Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

[Skittlesss]

Who knows what they've been doing? I feel bad for the sellers as I presume their sol will be handling their purchase as well as the sale.

I wasn't going to chase it up as we only started this process on 12th March when we viewed the house, but then I figured it was pretty poor of them to not even tell their clients they have had queries.

That's good news, Step :) our searches didnt take long. Think they were sent on a weds and some came back on the Monday and the rest a few days after.

[Heyheyheygoodbye]

Our mortgage was approved Yay! DH feels much better now. On to the valuation!

[readingrainbow]

Hooray, Heyhey!

I am still on tenterhooks waiting for the vendor's solicitors to get back to ours re: exchange. Have found a decent quote for contents & buildings insurance, card at the ready to purchase it once we have a date for exchange fixed.

[StepAwayFromTheThesaurus]

That's great heyhey. I hope the valuation goes ok too.

Have you got an exchange date yet reading?

[readingrainbow]

The vendors aren't ready with their purchase. Chains!!! But my solicitor believes we should still be OK for completion on May 20. Gives me more time to get a good quote for insurance I guess!

[StepAwayFromTheThesaurus]

Getting all the ducks lined up is tricky.

[jbiscuits]

Can I join please?

We're ftb and had our offer accepted yesterday, which is very exciting! I now feel totally clueless about what comes next though, so could do with some advice. DH is ringing the solicitors today (and I've heard it's best to get them to hold off on the searches until we get a survey done?), and we've booked an appointment with our lenders (but the earliest they could do was 2 1/2 weeks time ). When's best to arrange the survey and is there anything else we need to be doing?

We're not in a huge rush, and ideally would like to complete end of July, but there's no chain and I don't want to hold up things unnecessarily.

And to add to all the stress DC2 is due in 5 weeks

[Heyheyheygoodbye]

Ugh Reading!

Welcome biscuits. Our broker is organising the valuation/survey etc for us...will your lender do that?

[StepAwayFromTheThesaurus]

Hi biscuits.

Do you need to go with a particular lender, or could you go through a broker? You'll probably get an appointment with a broker much quicker than that and may well have the mortgage offer in place before this appointment date comes round.

Your lender will arrange a survey for you. You can choose what kind of survey you want to commission. There's no need to arrange your own survey.

Your solicitor will wait until you get the mortgage offer before paying for the searches (although they may hold the funds earlier than that so they can move quickly)

[readingrainbow]

We chose to arrange for a full survey as our lender just did a simple valuation. We are buying a house build ca 1890 so wanted a clear idea of any repairs/work required. It was cheaper than I thought, at £400.

I would also recommend a broker; being clueless ftb meant I had someone advising me and answering my inane questions every step of the way. I also veer towards anxious in most areas of life so it was nice to hand off some of my anxiety to someone else to deal with particulars rather than me shouldering all of the burden. :)

[jbiscuits]

Thanks for the advice everyone. DH has been in touch with the lenders and they can now fit us in this Saturday which is good. It means we can also ask them about surveys as well.

I think part of my confusion is because I have done too much reading /research online. Everyone seems to have different opinions on the best way to do things (e.g. Independent survey or not etc).

[Temporaryanonymity]

I think I've had good news! My broker has just rung to say the lender has confirmed they've checked all my details, all queries have been answered and it has gone off to the underwriters for approval. Broker has now said he is 98.7% that I will get the written offer very soon; the lender said so! Please keep everything crossed for me, I am extremely anxious and have no one to discuss this with as I'm a lone parent. I really want to finally make a real home for me and my sons.

[readingrainbow]

That's wonderful! Sending positive mortgage-y thoughts your way.

[StepAwayFromTheThesaurus]

It sounds like it's all great temporary. Hope the paperwork comes through soon.

We got our formal mortgage offer in the post today.

[Heyheyheygoodbye]

Crossing everything for you, Temporary!

[Skittlesss]

Yayy lots of good news :)

[Skittlesss]

Finally moving along now. Solictors anticipates sending the papers out for us to sign this week. Am I right in thinking that after that we exchange then complete?

[Heyheyheygoodbye]

Yay Skittles! I think so! I think once everything is agreed, you exchange and set a completing date.

How long did you all find it took for your lender to do the valuation?

[StepAwayFromTheThesaurus]

It sounds like you're just about there skittles!

Our valuation survey happened 7 days after the mortgage appointment (on a Wednesday). We heard back that it was all fine by the Monday and received the formal mortgage offer in the post on Thursday.

[Skittlesss]

I thought so :)

Ours booked it the day after we applied, but the sellers must have been unavailable or away because they couldn't get access for 2 weeks. Mortgage offer was made 2 days after the valuation.

[TitsDown]

Can I join. I feel like I might have been idiotic...

I'm buying, offer accepted etc. EA claims vendor is chain free (they are buying somewhere but happy to move in with fam).

Have spoken to 2 brokers who have verbally oked my mortgage and promptly pissed off on holiday/failed to send me the details respectively.

I'm seeing another broker on Weds and visiting the property again (so can assess if vendor really fine to move).

My landlords pressuring me for a date so told them end of July. We're liable for any void period as still under AST so wanted to give enough notice. Now I'm worried it's not enough time to get sale through and/or its all going to go to shit.

Hold my hand please! The rest of you seem to have v different experiences of mortgage lenders. What can I do to ensure speediness?

[Skittlesss]

Tits, I would say get your paperwork in as soon as possible. Perhaps, if you're willing to take the risk, commission searches before mortgage approval, but I don't think the timescale is tight enough for that to be necessary.
We went direct to our lender so don't know whether the broker is faster or slower.
Our rough timescale if this helps you as we seem to be in a similar position/slightly more of a chain:
12th March - offer accepted
16th March - vendors have offered accepted on empty place. We submit mortgage app
29th March - valuation
31st March - mortgage offer
6th April - searches sent off. Queries to vendor from our solicitor.
12th April - searches back. More queries sent
29th April - email from solicitor to say some responses back from vendors, the rest expected on 2nd may and they will be sending the papers out for us to sign as soon as they have had the replies.

[TitsDown]

Thanks skittlesss , yep that's my plan. I'll get the mortgage app in on weds when I meet with the broker, if I can. I've got all my evidence gathered. If I can be in your position in 2 months, with a month to spare, I'll be happy!

I'm a FTB (DP isn't) and am so anxious/nervous/excited!

[Skittlesss]

Fingers crossed for you! :) we are FTB too and it feels so good to be finally buying a house :)

[Temporaryanonymity]

I allowed myself an interiors magazine today. I have decorated the whole house in my head! I should hear this week from the mortgage company...