I put an offer on a flat a bit below the asking price. The estate agent told me that the seller will not consider my offer unless I supply my solicitor's details. I have not instructed a solicitor yet. It is my understanding that to appoint a solicitor I would need to pay an initial fee for their "searches". Even the so called no sale no fee quotes I've had include an initial payment. So, what if I instruct a solicitor and then the seller says no thanks? I will lose the solicitor's fee right? Would it not make sense to fist tell me if they accept my offer and then ask me for my solicitor's details? The estate agent btw gave me a quote for conveyancing that seems £500 higher than most quotes I've had online... Could it be that the estate agent is trying to rip me off?
Answer by kimmamarie
They want you to be pre approved for a loan. this is so you dont waste their time and yours. You do have to pick an agent and get your credit run to find out how much you can borrow. After that, you look at places you can afford. Then you buy. But yes, it costs to get preapproved. However, you should get a preapproval letter from the agent letting you know exactly how much you can borrow. If a seller accepts your offer, he takes it off the market. If you get rejected for the loan, then the seller has lost bids on the home and is intitaled to keep any deposit you gave him. Most sellers want prospective buyers to be preapproved.
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Orignal From: Seller will not consider my offer unless I have a solicitor in place?
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