Searches before MIP?

canaldumidi

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

simon_or

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

As a seller, unless there was a particular reason to (perhaps) shave 2 weeks off the conveyancing timelines, I wouldn't have an issue with a buyer waiting for their mortgage offer to come through.

I understand that you don't feel that way but this process is quite normal to be honest and I wouldn't term it as a laid-back approach.

I do the same as a buyer and have never had a seller or Estate Agent get antsy as long as they can see that things are moving along.

canaldumidi

simon_or said:

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

As a seller, unless there was a particular reason to (perhaps) shave 2 weeks off the conveyancing timelines, I wouldn't have an issue with a buyer waiting for their mortgage offer to come through.

I understand that you don't feel that way but this process is quite normal to be honest. I do the same as a buyer and have never had a seller get antsy as long as they can see that things are moving along.

But they're not. They're creeping along.

And even if I'm in a minority, is it worth the buyer taking the risk of buying from me or someone else like me....?

Once I've accepted an offer, I just want the property sold asap.

simon_or

canaldumidi said:

simon_or said:

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

As a seller, unless there was a particular reason to (perhaps) shave 2 weeks off the conveyancing timelines, I wouldn't have an issue with a buyer waiting for their mortgage offer to come through.

I understand that you don't feel that way but this process is quite normal to be honest. I do the same as a buyer and have never had a seller get antsy as long as they can see that things are moving along.

But they're not. They're creeping along.

And even if I'm in a minority, is it worth the buyer taking the risk of buying from me or someone else like me....?

Once I've accepted an offer, I just want the property sold asap.

'Creeping along' is your opinion, that's fair enough. I would disagree with that characterisation.

As I mentioned, from my experience as a buyer and seller, I don't see a 2 week delay in instructing searches as a deal-breaker with most sellers.

If it is expected that the buyer will instruct searches immediately, you would hope that the seller or agent will mention it upfront while soliciting offers, before accepting the offer or shortly after.

saajan_12

simon_or said:

canaldumidi said:

simon_or said:

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

As a seller, unless there was a particular reason to (perhaps) shave 2 weeks off the conveyancing timelines, I wouldn't have an issue with a buyer waiting for their mortgage offer to come through.

I understand that you don't feel that way but this process is quite normal to be honest. I do the same as a buyer and have never had a seller get antsy as long as they can see that things are moving along.

But they're not. They're creeping along.

And even if I'm in a minority, is it worth the buyer taking the risk of buying from me or someone else like me....?

Once I've accepted an offer, I just want the property sold asap.

'Creeping along' is your opinion, that's fair enough. I would disagree with that characterisation.

As I mentioned, from my experience as a buyer and seller, I don't see a 2 week delay in instructing searches as a deal-breaker with most sellers.

If it is expected that the buyer will instruct searches immediately, you would hope that the seller or agent will mention it upfront while soliciting offers, before accepting the offer or shortly after.

From my experience on both sides, I don't see £x00 wasted on searches mortgage fails to be a deal-breaker with most buyers. Remember
- the risk is only if the mortgage offer doesn't go through and a trying with other LTVs / other lenders also doesn't work
- buyer would have demonstrated affordability at offer stage and they usually know if they have other potential gremlins beyond deposit + MIP
- if purchase price is reasonably within the range of the local market, and similar local properties are selling, and LTV isn't maxed out, then valuation is less likely to be a roadblocker to getting an offer

As for mentioning at the point of offer - that depends on whats considered 'normal' and whats the 'special request'. In the absence of broader data on that, my tiny sample size says as fast as pos with everything running in parallel is the norm. 

movilogo

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) 

Buyer is taking the risk so it make sense for buyer to be cautious. It is a good principle to allow mortgage offer to come thru and then start all the work though doing survey, searches and mortgage application in parallel is quite common.

Lot of times it is the seller who hold up the sale because they can't find anywhere to move at. As a result, buyer may end up spending money in rental accommodation. 

A house purchase is a process which requires equal co-operation from buyer and seller side. 

simon_or

saajan_12 said:

simon_or said:

canaldumidi said:

simon_or said:

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

As a seller, unless there was a particular reason to (perhaps) shave 2 weeks off the conveyancing timelines, I wouldn't have an issue with a buyer waiting for their mortgage offer to come through.

