Jump to content
House Price Crash Forum
Sign in to follow this  
richtung

New Member And A Couple Of Questions..

Recommended Posts

Hi folks,

New member here - been lurking for the past few weeks but wanted to join and start posting.

A bit of background - wife and I currently own house which i purchased as a new build. We were married in Aug 14 and now looking for our family home.

We have a decent deposit saved up, mortgage in principle agreed and a solicitor lined up. Budget for the family home purchase would be £240k-£270k.

Right, we've been to a few viewings but not found a house we've liked enough to submit an offer but have a couple of questions for when the right house pops up.

When submitting an offer, one of things I've read to do is ask the vendor to take the house off the market and the EA to not take anymore viewings. Even with these conditions in agreed, can the vendor still accept over third party offers?

Im also unsure about the survey. The properties we are looking at are built around the 1930's. Once the offer (subject to survey) is accepted, do i then:

A) Instruct a surveyor of our choosing to carry out a homebuyers report / building survey and then if necessary, adjust the offer as a result of the survey, then apply for a mortgage and let the lender do their valuation survey, or;

B) Apply for the mortgage, do the valuation survey with the lenders surveyor but upgrade to a homebuyers report / buildings survey and pay for the upgrade?

If i went for option "A", we would be paying for 2 surveys - would we be able to use our own surveyor to carry out the valuation survey which i can submit to the lender?

Sorry for all the questions!

Thanks

Rich

Share this post


Link to post
Share on other sites

When submitting an offer, one of things I've read to do is ask the vendor to take the house off the market and the EA to not take anymore viewings. Even with these conditions in agreed, can the vendor still accept over third party offers?

Im also unsure about the survey. The properties we are looking at are built around the 1930's. Once the offer (subject to survey) is accepted, do i then:

A) Instruct a surveyor of our choosing to carry out a homebuyers report / building survey and then if necessary, adjust the offer as a result of the survey, then apply for a mortgage and let the lender do their valuation survey, or;

B) Apply for the mortgage, do the valuation survey with the lenders surveyor but upgrade to a homebuyers report / buildings survey and pay for the upgrade?

If i went for option "A", we would be paying for 2 surveys - would we be able to use our own surveyor to carry out the valuation survey which i can submit to the lender?

Sorry for all the questions!

Thanks

Rich

Even if your offer is conditional on them not doing more viewings, they will still leave the for sale sign up and keep it on rightmove.

The mortgage company will require a basic survey (valuation purposes) but usually offer an upgrade to a full survey at your expense.

However, better of taking someone trustworthy who knows what they are doing. I find surveyors are in the "avoid any liability" game i.e. anything at all risky, they will tell you get another survey.

Share this post


Link to post
Share on other sites

The bank will rip you off for a survey upgrade. They will insist you pay for their own valuation survey. Get your own building survey separately, will probably pay for itself and more.

Share this post


Link to post
Share on other sites

A few years ago the bank valuation surveyor called us up to ask if the house was visible from the road. Thinking this was because it may be hard to find we responded not really. Surveyor than responded that they would actually have to get out of the car to do the survey.. :blink::blink:

You may be able to find out what panel of surveyors they would use and approach them directly but be aware if they over egg the report at your request to assist in negotiating a lower price then there may be more retainers held back from the mortgage.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   215 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.