Just that really. We're buying a house that the current owners have lived in for two years. If there was going to be any problems in the solicitors searches, would they not have come up then?
Ooh while I'm at it - another dumb question. We have a 10% deposit and this is how our mortgage rates have been calculated by the broker. Obviously we've got a few more weeks to save up, so if the deposit is slightly more, would our mortgage be less each month? Even though we've already 'chosen' a particular rate?
Yes we have a survey booked for Thursday (the mid range one).
I don't know WHY they're moving - all I know is that they're moving into the FIL's house... It's a large house, or something, and the FIL will be living in a chalet tour thing in the garden. Maybe they're skint, who knows?
Well new things can happen in or near houses at any time e. g. planning permission for a new development or a crack appears somewhere. I guess it is a little less likely that problems will show up, but it is not guaranteed!
Be aware that once your mortgage offer is finalised (ie the solicitor will have received the notice of the funds and where they are coming from, and ordered the funds from the bank etc) then if you change the amount you're putting down you are technically changing the mortgage offer. You might find the bank charges you to amend the offer, or could even give you a new offer which could delay completion and also might mean you get a different rate (that's not necessarily better, it will be whatever they have to offer at the time). If you're managing to save money I would either use if for any work you need to do, or make an overpayment on your mortgage once you're in which will reduce the length of your mortgage (even if it's only 1 month!) and when you come to remortgage will obviously help.
If you're selling, so are paying off your current mortgage while the sake goes through, this will all be taken Ito account. Ie. The funds will be requested now, but after 2 months you'll actually owe 1k less (for example) so that 1k goes to you after the sale is all completed. It pays to get a bit savvy as to what you actually owe on your current mortgage, our solicitor got our figures wrong and we would have ended up about 3k out of pocket if it wasn't for Dh and his bloody spreadsheets knowing exactly how much we owed.
Also, unless you actually see the survey from 2 years ago, assuming the current owners actually did one, you wouldn't know if things did show in that survey. As far as I know, the solicitor can only work with information provided by your survey and anything you mention that the sellers have told you. So I guess what I'm saying is that you have no guarantee that a) the survey two years ago didn't show anything (if it was done at all) and b)that yours wouldn't show up anything new from the last 2 years. The solicitor will only ask for your new survey if you do one, and pull up bits on that they want more clarification of.
By the sounds of it though the FIL may want his son/daughter and partner around to look after him. They may be buying the old "family" home at a cheap rate etc so to avoid IHT in the future etc. I'd be more suspicious if they were moving and staying local ie. not moving for a reason or a job and suspect problem neighbours!
All the searches etc have to be updated, but on a positive note if they went through this process only 2 years ago they should have all necessary documents to hand. If reasons for moving sound plausible I wouldn't worry too much, people move for many and varied reasons Way too complicated to change your mortgage amount if already going through.
Searches only last around 6 months , you should always get up to date ones a lot can happen ( local planning etc etc ) in two years I wouldn’t be as worried as some posters are about someone moving after loving there for just two years , I like moving and know lots of people that do for many reasons.