I understand that you don't feel that way but this process is quite normal to be honest. I do the same as a buyer and have never had a seller get antsy as long as they can see that things are moving along.

But they're not. They're creeping along.

And even if I'm in a minority, is it worth the buyer taking the risk of buying from me or someone else like me....?

Once I've accepted an offer, I just want the property sold asap.

'Creeping along' is your opinion, that's fair enough. I would disagree with that characterisation.

As I mentioned, from my experience as a buyer and seller, I don't see a 2 week delay in instructing searches as a deal-breaker with most sellers.

If it is expected that the buyer will instruct searches immediately, you would hope that the seller or agent will mention it upfront while soliciting offers, before accepting the offer or shortly after.

From my experience on both sides, I don't see £x00 wasted on searches mortgage fails to be a deal-breaker with most buyers. Remember
- the risk is only if the mortgage offer doesn't go through and a trying with other LTVs / other lenders also doesn't work
- buyer would have demonstrated affordability at offer stage and they usually know if they have other potential gremlins beyond deposit + MIP
- if purchase price is reasonably within the range of the local market, and similar local properties are selling, and LTV isn't maxed out, then valuation is less likely to be a roadblocker to getting an offer

As for mentioning at the point of offer - that depends on whats considered 'normal' and whats the 'special request'. In the absence of broader data on that, my tiny sample size says as fast as pos with everything running in parallel is the norm. 

My tiny sample size says as fast as possible/needed while taking on minimum risk of wasted costs. That's what I personally do as a buyer and as a seller don't have an issue with the buyer doing the same.

Searches and surveys (which are wasted if the lender won't lend on that property, or its downvalued, etc ) after the mortgage offer is in hand.

rdchick

Thanks everyone for your input. 

It seems it's basically just down to personal choice.

The vendor is a friend of a friend and we know each other's situation.

While it's easy to say 'if you think your application might be declined then why are you bothering', I'm a first time buyer... The decisions on whether to lend to anyone seem to have no real rhyme or reason and sometimes seem to be down to just pure luck as to who underwrites it. So yeah I'm apprehensive! 

I think we'll see how we go. We have so many forms to fill out it's insane! But thanks again all!

twoLou

canaldumidi said:

twoLou said:

Deedoodee said:

I waited until I had a complete chain, the mortgage offer, and the survey results before paying for searches. 

As did I in the same order. I would hate to waste money if a mortgage offer wasn’t forthcoming for whatever reason.
My solicitor was more than happy to wait as was my surveyor.

If I was a seller and my buyer took this laid-back approach and was clearly dragging out the (already long) process, I'd start looking for a more motivated and pro-active buyer.

Most delays are on the buyers side (as inevitably they have more work to do) so dragging things out makes no sense. Given the amount of money in buying a property, the costs involved are minimal so unless you have a genuine belief your mortgage might be declined (in which case why are you even bothering?), there'sno valid reason towait.

Oh well you are entitled to your opinion. I have bought and sold several properties over the decades and have used this approach every time.

Perhaps the correct advice should be to choose your solicitors wisely, I am fortunate to have always used an incredibly efficient firm.

The costs are hardly minimal as you put it, a survey alone is several hundred pounds, add to that the searches…

As to mortgages being declined that was never a concern but more that a house wouldn’t be valued at the agreed purchase price by the bank, entirely possible at the moment and happened to me 30 years ago too so not a new phenomenon either.

rdchick

That's why I asked the question, the valuation of properties at the moment can be a little sky high, for example 50k more than last year when nothing more than painting has happened to the property. 

When you don't have much experience etc as in being first time buyers this whole process seems incredibly dated, closed and hard work and also a lot of money for often what seems not a great deal of work ie: processing a form costs £100. Why?! It's online, the proof is shown, there's not a lot to process other than accepting the form or not... No actual digging required and the solicitor doesn't even need to pick up the phone any more! 

Anyway, we have decided what we will do and just hope it all sorts itself out with its cloak and dagger ways!