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Just had our offer accepted ! excited and teriffied

(9 Posts)
newhomeowner Mon 18-Apr-16 18:35:23

Hi all
Ftb here we just had out offer accepted on a house we loved but viewed only once since it was an open day and they had offers until monday at 12pm .
We are excited but also scared at the same time . Is this feelingnormal ?
Based on your experiences how long should the whole process take ?
The owners have already found a house we have instructed solicitors and will go to the bank for the whole mortgage assesment on wednesday (got the aip) . Should we start to look at surveyors or will the bank take care of that ?
Any other tips on what to expect ?? And how to make the process as smooth as possible ??

CodyKing Mon 18-Apr-16 18:41:05

Bank will do survey
Solicitors do searches

Takes min 8 weeks ish - depends on chain

The easiest thing is to do everything you need to do quickly and return all paperwork in time.

financialwizard Mon 18-Apr-16 18:45:54

Ask a stupid question but why did you go direct to the bank?

It's not wrong just interested why you chose that route.

financialwizard Mon 18-Apr-16 18:47:00

Silly phone, but in answer to your question 6-8 weeks dependent on chain, lender, searches.

newhomeowner Mon 18-Apr-16 20:37:01

Is banks survey enough ? Do we need to do our own as well ?

listsandbudgets Mon 18-Apr-16 20:43:30

Congratuations. Its a very exiting feeling.

The bank survey tends to be quite cursory. Personally I'd want another one especially if you're buying an older or unusual house - not least because the bank would be the client not you. If something crucial is missed by the bank you've got no redress against the surveyor. If something is missed by your own surveyor you could later have a claim against them - I know someone this happened to and they got quite a lot of help from surveyors insurance so it could be worth it

newhomeowner Mon 18-Apr-16 21:03:43

Yes listandbudgets thats what we are thinking doesnit matter when we do the aurvey we hve the appoitment with the bank on wednesday for the full mortgage i was thinking of hiring a surveyors for a homebuyers report after that
Its a 2002 build so i think a buildinng survey is not needed but i could be wrong
The house is aproximately 70 metres away from a train line do you think we should get a building survey for that ?

Lonecatwithkitten Tue 19-Apr-16 13:23:54

The bank will commission a valuation survey ( that you will pay for), usually the surveyor will offer you the chance for additional cost to upgrade to either a homebuyers or full survey. Doing this will almost certainly be cheaper than engaging a second surveyor and there is no conflict of interest as both you and the bank want the same thing a sound investment.

Lonecatwithkitten Tue 19-Apr-16 13:25:03

I would always have at least a homebuyers, I am buying a five year old property even on that there is a small area of concern that I will need to get the NHBC to look at.

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