Order of Purchase

Discussion in 'General Property Investment Discussion' started by Anon Private, May 16, 2018.

  1. Anon Private

    Anon Private Member

    Hello,

    I would like to check the order of precedence when purchasing a leaehold flat.

    I have seen a flat that I would like to purchase.

    I have carried out some research and have decided on the ammount I am prepared to offer.

    If accepted, I will then instruct a surveyer to produce a report for my benefit.

    If the report is satisfactory, or, after further negotiation, I have ammended the offer, and this has been agreed.

    I will then appoint a solicitor to condcut the conveyancing process.

    Is this the correct order of precedence?

    Thanks

    NB. UK resident

    Ps. In the event of a re-negotiation following a survey, who would I negotiate with, the estate agent, or, should I ask to be put in touch with the vendor.
     
  2. Longterminvestor

    Longterminvestor Active Member

    How are you funding the property purchase - mortgage or cash?
     
  3. Anon Private

    Anon Private Member

    Cash

    I have now agreed a price.

    The estate agent seems happy with my order of events.

    After further thought, if the surveyor finds faults, I will likely ask the vendor to rectify the matters.

    Regards
     
  4. Longterminvestor

    Longterminvestor Active Member

    The options are probably:-

    Ask the vendor to rectify
    Negotiate a lower price to reflect additional costs to rectify any issues yourself (risky incase additional issues arise)
    Walk away

    You seem very keen to buy, are you on a tight timescale for some reason?
     
  5. Anon Private

    Anon Private Member

    I would prefer the first opion.

    I have been looking for some time, and am now ready to purchase.
     
  6. realdeals

    realdeals Member

    I agree with option one, the more risk you can place with the vendor the less risk you will take on. Sometimes, where issues are found, once they are fixed then other problems can emerge. Reducing risk is the name of the game!
     
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