First time seller - Accepted an offer today

(4 Posts)
Smiler1972 Sat 08-Aug-20 19:49:43

It was twenty years ago I bought my house as a first time buyer. Now I'm a first time seller.

Accepted an offer today on my period property and now the panic is setting in! I'll be buying my old family home off my parents (mid century ex local authority).

Anyone in a similar timescale want to join me on the journey ahead?

I have no idea what I need to do except I need to appoint a conveyancer and let my mortgage company know.

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Smiler1972 Sat 08-Aug-20 20:00:52

Just found the buying/selling thread - I'll ask this post is deleted.

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Bumblebee1812 Sat 08-Aug-20 20:38:52

We aren't first time sellers, but we are currently in a chain and due to complete in September all being well.

Main things I can think of that we have had to do:
1) Conveyancing:
- instruct a conveyancing firm
- complete onboarding and anti money laundering checks with the solicitors
- complete property questionnaires for your sale (which will be given to your buyer's solicitor)
- pay the conveyancer for the local searches
- after enquiries have been answered, mortgages are approved and mortgage offers are in for all parties you will sign the contracts for your purchase and sale

2) Mortgage:
- even if you are porting your mortgage you will likely need to reassessed in terms of affordability with your lender. If you are not tied in to your lender/mortgage product look on a comparison website to check which lender would be able to offer the best mortgage based on your search parameters (duration of mortgage, fixed/tracker, equity to loan ratio) and then either approach the new lender for an appointment, or book the appointment with your current lender
- you will need to produce a list of documents for the said lender (for example proof of earnings, last P60 etc.)
- after your mortgage is approved subject to valuation the bank will arrange a basic valuation. Given the family ties I suspect you will not want a full structural survey.
- once the valuation has happened as long as the valuation matched your offer your application will go to the underwriters for approval.

3) Removal companies:
- once you are a few weeks in to the process and know the general period you are aiming for in terms of exchange/completion get a few quotes from a removals company if you aren't moving yourself. You'll be amazed how early removals companies can get booked up

I read an article the other day that said you should start decluttering your home and packing 2 months before you are due to move. Needless to say we have not done this!

Smiler1972 Sat 08-Aug-20 21:15:27

This is really helpful. Thank you!

I have a lot of decluttering to do...

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