Warp speed market

DaisyNGO · 2021-10-25T09:28:47+00:00

Just phoned up to do the first viewing of a property we might buy Bought current one twelve years ago so a lot has changed It felt like warp speed - EA asking if we had a solicitor lined up. Also, do second viewings even happen in this climate? I have a feeling this is going to be quite overwhelming.....I just wanted some reassurance that I'm not the only one to be thinking that.

Original poster

DaisyNGO · 25/10/2021 10:33

Further thought
Is the EA being over eager?

I could spend time trying to get solicitors and by the time we get to offering on something, they might have too much work on (this happened to a friend recently).

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Oftenithinkaboutit · 25/10/2021 10:35

Asking if a solicitor lined up means you’re not a time waster. Very normal

Original poster

DaisyNGO · 25/10/2021 10:54

@Oftenithinkaboutit

Asking if a solicitor lined up means you’re not a time waster. Very normal

Thanks It's probably just part of a script but we are about two hours away from where we want to move so we are not viewing anything casually, not that I would

I have spoken to two solicitors whose first question is "what's the value of what you are buying"!

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niki26 · 25/10/2021 11:09

A solicitor can do the client compliance stuff in readiness - plus I'm making the assumption that you are selling your current property so they can quote for that. You must have a ball park figure for what you are looking to spend? Our budget was max 600k so the solicitor quoted on that basis. It was all TBC (we actually ended up buying a doer upper for 495k!)

Original poster

DaisyNGO · 25/10/2021 11:53

@niki26

A solicitor can do the client compliance stuff in readiness - plus I'm making the assumption that you are selling your current property so they can quote for that. You must have a ball park figure for what you are looking to spend? Our budget was max 600k so the solicitor quoted on that basis. It was all TBC (we actually ended up buying a doer upper for 495k!)

But why would we pay a solicitor to do that in advance when we haven't offered on anything? Is that a norm now?

To my mind, it,'s bad enough that you can fork out for all thus and still have people simply change their minds...

I suppose we cam just say "yes" to the EA? We do have first and second choice solicitors but we haven't actually engaged anyone yet.

I should maybe add, it's buying and selling flats. It's not like a really pricey house purchase. If one we like gets taken before we get there - quite possible given distance - there will be many similar flats to choose from.

Just saying that because I think if you are looking at expensive houses and have very specific requirements, it's a bit different maybe?

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Original poster

DaisyNGO · 25/10/2021 11:58

PS also wondering what the client compliance stuff is

Our first choice solicitor recently did our wills so maybe there is stuff that can be used already on their system?

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Insomniacexpress · 25/10/2021 12:02

Getting a quote from a solicitor that you will agree to in principle and having a solicitor do KYC background checks doesn’t involve handing over cash. They’re just trying to make sure you don’t waste weeks finding a solicitor and comparing quotes when you do decide to buy. I wouldn’t let anyone view unless they had evidence that they were able to proceed quickly and knowing the identity of the solicitor you will instruct is part of that. Is also want to know if you were using one of the large cheap conveyancing companies (very slow) instead of a solicitor.

Insomniacexpress · 25/10/2021 12:03

Client compliance (KYC) is giving them your identifying details as they’re required to run various checks/money laundering steps as part of professional requirements.

Original poster

DaisyNGO · 25/10/2021 12:06

@Insomniacexpress

Getting a quote from a solicitor that you will agree to in principle and having a solicitor do KYC background checks doesn’t involve handing over cash. They’re just trying to make sure you don’t waste weeks finding a solicitor and comparing quotes when you do decide to buy. I wouldn’t let anyone view unless they had evidence that they were able to proceed quickly and knowing the identity of the solicitor you will instruct is part of that. Is also want to know if you were using one of the large cheap conveyancing companies (very slow) instead of a solicitor.

Oh we have two quotes in principle

I presume they have done the KYC thing?

I thought the EA meant "have you engaged a solicitor" as in "have you paid a deposit", which we haven't.

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niki26 · 25/10/2021 12:10

No they don't mean have you paid a deposit. Are you referring to monies on account for searches? Don't worry - they don't expect you to have done that at this stage.

We didn't pay our solicitors anything until completion when their fees were taken out of proceeds of sale before the surplus was released to us.

Insomniacexpress · 25/10/2021 12:10

But have you picked which solicitor you’re going to use and sent them your forms of ID and agreed a price for your house sale but etc? If you make an offer in the property and it’s accepted the EA will send the agreement in principle direct to your solicitor so will want a name on file. The EA will also use your ‘readiness to proceed’ as a selling point when putting any offer you make to the vendor so you want to make yourself look organised and proceedable.

