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Offer accepted, what now?

Lexi30
Lexi30 Posts: 22 Forumite
Second Anniversary 10 Posts Name Dropper
edited 26 June 2023 at 2:51PM in Mortgages & endowments
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?

Comments

  • amnblog
    amnblog Posts: 12,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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)
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lexi30
    Lexi30 Posts: 22 Forumite
    Second Anniversary 10 Posts Name Dropper
    That’s great thank you 😊 
  • TheJP
    TheJP Posts: 1,991 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    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
    Lexi30 Posts: 22 Forumite
    Second Anniversary 10 Posts Name Dropper
    edited 27 June 2023 at 3:01PM
    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
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    tell hsbc you want the level 2 survey, going to take a few months
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Lexi30
    Lexi30 Posts: 22 Forumite
    Second Anniversary 10 Posts Name Dropper
    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
    amnblog Posts: 12,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 June 2023 at 5:43AM
    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
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lexi30
    Lexi30 Posts: 22 Forumite
    Second Anniversary 10 Posts Name Dropper
    Ah I see, very helpful, thank you 😊 
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