Sealed bids - tips to prepare?

[ellequick]

Hi all,

After a long and painful process, we have our property under offer and have now found somewhere we love - we want to make an offer but have been told it will go to sealed bids. I’ve read a few articles about how to prepare for this but am unsure on a couple of points and wondered if anyone could advise please?

1. proof of funds - how do we provide this? Would the offer letter that we received on our property count as this?
2. many articles suggest having a solicitor in place. We have a solicitor working on the sale of our flat, would it be usual to ask them to deal with our onward purchase also? I thought it was best to use the solicitor that the estate agents recommended but we don’t know who that is for the onward purchase.

Would really appreciate any tips or advice! It’s been such a stressful process so far, I love this house we’ve seen and want to do anything we can to maximise our chances. Thanks all

Your decision in principle from your mortgage lender and a confirmation of your sale from your agent will be enough proof, do not go for a rounded up no go for £234,652 or something.
I'd use the same solicitors for sale and purchase, it can make it quicker as the information is all in one place and you'd only have one bill to pay upon completion.

Proof of funds would be the offer on your house together with any mortgage statement showing the balance outstanding.

As for the solicitor you have one, just quote them for now, you can always change them later, it take two minutes to call a solicitor, get a quote for the purchase and then provide the details.

We have been through this a month ago, the solicitor wasn’t needed until the offer was accepted.

Sorry I meant statement for your current property so they can calculate your equity for the next house.

Thanks very much, both - I shall get this together and hope for a little luck in this crazy market!

All I got when my house went to sealed bids was letter from bidder, explaining their position (but no proof of it) and what the bid was.

1) proof of funds - how do we provide this?

To really be sure you should ask the agent who is marketing the property this question.