Offer Accepted on house

[massiveswfc9 10]

WE have recently had an offer accepted on a house. The people that are buying ours are first time buyers with cash, however the people we are purchasing from are yet to find a house to move in to. My quandry is

1. At what point should we start solicitors searches on the house, should we wait until the vendor has found a house and had an offer accepted?

2. At what point should we instruct a survery, should we wait until the vendor has found a house and had an offer accepted

3. We know we can get a mortgage fine, but is there any point in organising this at present when we dont know what is happening

 

The whole point of this question is that we dont want to start paying £500 for searches and £400 for a homebuyers report, for potentially the vendor to pull out of the sale due to not finding anywhere. Therefore would it be wise to hang fire until we know the vendor has had an offer accepted on a house they are wanting to move to.

 

Serious answers from qualified people would be very much appreciated, or people whom have had this same circumstance

[jm79 10]

Personally, I would wait until your seller has found a house to buy if you want to avoid the risk of losing money.

 

What you also need to keep in mind is that if your seller doesn't have an offer accepted on a house soon, your buyers may get impatient and pull out in favour of buying a house in a chain that is ready to move.

 

Just my opinion though (from personal experience). Others may disagree.

Edited November 13, 2013 by jm79

[gravity426 10]

i would wait until your sellers have atleast had an offer accepted somewhere else. Took us 5 months to find the right place, we ended up moving into rented as our buyers were in a hurry.

 

Tell your sellers you need to proceed by x date, that will hopefully get them going to viewings atleast.

 

In the meantime look at other houses coming up over christmas/new year, they are often a few % cheaper than at other times.

[Robbie Loving 10]

If you're wanting to avoid charges, then just leave the aspects you've mentioned on hold until they've had an offer accepted on a property.

It may be worthwhile trying to speak to the vendors to see what junction they're at.

 

Get an agreement in principal (if you've not already done so) from a mortgage provider, as that has no cost effect on you initially.

[Jeffrey Shaw 90]

WE have recently had an offer accepted on a house. The people that are buying ours are first time buyers with cash, however the people we are purchasing from are yet to find a house to move in to. My quandry is

1. At what point should we start solicitors searches on the house, should we wait until the vendor has found a house and had an offer accepted?

2. At what point should we instruct a survery, should we wait until the vendor has found a house and had an offer accepted

3. We know we can get a mortgage fine, but is there any point in organising this at present when we dont know what is happening

 

The whole point of this question is that we dont want to start paying £500 for searches and £400 for a homebuyers report, for potentially the vendor to pull out of the sale due to not finding anywhere. Therefore would it be wise to hang fire until we know the vendor has had an offer accepted on a house they are wanting to move to.

 

Serious answers from qualified people would be very much appreciated, or people whom have had this same circumstance

Posts #2-4 are good, but bear in mind that deferring the preliminary searches might then cause delays once the chain takes shape.

Be guided by your solicitor re timescale.