(Buying) When to find a solicitor? And how quick does a NOI need submitted?

Capri84

Apologies in advance, first time buyer here and it’s quite a steep learning curve I’m finding. 

Got a mortgage advisor awaiting a 95% DIP which should come in on Tuesday. Passed affordability so it’ll just come
down to credit checks (I think that’s how this works). Rated excellent on all the credit agencies, so I’m hopefully we’ll get the ok. 

So meantime, a house came up which we went to view today. Great property and want to put an offer in once the DIP is cleared. We’re in Scotland (not sure if relevant) and want to lodge a note of interest with a view to an offer next week. Now it seems we need a solicitor for this, but should the DIP not come through then there won’t be much else for a solicitor to do for us until we get a mortgage ok’d. 

I’ve emailed a local solicitor now, but should I have already got one ‘on side’ before viewings? Won’t be until after the bank holiday that the solicitor responds to
me and signs me up on his books or whatever. 

Also - today was the first day of viewings, how soon would the buyer accept an offer? If we submit a note of interest, and then an offer on Tuesday/Wednesday could it have already flown off the shelf? Do estate agents wait on offers from viewers or just put the first ones received straight to the sellers? 

davidmcn

Yes, ideally you should already have a solicitor on hand - and then they'll guide you through the rest of it. I would submit a note of interest ASAP if you're seriously considering making an offer.

If today was the first day of viewings I'd expect they'd leave it a bit longer to gauge interest before setting a closing date (or accepting an offer), though it's always possible they could accept a suitably attractive offer earlier.

MovingForwards

In Scotland you do have the solicitor at the start of the process, it's totally different to England and Wales up here.

You can view properties without noting interest, technically you don't need a DIP but EAs tend to ask for them to show you're a viable buyer.

With regards to your offer a lot depends on how many people are interested, as it's a new to the market property the sellers will probably hold out and have a few viewings then have to go to closing date for everyone to put their best offer in.

Your solicitor, assuming s/he is local to the area you're buying in, will know the market and discuss how much to offer. Of course if you've got the money you can ignore the solicitor and bid up to your maximum.

The mortgage lender will only base the mortgage offer on the valuation, so anything you offer over that comes out of your pocket, plus your deposit. So be very careful and make sure you can afford it if you do that.

There's a few people buying / asking questions about the process up here, it's well worth finding those threads and reading them.

Nebulous2

I'd say you definitely should have a solicitor onboard. You should get a quote from the solicitor regarding costs. You should also make sure they are on the panel for the lender you have a dip from. 

Capri84

I’ve contacted a solicitor (recommended by my broker) this evening. Won’t hear back until next Tuesday I’d imagine. 

Ok to submit a note of interest ourselves to the estate agent? 

davidmcn

Capri84 said:

Ok to submit a note of interest ourselves to the estate agent? 

They're not likely to take it seriously if not from your solicitor. Realistically nothing's going to happen until Tuesday anyway.