Cash Purchase Property Process Query

quattros

Hi All My Sibling is looking at purchasing a property as a cash Purchase, What would be the general process for this, We Have had The Solicitors Instructed initially , But Referencing Searches, Valuations etc This is normally done when buying With a Mortgage so are unsure with a Cash Purchase.
Also Are Home Buyers Survey Worth Doing? I know I Had one done when i Purchased My Property But looking through it just looks like more of a visual Check and nothing to in-depth. 

greatcrested

There is no difference other than you don't need to apply for a mortgage.

Whether you choose to have a formal Valuation done, and/or a survey, is purely a matter of choice.

Read one of the many books on house buying. It's a major decision - make sure you understand what is involved.

https://wordery.com/how-to-buy-your-first-home-and-how-to-sell-it-too-phil-spencer-9780091935375?cTrk=MTgyNDk0ODAwfDVmZmNjMzY1YjAzODY6MToyOjVmZmNjMzU2YjFiYjI2LjMwMDg3NTM2OjU0M2EwZjM4

https://www.hive.co.uk/Product/Diana-Brodman-Summers/How-to-Buy-Your-First-Home/15333055

eddddy

It sounds like you are not super-familiar with property purchasing, so maybe take a cautious route and do both of these...

• Instruct a solicitor and tell them to apply the same level of diligence as they would to a purchase with a mortgage (and tell you about anything that might be a concern to a mortgage lender)

• Instruct a surveyor to do a survey and valuation - and tell them to specifically tell you about anything that might be a concern to a mortgage lender.

quattros

Thanks will take a look. Anybody else done a cash purchase on a property and know how long the process could potentially take?

eddddy

quattros said:

Thanks will take a look. Anybody else done a cash purchase on a property and know how long the process could potentially take?

Is there a chain above the property that you want to buy? And/or how quickly does the seller want to sell?

A lot of conveyancers are very busy at the moment (because of the stamp duty holiday), and searches can take an unusually long time (because many people are working from home, off sick etc) - so it's a little harder to estimate.

quattros

eddddy said:

It sounds like you are not super-familiar with property purchasing, so maybe take a cautious route and do both of these...

• Instruct a solicitor and tell them to apply the same level of diligence as they would to a purchase with a mortgage (and tell you about anything that might be a concern to a mortgage lender)

• Instruct a surveyor to do a survey and valuation - and tell them to specifically tell you about anything that might be a concern to a mortgage lender.

Hi thanks for you reply , I purchased my property some years ago but mortgaged and paid for a home survey separately, But as my Sibling wants to make a cash purchase was not to familiar but read up a bit and your points and will raise them with the solicitor.

and will try and find a surveyor and See if they can do a valuation, I am a bit sceptical about the Buyers Survey as i they don’t really go into much in depth detail which I wouldn’t have spotted when viewing i thought.  

quattros

eddddy said:

quattros said:

Thanks will take a look. Anybody else done a cash purchase on a property and know how long the process could potentially take?

Is there a chain above the property that you want to buy? And/or how quickly does the seller want to sell?

A lot of conveyancers are very busy at the moment (because of the stamp duty holiday), and searches can take an unusually long time (because many people are working from home, off sick etc) - so it's a little harder to estimate.

No chain involved on both ends, I don’t think they are particularly in a rush to sell but hopefully like to kick start it off very soon.

eddddy

quattros said:

and will try and find a surveyor and See if they can do a valuation, I am a bit sceptical about the Buyers Survey as i they don’t really go into much in depth detail which I wouldn’t have spotted when viewing i thought.  

Perhaps you're think of mortgage lenders' valuations. They are often just a quick check to make sure that the lender could get their money back, if they have to repossess the property.

Realistically, a surveyor will go into as much depth as you ask them to (and pay them to). By default, RICS surveyors offer 3 levels of survey - imaginatively called "level 1", "level 2" and "level 3". But you can arrange a "customised" survey, if you prefer.

See: https://www.ricsfirms.com/residential/moving-home/buying/which-rics-survey-best-your-needs/
and: https://www.rics.org/globalassets/rics-website/media/upholding-professional-standards/sector-standards/building-surveying/surveys-of-residential-property-3rd-edition-reissue-rics.pdf

Mickey666

quattros said:

Thanks will take a look. Anybody else done a cash purchase on a property and know how long the process could potentially take?

I've bought a property for cash and don't recall it being any faster than when buying with a mortgage.  Obviously there is the time saved in applying for and getting a mortgage offer, but to my mind the buying process can't really start until you have funds in place anyway (and few sellers will take any unfunded offers seriously).  So, with that proviso there's really not much difference between mortgage or cash.  A mortgage company will usually REQUIRE you to have some sort of survey carried out and as a cash buyer that would be your decision, but I wouldn't recommend buying with no survey so in practice the overall process is the same.
I suppose you could turn up to the seller's door with a cash offer and rush the transaction through with no survey or searches, but that would be highly exceptional.