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    • 0322
    • By 0322 16th Sep 17, 3:17 PM
    • 1Posts
    • 0Thanks
    How long can I put off getting a solicitor when buying my first home
    • #1
    • 16th Sep 17, 3:17 PM
    How long can I put off getting a solicitor when buying my first home 16th Sep 17 at 3:17 PM

    I'm in the process of buying my first flat now, I'm doing everything on my own, I've done extensive research but with my lack of actual experience there will still be gaps to my knowledge and I don't want to accrue any unnecessary costs. Obviously I realise that solicitor's fees are a necessary cost, however, certain things have happened throughout the process that worries me slightly.

    This is a new build (completed) that I put an offer on, it was accepted, and since my agreement in principle was in place I saw no reason why I shouldn't also put down the £1k reservation fee, prohibiting the developers from accepting a higher offer. My mortgage offer was pretty straightforward, just pending the lender's valuation survey. They did the survey around the same time I instructed the solicitor's I decided to go with. While I have sent them the forms, nothing is official until I physically go there with my ID and pay their initial fee, which I haven't done yet, since I've now found out that the surveyor failed the valuation.

    He had 3 points for which he didn't recommend the property viable for the mortgage, however, all 3 points can be disproven. Since I have now provided my bank with the proof needed, they didn't see any reason for me to worry, but it's hard not to because bottom line is that until I have a definite Yes from my bank, I don't want to get my hopes up. I still obviously need to get going with the solicitor, but my question now is, should I wait until the bank has re-evaualted the property or should I do it straight away (risking losing out on legal fees for a property I might not be able to buy in the end). I will have to pay £300 initially for my solicitor and it might not seem like a lot but I'm a young 1st time buyer, this property was on the verge of what I could afford already, and because of all other additional costs associated with the flat and the move, £300 is not nothing to me at this point, at least not if it's not going to amount to anything.

    So what are your thoughts here? Is it most likely a done deal and I should go ahead and get started with the solicitors? Or should I be worried that the mortgage might still be denied based on the surveyor's report, even though it's incorrect?

    Sorry turned into a longer message than I expected, bet there you go.

    Would be very appreciate for any advice anyone could offer.
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    • goodwithsaving
    • By goodwithsaving 16th Sep 17, 3:29 PM
    • 826 Posts
    • 1,271 Thanks
    • #2
    • 16th Sep 17, 3:29 PM
    • #2
    • 16th Sep 17, 3:29 PM
    Given on new builds there is normally a 28 day exchange agreement, you should have instructed your solicitor rightaway. Mine isn't a new build and I'm obviously not a developer, but in my next move given how bad this one has been, I am going to stipulate that a buyer and seller has a week to engage their solicitor otherwise I'll pull out.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • G_M
    • By G_M 16th Sep 17, 5:15 PM
    • 44,748 Posts
    • 53,257 Thanks
    • #3
    • 16th Sep 17, 5:15 PM
    • #3
    • 16th Sep 17, 5:15 PM
    Is there a timeframe imposed by the developer?

    If not, wait till your mortgage is either confirmed or refused.

    (and make sure your chosen solicitor is on the lender's panel)
    • eddddy
    • By eddddy 16th Sep 17, 5:31 PM
    • 6,623 Posts
    • 6,492 Thanks
    • #4
    • 16th Sep 17, 5:31 PM
    • #4
    • 16th Sep 17, 5:31 PM
    Out of interest, what 3 issues did the surveyor/valuer raise that made the property unsuitable for a mortgage.

    It's unusual for a bank to 'overrule' their valuer's opinion.

    The people you speak to at banks are often customer service people who don't understand property issues, whereas the valuer is a property professional.

    Depending on what the issues are, and exactly what the bank person said, I might be cautious about assuming that the bank will overrule the valuer.
    • Mutton Geoff
    • By Mutton Geoff 16th Sep 17, 6:28 PM
    • 1,149 Posts
    • 1,255 Thanks
    Mutton Geoff
    • #5
    • 16th Sep 17, 6:28 PM
    • #5
    • 16th Sep 17, 6:28 PM
    I recently bought a new build flat. There were loads of legal issues like unadopted roads, clauses in the management agencies contract, transfer of title from the original land owner to the developer, parking rights etc. Thank goodness I had a proper solicitor on the ball. I suggest you employ one asap. They almost all do fixed fees for your purchase, so why delay? You may end up costing yourself more money or doing work you'll already be paying in them having to duplicate stuff you've done for due diligence.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and from Mutton Geoff!
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