FTB - talk me through it like I'm very very slow(32 Posts)
About to put an offer in.
Substantial deposit (30%). Independent broker recommended by friend is happy I'm good up to asking price (but don't have mortgage in principle yet, says he can get it in an hour when offer accepted). I'm on mat leave so he says he just needs to be picky about lenders as some are ok with that, and some aren't.
At what point do I need to instruct a solicitor? Presumably when/if the offer is accepted? Will I be at a disadvantage if I use an independent, rather than EA, broker/conveyancer?
I feel naive and a little bit unsure.
Going to offer on Mon, can someone talk me through when I get various professionals involved and the best way to go about it?
Never use the agents recommended conveyancer, they are recommended due to commission and will be overpriced at best, useless and overpriced at worst.
Is it ok to use any old solicitor? I was thinking about one I've used professionally but not personally?
Should I take advice from my broker? Or go with someone local to me or the property. (The one I know is neither)
Sorry for so many questions. I have no idea how anyone knows this stuff!
You can go with whatever solicitor you like. It doesnt have to be local, these days things can be sent by email etc, there are even all on-line solicitors who offer good prices (dont use BPL). But there are some awful solicitors out there and a job done badly or slowly can cost you a fortune or the property, so Id get recommendations from friends.
Depending where you are you might be asked for a copy of the aip but if you can get that done quickly that'll probably be okay. I'm a ftb too and when making offers some estate agents have insisted on us talking to their broker before passing our offer on. We didn't agree anything with their broker though (also haven't secured a place yet). They also ask if you've instructed solicitors when making the offer which I find odd as how can you instruct a solicitor when you don't actually have an offer accepted?!
A good solicitor will make the process easy and straight-forward, a rubbish one will add weeks on to the process and make it painful.
Go with a recommendation but avoid the onlines where you won't have a named case-handler and will have to go through a call centre to get updates.
I know someone said don't take the agents solicitor but actually they EA will only recommend someone who will push your sale through as they want their commission and don't want it to be held up / chain to break down.
You can use someone you have used before BUT they all have specialist areas, so the person you used before may not be an expert in conveyancing if they were doing a will for e.g..
If the market is really competitive it might be worth having an AIP and proof of your deposit etc to hand when you make the offer so that you don't miss out if someone else is after the house too.
Good luck with your offer.
Even for the mildly conflicting advice it does actually help. I'm just conscious that when I speak to the agent to offer they have their own agenda, so I just want to feel informed.
kirin I'm not sure that's allowed. I thought they had to pass all offers on. But noted that it happens!!
We used a broker recommended by our independent broker, and they've been brilliant - very good communication, quick replies to my many (inane) questions, chasing up the vendor's solicitors, the lot. They are far from us, so all communication has been via email, phone and letter.
We are ftb as well, and when our offer was accepted the EA tried to pull a fast one and insisted that the vendor only wanted to accept our offer if we used the same solicitors. I agreed immediately and they took a £400 payment over the phone. My broker was horrified and suggested I view the house for a second time and casually bring the subject up with the vendor. Big surprise - the vendor didn't care a jot who we used for conveyancing, so as soon as I got back in the car after the viewing I cancelled the instruction and received a refund. Bah! I was very diplomatic over the phone and put it down to a "miscommunication".
Definitely go by word of mouth, and not the EA's recommendations!
Tits - I am nearly positive it isn't allowed but the estate agents seem to hold all the cards so it's hard to know what to do when confronted with it.
If you are suspicious of the EA, you could always pop a letter through the door of the house?
Before finding this house, I put an offer on a different house and the EA never passed it on. I was very angry at the time, but it's worked out for the best in the end.
Yeah. I notice that too kirin. I just wish it wasn't so. Good luck!
rainbow Thanks. That's great. Confirms what I was thinking. Means I can be confident when/if they try and push services on me. I'm not suspicious, yet, but there's plenty of time!
