Week 43: Surveyors, Solicitors; Just what is all the fuss??
Okay let's eat that frog and get the ugly out the way first. Solicitors! Now don’t get me wrong, it's nothing personal. They are doing a very important job but you will find in your dealing with them (and no other way to put it) that they are a total ‘waste-man or woman’ hahaha. I know my words may seem offensive but apologies in advance. It's not because they are so expensive, or a little obnoxious (hey just an observation, please don't shoot me down just yet) but because the sheer speed in which they work or NOT. I have found that when they require something they want it there and then and will not budge. But if you require something you will have to wait. I am not saying they need to drop all their caseload to attend to mine, but I'm sure we can meet somewhere in the middle. For example, if they require a wet signature via post in addition to a zoom call and a witness overseeing this, seriously! I'm not testifying against a criminal, it's just some paperwork. I can provide you with the originals so what the fudge??
Anyway, all I'm saying is be prepared to be hanging around and God forbid if you are in a rush to have that deal over the line by a given date then just learn some patience as you will need plenty of it. However, they are an integral part of the process and frankly you need them. You will be working on an awful lot of deals with them so might as well get thick skinned and get on with it. My advice, always go with someone that has been recommended and go through a few to see who you will like to settle for. A good solicitor that you are happy with is worth its weight in gold. So search, vet, dissect to your heart's content and only ‘employ the services of’.... when you are totally happy and content. A good solicitor will see you through the years so don't be hasty.
Surveyors, you either love them or hate them. Love them when things go to plan and they give you a high valuation and loathe them when the valuation comes below what you had hoped. It's nothing personal just people doing their job I guess. Don’t take their word as gospel but it's definitely a starting point. I have viewed a ton of properties and time to time have used the services of a valuer/surveyor. It will cost you a little so only take them for those ‘oh so good’ deals....! I came very close to choosing a property which I wanted to bid for at an auction, did my research and drew up some numbers of what I think I could get for that product once it's complete. The independent surveyor gave me a number which was £5k short of what I had put in but how could this be. I have checked the entire market stats at least a dozen times.
Needless to say, I was feeling a little deflated by this point with the eagerness to close. But, after speaking to a few individuals who have been in the game longer than I, explained that this is a fair amount. That they will always be extra vigilant and many a times down value to be on the safe side (typical of the bank and their valuers). My associate made me aware that this valuation coming from a bank is actually quite desirable. And after looking at my report/findings mentioned (off the records) that this deal will fetch me £5k more than what I had written on my proposal. I can believe this as I was super conservative with my figures so a little surprised when the surveyor's report came back.
Bottom line; only time can tell. I say do all your homework, converse with many, make some educated decisions (not assumptions) and give it your best shot tiger….