First time buying-what happens?
Discussion
Myself and my OH have found a house, had an offer accepted, got an agreement in principle, appointed a solicitor to which we've given all the details etc, but what happens next?
We're off to see the bank manager about the mortgage during the week (HSBC), is it worth speaking to a broker as well?
Any help or advice on what to expect is much appreciated!
We're off to see the bank manager about the mortgage during the week (HSBC), is it worth speaking to a broker as well?
Any help or advice on what to expect is much appreciated!
Once they agree a mortgage the sellers solicitor should issue a draft contract which then allows your solicitor to get going with searches etc and everything else they do when conveyancing. My advice would be to contact them at least once a week to find out what is going on and keep the pressure on them. Get the contact details of the seller and speak to them regularly about where their solicitor is at. If you just leave them to get on with it then it can take ages (like 12 weeks) whereas if you are on their back it can be done (especially if it is a simple buy) in less than four weeks.
If you received your mortgage in principle from Bank A, and intend to visit only Bank A to arrange your mortgage then it is almost certain that you will not be getting the cheapest/most optimum mortgage for your circumstances. I would suggest you quickly make an appointment with an independent mortgage broker. Many dislike even the concept of mortgage brokers as they pereive this as another link in the chain and thus more "cost" but I would suggest that view is misguided. I would have expected the agent you offered through to "invite" you to speak to their broker (who may or may not be independent) at the very least, but there you go.
Honestly, the difference across the 3 or 5 years you will be fixed (not to mention the 25 plus years most ftb's hold their mortgage) could be measured in many many thousands of pounds.
Bank A (and B, C and D) absolutely love clients who act in the manner you have.
If you want a thorough breakdown on what happens next I can furnish you, but my pressing advice is to get on with finalising your finances asap.
Best of luck.
Honestly, the difference across the 3 or 5 years you will be fixed (not to mention the 25 plus years most ftb's hold their mortgage) could be measured in many many thousands of pounds.
Bank A (and B, C and D) absolutely love clients who act in the manner you have.
If you want a thorough breakdown on what happens next I can furnish you, but my pressing advice is to get on with finalising your finances asap.
Best of luck.
It's probable you'll not be able to actually have your appointment tomorrow but you can at least set it up. When you go to the appointment take 3 recent playslips or your P60 (for both of you if required).
Are you buying through an agency? Do you know what the people you are buying are doing (going into rented/purchasing another home etc)?
Cooking the dinner trumps replying in too much detail tonight on the conveyancing/purchasing process so I'll log in tomorrow night to see how you got on if that's ok?
Are you buying through an agency? Do you know what the people you are buying are doing (going into rented/purchasing another home etc)?
Cooking the dinner trumps replying in too much detail tonight on the conveyancing/purchasing process so I'll log in tomorrow night to see how you got on if that's ok?
scenario8 said:
If you received your mortgage in principle from Bank A, and intend to visit only Bank A to arrange your mortgage then it is almost certain that you will not be getting the cheapest/most optimum mortgage for your circumstances. I would suggest you quickly make an appointment with an independent mortgage broker. Many dislike even the concept of mortgage brokers as they pereive this as another link in the chain and thus more "cost" but I would suggest that view is misguided. I would have expected the agent you offered through to "invite" you to speak to their broker (who may or may not be independent) at the very least, but there you go.
Honestly, the difference across the 3 or 5 years you will be fixed (not to mention the 25 plus years most ftb's hold their mortgage) could be measured in many many thousands of pounds.
Bank A (and B, C and D) absolutely love clients who act in the manner you have.
If you want a thorough breakdown on what happens next I can furnish you, but my pressing advice is to get on with finalising your finances asap.
Best of luck.
Would agree with nice, but co-incidently I did things the opposite way round... - Went to a IFA, got quotes from them, and then visited HSBC too - got a very very nice quote from them, which upon going back to the IFA, I was told to bite the HSBC's arm off!!!!Honestly, the difference across the 3 or 5 years you will be fixed (not to mention the 25 plus years most ftb's hold their mortgage) could be measured in many many thousands of pounds.
