timeline as below:
2 Dec - HA confirmed the % buyer is purchasing and sent MoS to my conveyancer.
4 Dec - my conveyancer requested my fixtures and fittings, property info and l/h info forms.
9 Dec - buyer's lender called to arrange mortgage valuation for 14 Dec.
So my buyer's lender should have the valuation back by about the 16 Dec. I'm questioning whether to return the forms my conveyancer has requested before or after the valuer has provided his valuation to the buyer's lender. In normal circumstances I would have been happy to get the legal side going while waiting for the valuation and mortgage offer, but I believe my block could need a completed EWS1 form in order for the valuer to say that it provides suitable security, and my building doesn't have one (it's 6 storeys but under 18m with balconies and some cladding on the top floor, but I'm lower down the building). Therefore, I'm worried that I might start incurring fees for searches, leasehold packs and all that malarkey only for the mortgage to be declined.
I suppose I'm just trying to feel out what other people would do. Send back f+f and property info forms ASAP and risk possible unnecessary costs, or hang tight for a few more days?
2 Dec - HA confirmed the % buyer is purchasing and sent MoS to my conveyancer.
4 Dec - my conveyancer requested my fixtures and fittings, property info and l/h info forms.
9 Dec - buyer's lender called to arrange mortgage valuation for 14 Dec.
So my buyer's lender should have the valuation back by about the 16 Dec. I'm questioning whether to return the forms my conveyancer has requested before or after the valuer has provided his valuation to the buyer's lender. In normal circumstances I would have been happy to get the legal side going while waiting for the valuation and mortgage offer, but I believe my block could need a completed EWS1 form in order for the valuer to say that it provides suitable security, and my building doesn't have one (it's 6 storeys but under 18m with balconies and some cladding on the top floor, but I'm lower down the building). Therefore, I'm worried that I might start incurring fees for searches, leasehold packs and all that malarkey only for the mortgage to be declined.
I suppose I'm just trying to feel out what other people would do. Send back f+f and property info forms ASAP and risk possible unnecessary costs, or hang tight for a few more days?
"We're going to need a bigger boat."
0
Comments
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You can always return the forms but tell them not to do anything further which will incur significant costs.0
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