corsaaa_16v
Member
Registered: 8th Feb 06
User status: Offline
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Ive been reading on the internet and speaking to various financial advisers but thought here might be a good place to start and get an unbiased view
It sounds like the offer we made on the property we recently viewed is going to be accepted
It is a repossession and is owned by a company (being sold through a local estate agent)
I know I will need to arrange the mortgage, survey and appoint my own solicitors
What order do I need to do the above in and how soon can I get the ball rolling? Shall I put a timescale in place with the company that owns the property telling them that I want everything completed by xxx date?
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Do everything today. Its not difficult to find a surveyor, solicitors are pretty much the same - conveyancing is dead easy so you can pretty much phone 3 or 4 and go with the cheapest.
Mortgage can take a little while to sort. Assuming you've already got an offer in principal on the property you just need to fill out the acceptance forms and the mortgage company will do the rest.
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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did you get a mortgage promise from the bank? if not, get that done today.
halifax do a 20 minute promise while you wait in the store if you are with them.
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
User status: Offline
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Do everything you can as quickly as you can.
You can put a time scale but the only way it will mean anything is if you get it written into your fee contract. Anything else its not worth it as if you say "It must be done in 2 months" and 2 months comes and goes what are you going to do - go and find another solicitor? you would still need to pay the existing one for all the work. All you can do is offer an incentive like £100 bonus if it completes within 1 month etc.
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amxor
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Registered: 12th May 05
Location: Rochester
User status: Offline
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Being a repossession, it will normally be a condition of the sale that you exchange within 28 days. Also, due to the fact the bank is obligated to obtain the highest value possible, you can be outbid right up to the point the contract is exchanged, so try and get everything done ASAP.
If you need a mortgage, the mortgage company will often instruct their own valuer, so you don't need to goto the hassle of finding one yourself, but keep chasing them as most mortgage companies do everything slowly.
If you can, get a local solicitor. That way any paperwork can be signed quickly and documents dropped off at the office. Theres nothing worse than waiting for the post or things going missing. Unfortunately, solicitors are still stuck in the stone ages and rarely use e-mail / fax and in most cases, they need original signatures / documents anyway 
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