Bank A (and B, C and D) absolutely love clients who act in the manner you have.
If you want a thorough breakdown on what happens next I can furnish you, but my pressing advice is to get on with finalising your finances asap.
Best of luck.
AS above though - DO get some independant advice, and don't only go to one bank or the like!
sc0tt said:
26 weeks to buy my first house. It is VERY stressful when there is physically nothing you can do to speed up the process.
Good luck.
You must have had a crap solicitor then and its exactly why I gave the info above in my first post here. I have bought many properties including leasehold that were repossessions and then you have to turn them around in 28 days. Every single one came in within that time. One house I purchased took two weeks. The buying process is simple you just need good solicitors and to keep on top of them.Good luck.
craigjm said:
You must have had a crap solicitor then and its exactly why I gave the info above in my first post here. I have bought many properties including leasehold that were repossessions and then you have to turn them around in 28 days. Every single one came in within that time. One house I purchased took two weeks. The buying process is simple you just need good solicitors and to keep on top of them.
Not necessarily. When I bought this place there was no chain (I was FTB, house was unoccupied). My offer was accepted in late February, I got the keys on 2nd July. The problem was the land registry - sellers solicitor had documents pertaining to the freehold, but the land registry didn't agree. It finally emerged that the former owner had bought the freehold in the early 70s. A year or two later the majority of the freeholds in the road (20 or so houses in the road) were sold by management company A to company B. Land Registry mistakenly also transferred the freehold for this property (and a couple of others) that company A had already sold.. They had to unravel this mess, which included sending a letter to company B asking them to forego the freehold for this property that they "held" but did not own - they had a time limit of 30 days to reply (which they didn't). The freehold could then be transferred to the sellers estate, ready for sale to me. Once all paperwork was in order at the land registry it was fairly straightforwards. I was lucky the seller did not pull out and re-list the property, at the time they could of easily got a higher price had they done so.
Mine took a similar period - 5 months, chain free. Partly caused by vendor (selling on behalf of his sister, his solicitor being woeful and negligent) and by a whole bunch of remedial work that had to be done by the vendor (collapsed drains).
Mortgage, survey and searches took a total of 11 days.
Mortgage, survey and searches took a total of 11 days.
Most sales are fine unless there have been errors in the past. The biggest cause of delay is someone using a cheap conveyancing factory style solicitor because they are very cheap. In the past when I knew what company a seller was using I have stated that I would buy on the condition they change their solicitor as it is well known if someone is using a company that is cheap and casework based that it will crawl.
craigjm said:
Most sales are fine unless there have been errors in the past. The biggest cause of delay is someone using a cheap conveyancing factory style solicitor because they are very cheap. In the past when I knew what company a seller was using I have stated that I would buy on the condition they change their solicitor as it is well known if someone is using a company that is cheap and casework based that it will crawl.
Agree - people skimp the most important purchase of their lives to save £300-£500 on a factory conveyancing service - most of whom aren't qualified (I understand they have one qualified lead for 8-10 "runners" who just validate the work)In my mind, although cash is tight when moving house, it's a no brainer - use a good solicitor - our saved us over £5k just in the negotiation phase...
TheInternet said:
How was this achieved?
He advised me on the negotiating position post-survey. Although acting for me, the solicitor is also duty bound to act in the interests of the mortgage issuer. He gave me some very good wording and verbal coaching for my revised offer post survey, and clarity over why it should be performed by the vendor and not by me post sale. This included drains, asbestos and roofing issues. He coached me on the stuff I might consider giving way on, and together we wrote a rider for the contract to protect our negotiated position.
AlecG said:
Thanks scenario8, I'll speak with a broker tomorrow! that's the sort of information I wanted!
HSBC seem to offer the best bank rate FTB mortgage at the moment, we've got an agreement in principle and are aiming at borrowing far less than we could!
I would thoroughly recommend getting in touch with a poster on here called Scotal who is a mortgage broker and a very good one too:HSBC seem to offer the best bank rate FTB mortgage at the moment, we've got an agreement in principle and are aiming at borrowing far less than we could!
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