Instruct solicitor now or wait for offer?

DeltaHotel99

Hi all

I have a DIP from Leeds Building Society. I am a single purchaser with a 5% deposit. I hear LBS are very picky so I'm unsure if to wait for the mortgage offer before instructing my solicitor.

I'm not fussed on the time it takes to complete but don't want to be declined and have to pay some solicitor fees.

Is it normal practice to wait for the offer?

I do have some debt but I have a good salary and debt ratio is low.

Thanks in advance 

Hoenir

Find a solicitor now.  No need to instruct yet. They won't start work until there's a mortgage offer. 

FlyMeSomewhere79

You normally need to provide proof of funds along with details of chosen solicitor to get the estate agents take a property off the market. So yes make sure you've definitely got your proof funds first, get your chosen solicitor picked and let both your estate agent solicitor know once everything is in place so the property you are buying becomes SSTC and the conveyancing can start.

DeltaHotel99

*can't reply to message due 9 character nonsense*

The house is off the market, proof of funds shown and LBS are now reviewing my application after agreeing it after credit check via my broker. They say it can take around 30 days to get an offer.

My solicitor has sent me lots of paperwork so I'm going to call and ask their policy re being declined if its not in said paperwork.

I just don't want to incur unnecessary costs if declined.

DeltaHotel99

*AIP not DIP

Apologies for the confusion

RHemmings

I found it trivially easy to agree with a local law firm, and get their permission to give their details as my solicitors in offers, and I never paid anything or signed anything until my offer was accepted.

annetheman

I'm with a different lender (Accord - subsidiary of Yorkshire Building Society) but the order I did it for my ongoing purchase was:
-Got a bunch of solicitor quotes while looking for houses (I'm buying and selling)
-Made an offer
-Offer was accepted in principle (would only take off market when lender valuation done)
-Instructed a solicitor, got in touch with my broker
-Submitted DiP
-Submitted full application
-Received offer (this was VERY fast, 3 working days, I would say unusual)
-House taken off market
-Paid for searches and started contracting bits.

For my first purchase it was pretty similar but the mortgage came way after searches etc had already been done - I was applying with Leeds, they withdrew their offer, yes I have found them to be fickle (this was due to EWS1 delays, though).

Similar to you, high LTV - 95% for this purchase, 90% with Leeds 4 years ago.

DeltaHotel99

annetheman said:

I'm with a different lender (Accord - subsidiary of Yorkshire Building Society) but the order I did it for my ongoing purchase was:
-Got a bunch of solicitor quotes while looking for houses (I'm buying and selling)
-Made an offer
-Offer was accepted in principle (would only take off market when lender valuation done)
-Instructed a solicitor, got in touch with my broker
-Submitted DiP
-Submitted full application
-Received offer (this was VERY fast, 3 working days, I would say unusual)
-House taken off market
-Paid for searches and started contracting bits.

For my first purchase it was pretty similar but the mortgage came way after searches etc had already been done - I was applying with Leeds, they withdrew their offer, yes I have found them to be fickle (this was due to EWS1 delays, though).

Similar to you, high LTV - 95% for this purchase, 90% with Leeds 4 years ago.

Thanks, I think I'll try accord if I'm declined. Its only been 4 days since they had my bank statements after accepting after a credit check. Valuation booked for Monday coming.

Hopefully they aren't too picky but I've heard accord are decent so may try them if declined.

Still unsure to instruct searches before my mortgage offer as don't want to pay if I can't get a mortgage.

30 days is far too long to be on tenterhooks, so hopefully I hear next week post valuation... 

Thanks 😊 

Roger-D

Just tell your solicitor your situation, where you along in the process and say that you're nervous about incurring charges. They'll hold off with all cost incurring tasks until things are confirmed. Yes  searches are the main one. 

Bigphil1474

Our solicitors gave us a form to fill in which gave us the option of waiting until the mortgage was confirmed and/or survey completed etc. before they did any chargeable work, but would still be our contact. Fortunately we are very low LTV so we're pretty confident of getting the mortgage.

BobT36

DeltaHotel99 said:

Hi all

I have a DIP from Leeds Building Society. I am a single purchaser with a 5% deposit. I hear LBS are very picky so I'm unsure if to wait for the mortgage offer before instructing my solicitor.

I'm not fussed on the time it takes to complete but don't want to be declined and have to pay some solicitor fees.

Is it normal practice to wait for the offer?

I do have some debt but I have a good salary and debt ratio is low.

Thanks in advance 

Get one picked out and ready, at most maybe phone and check that they have capacity to take on some work "soon". However I was advised (when getting a AIP) by Nationwide to absolutely NOT start solicitor or surveying work until they say so. Very likely so that they can check everything out on their end first. 
Sounded sensible. Bit silly to spend on solicitors and surveyors, if end up not being able to get the mortgage for that property for some reason. (if relying on that).