When should you start paying for conveyancing

greensalad

FTB back with more questions.

We had an offer accepted last week. Memorandum of Sale being prepared. EA said vendors had offers put out on multiple properties and were waiting to hear back. They started processing the MoS today (asked for additional documents) but haven't told us yet if the vendors have actually had an offer accepted, or any status update on chain. As it's only been a week I'm not chasing. 

We had already spoken to a conveyancing firm and got a quote prior to making an offer (as everyone told us to get our ducks in a row prior to making an offer, so we were set up when we first started viewing properties). We've now had the information pack in the post from our solicitors with all the documents and instructing us to fill in forms and send an initial fee to kick off proceedings.

Mortgage with HSBC is being put through by our broker hopefully today, possibly Monday. 

My question is, should we start the conveyancing process now or hold back? I think hold back, wait for the chain to form, or at the very least to hear back from the EA that the vendors have had an offer accepted.

Partner thinks we should go full steam ahead and start the conveyancing right now. Doesn't want to wait.

We also have homebuyers insurance that would cover the conveyancing costs if we had to pull out of the sale / someone else pulls out due to something fairly standard. So he sees no harm in starting everything right now whereas I am more cautious and want to get the mortgage application submitted and the chain formed before we greenlight the solicitors.

TBG01

Reviewing those forms. Verifying ID. Verifying source of funds. It's all work that can be done without the chain being complete and along side mortgage offers being issued.

It's still up to you if you want to hold off, and I'm not having a go when I say this, but you lose any right to complain about how long things take when you're holding up stuff. 

Sazzy1253

We did it whilst waiting for our mortgage offer. Searches in our area seemed to be taking much longer so we didn’t want to delay things any further. It worked really well and from offer to completion it was only 7 weeks 

steampowered

Personally I would not want my conveyancers to start work until the vendor at least had an offer accepted. There are lots of stories on here about vendors taking months or even years to find a house they like.

Once they do have an offer accepted, I'd ask the conveyancers to get on with it.

arrows123

I'm in a similar timeline to you, although about two weeks ahead. I've just cracked on with things. Sent anything back thats been requested, filled in forms etc. Working on the assumption there won't be any issues and the sooner things get done the better. In fact if there are issues, then they can be dealt with quicker. I guess ultimately it depends on losing money if you get so far down the process and things don't work out. 

I find it hard trusting people, but this is one of those instances when you've got to trust the people you are paying! If your mortgage broker is giving you no concern in regards to getting a mortgage offer then I'd just crack on. Good luck! 

Thrugelmir

The money requested upfront. Will be to pay for the searches. Your solicitor will need cleared funds to start these once the mortgage offer is received. 

tdawber

Personally I would wait until the MoS is issued as from my experience conveyancing doesn’t officially start until they receive the MoS. You then need to instruct your solicitor by ringing them and saying ‘I’d like to instruct you please, here is my MoS. solicitor should then send you a detailed list of Costs and what £ deposit needs paying.

greensalad

tdawber said:

Personally I would wait until the MoS is issued as from my experience conveyancing doesn’t officially start until they receive the MoS. You then need to instruct your solicitor by ringing them and saying ‘I’d like to instruct you please, here is my MoS. solicitor should then send you a detailed list of Costs and what £ deposit needs paying.

They've already sent us the detailed list of costs and deposit that needs paying, that's where we're at now.

I was told the MoS would likely not be sent to me but to the solicitor and they would then share the details back to me?

jazzyja

I would wait till vendor has an offer accepted. What if they take forever and you end up seeing another property you like? 

tdawber

You get a copy of the MoS from your estate agent, sounds like they are fobbing you off, using delay tactics or giving you mis information. I would be on the phone to your EA again on Monday asking firm questions.  Nothing is ‘official’ until MoS is produced 👍