We're about to complete on our new house and a couple things I would suggest (this is our second property we've brought) are 1) try and use same solicitor as vendor. Honestly things have gone so smoothly on this purchase compared to last because problems were easily sorted out on sight! 2) if you can get vendors number and liaise through them! We have done this on both purchases we put our offer in directly to vendors and I think that really helps give it the personal touch although of course you both need to call estate agents after and let them know offers been made and accepted, then we have kept in contact the whole way through and not used estate agents at all it makes things so smooth not having to keep chasing lazy estate agents!! We also did this with the buyer of our property when we sold to him (we're renting it back of him while our new purchase goes through)
I would disagree with Chloe on both points. There is always a worry about a conflict of interests if you use the same solicitors as the vendor. You want to be sure you are getting the best advice for you on the purchase, not just someone pushing the sale through.
As for being in contact with the vendors direct, that sounds as though it's a good idea, but you really have to handle the communication with caution: if there is any issue over anything it can be really useful to go via a third party (solicitor or EA).
Kir we had the same experience with an EA. The young man in the office said that our offer, on a very popular house ,would not be passed on until we saw their mortgage broker! As we were cash and experienced buyers, we refused to go along with that. We made it quiet clear ( loudly ) what we thought of the idea and suddenly a more mature colleague appeared to speak with us!
Our offer was put forward that day and we got the house.
So OP trust no one! Especially the EAs, everyone is out there for getting the most money From you.
Even the vendors can and do lie.
Don't act immediately on anything, ask trusted friends/ family or on MN for a second opinion, if you are concerned.
If you use the same solicitors you can only use the same firm not the same person, so it doesn't really speed things up as nowadays most tend to email each other for paper trail.
You don't have to use anyone that the EA says and they have to pass all (valid) offers to the vendor unless the vendor has told them not to - eg "we want £250k so we don't want your hear of anything less than £245k"
Hey I'm a FTB too
I would make sure you know which mortgage company you're going with before instructing a solicitor - they need to be on the lenders panel.
We went straight to YBS for our mortgage so just checked our chosen sol was on their panel but told the sol to hang fire with the searches until we had the mortgage offer. Which only took a couple of weeks so that hasn't delayed anything.
We did have a slight hiccup at the start as we accidentally chose the same solictors firm as our vendor, but we swiftly changed as I did not want to risk a conflict of interest as that would have meant we needed to change and would be liable for fees, so figured we were best changing before any work was done.
We got the aip before viewing and offering, but we didn't need to show it to the estate agents until the offer was accepted. The aip was online so only took ten mins and we could have done that after offer if need be.
One of my DC's was a FTB and I helped her through the process.
A solicitor can be anywhere, she used ours on the other side of the country to where she was buying. I would not dream of using the same solicitor as the vendor, not a good idea at all. We've used our solicitor for all our house purchases and he was more than happy to act for a house purchase for her miles away.
DD used a mortgage broker known to us, it was expensive but well worth it, he got the best deal for her and was helpfully involved in the whole process.
We used the EA as we should, we applied pressure, we chased them, we asked them questions - they get paid a lot, use them! If they promise to ring back and don't, ring them back, keep on and on...
Just remember TitsDown ... being a FTB you are loved - no chain, no selling etc, make the most of that!
Thanks so much all.
Just put the offer in and the EA has emailed to confirm it's been communicated to vendor. (so I've got to assume they actually did it )
No pressure to use their broker or conveyencer - just have to field a sales call at some point from their 'associated' surveyor.
Thanks so much for all the advice, my next step is to speak to my broker if offer is accepted and get their advice on solicitor and proceed with AIP.
Wish me luck!
A solicitor that you can hand documents to, and while there make a good impression on the receptionist, can be really helpful. We found ours by walking into a nearby agent (not the one we were selling with) and asking who they'd recommend for an efficient service.
I was always told to get the MIP before making an offer, but if you've done most of that it probably doesn't matter.
Just thought I'd piggyback from this thread, it seems most people on here have gone for an independent broker, how did you find a good one, how much did you pay and anyone decide not to bother with one?
We are actually acquaintances with the whole family, so I sort of lucked into it. I'm happy to pass on recommendations - based in Northants.
Offer accepted and solicitor selected (on basis of recommendation and price). There's no chain at all so we could be motoring.
My bloody recommended broker is now on hols for 2 weeks. reading can you PM me the recommendation of broker? I want to be making progress so will have to try someone else. TIA
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