Offer accepted, what now?

Lexi30

So I’ve had an offer accepted on a house, I’ve got an AIP with L&C. I’m speaking to them in the morning to go ahead with full application. My question is at what point is the survey done? I understand conveyancing fees are usually paid at the end, is that right?

amnblog

The good news is that L&C will cover all of this for you.

When the survey is done depends on the Lender, how busy everyone is, and the application profile.

All legal fees, stamp duty and deposit funds will need to be with the solicitor when you exchange contracts (before completion)

Lexi30

That’s great thank you 😊 

TheJP

amnblog said:

The good news is that L&C will cover all of this for you.

When the survey is done depends on the Lender, how busy everyone is, and the application profile.

All legal fees, stamp duty and deposit funds will need to be with the solicitor when you exchange contracts (before completion)

Its worth to note that the lender wont share the detail within the survey, you may want to instruct your own to see if anything needs attention regarding the condition of the property.

Lexi30

TheJP said:

amnblog said:

The good news is that L&C will cover all of this for you.

When the survey is done depends on the Lender, how busy everyone is, and the application profile.

All legal fees, stamp duty and deposit funds will need to be with the solicitor when you exchange contracts (before completion)

Its worth to note that the lender wont share the detail within the survey, you may want to instruct your own to see if anything needs attention regarding the condition of the property.

At what point should I instruct a survey? I have had a quote come through for £575 for a Level 2 survey. They have asked me to act immediately.
 I have just submitted my mortgage application (gone with HSBC via L&C)
Do I wait for the decision on the mortgage first or do I need to act now with the Survey (I’m new to all this!)

chanz4

tell hsbc you want the level 2 survey, going to take a few months

Lexi30

chanz4 said:

tell hsbc you want the level 2 survey, going to take a few months

Hi, do you mean ask HSBC to do the survey?

amnblog

No, do not do that.

We find the best way is take the level 1 survey (value only) until you get to a point where:

1. The Lender is comfortable with the property, it values up OK,  and you have a mortgage offer
2. The sellers side look like they are doing something about moving the sale along

You can then get a written report on the condition of the property (level2) from a Local firm.

Yes, it may cost a little more that way.

The advantage is you are not shelling out for a level 2 report only to find:

You cannot get a mortgage offer for the property anyway (perhaps it does not value up)
The Sellers mess you about and pull out during the process

Lexi30

Ah I see, very helpful, thank you 😊