Original poster

DaisyNGO · 25/10/2021 12:14

Insomniac "But have you picked which solicitor you’re going to use and sent them your forms of ID and agreed a price for your house sale but etc?"

No. But we can do that within hours, if we have an offer accepted.

The sale and the purchase aren't happening at the same time. So from our side, no chain.

I am surprised that a solicitor would do any work at all before actually being paid?

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Insomniacexpress · 25/10/2021 12:20

They won’t. It’s just clearing you in as a client so they’re ready to do work and they know you are going to instruct them. It’s just file opening procedures.

You don’t need any work done until you know your offer is accepted.

Not having a final name ready to give the EA is only a problem if the vendor thinks it is. Just tell your EA you know what solicitor you’ll use and will pass contact details once an offer is accepted.

Original poster

DaisyNGO · 25/10/2021 12:25

Insominac "Just tell your EA you know what solicitor you’ll use and will pass contact details once an offer is accepted."

That's what I thought

I get told off for speaking too fast but the EA this morning was like an express train, the way she talked. She wouldn't let me get a word in. So I thought "engaged a solicitor" meant "actually paid and secured their services".

Tomorrow is going to be weird. We are staying the night in the area so that's good.

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Insomniacexpress · 25/10/2021 12:28

Good luck!

Paranoidandroidmarvin · 25/10/2021 12:30

Mine didn’t ask anything before we went to look. Just phoned up and asked to look. Put in an offer. And then we did the solicitor thing and told them that. But from what I have read on here. Each solicitor has their own things that they check. I would imagine these rules come in through problems they have had in the past so maybe why some rules are different from others

MydogWillow · 25/10/2021 12:37

Just as an aside, if you put an offer in you need to prove you have deposit funds pretty quickly.

MydogWillow · 25/10/2021 12:39

And possibly get searches started asap as they had a habit of taking a long time to come through.

Mudddypaws · 25/10/2021 12:59

We are relocating for work so selling and buying. All happening at a great speed. Ours sold in 3 days. Viewed one to buy last week and put an offer in straight away at full asking price. Other people had put offers too but we had also emailed the estate agents with our mortgage in principal and a letter explaining ours and our buyers position and the details of our solicitor who we had already instructed. In a week we have had mortgage approved, mortgage valuation and building survey done on ours and the valuation survey for our purchase is booked in for this week. Solicitors underway with searches too. I am sure it will all slow down from now but so far it has been very quick.

Original poster

DaisyNGO · 25/10/2021 13:00

Thanks everyone!

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Original poster

DaisyNGO · 25/10/2021 15:33

sorry to come back on this

If I have confirmation emails, saying "we are happy to act for you and our fees are xx", does that mean they have done these KYC checks, AML checks already?

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Oftenithinkaboutit · 25/10/2021 16:15

I have never paid a solicitor a deposit for conveyancing work. Ever.

They give an indication of price
And bill at end

Oftenithinkaboutit · 25/10/2021 16:16

@DaisyNGO

sorry to come back on this

If I have confirmation emails, saying "we are happy to act for you and our fees are xx", does that mean they have done these KYC checks, AML checks already?

Why don’t you ask them for goodness sakes?!

Oftenithinkaboutit · 25/10/2021 16:18

@DaisyNGO

Insomniac "But have you picked which solicitor you’re going to use and sent them your forms of ID and agreed a price for your house sale but etc?"

No. But we can do that within hours, if we have an offer accepted.

The sale and the purchase aren't happening at the same time. So from our side, no chain.

I am surprised that a solicitor would do any work at all before actually being paid?

Really? So you never pay a bill after a service?

A plumber
Electrician
Hair dresser

I could go on.

Original poster

DaisyNGO · 25/10/2021 17:07

@Oftenithinkaboutit

I have never paid a solicitor a deposit for conveyancing work. Ever.

They give an indication of price
And bill at end

interesting, we have, not a large amount but something like £50 last two times

Re, you saying "why don't you ask, for goodness sake" - It's just a curiosity question at this point. I don't like to bother people with "I was just wondering..." and they are clearly busy enough as they have turned down work quite recently.

re not paying till after - any trades we have ever called in have asked for a card number before sending someone round. I know there are some who won't, but the companies we've used do that.

I won't count a hairdresser because a) I don't really go and b) a hairdresser has a different business model.

I did read on here that some hairdressers were taking deposits post lockdown to secure the work.

I can see now I just should have said "yes" to the EA who asked me.
Pardon me for having an anxious moment and posting (I can see you won't pardon anyone, I'll hopefully not need to ask anything here again, I thought there might be a bit of goodwill among stressed out movers).

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