FTB help!!

[BlueWhale47]

Hello,

I am in desperate need of some advice. Despite having read many articles online and spoken with several people I just can't get my head around the right order to do things when purchasing a property as all the steps seem to merge into one. So far I have done the following

1. Decision in principle completed
2. Viewed several properties
3. Researched solicitors who I would want to act on my behalf should I make an offer
4. Made an offer
5. Had offer accepted

My decision in principle was with L&C. I have updated them with further details required for the mortgage application, income, fixed expenses, estimated expenditures in new property etc. I am due to have a call with them tomorrow afternoon to discuss this further. From what I understand, based on this they will assess what lender would be most likely to lend and provide the amount required. I have all the typical documents ready, bank statements, payslips, ID documents etc.

What I don't understand is at what point I am meant to instruct the solicitor as I have seen varying things online. The solicitor I feel comfortable choosing for various reasons has an upfront cost of £750 on instruction. Seems a bit on the high side to me in terms of an upfront cost? But in terms of the actual quote doesn't seem crazy (2700).

In theory I could instruct the solicitor how and pay the 750, however what would then happen if for some reason I am unable to find a lender willing to lend to me or provide the amount required for the sale. Also I have read that it's wise to ensure that the solicitor is on the lenders approved panel, but you won't know that until you know who the lender would be ?? I presume this is partially what homebuyers protection insurance is for though from what I've read (homeowners alliance) it doesn't seem to cover that eventuality.

The mortgage amount I would be requesting is within the realms of the decision in principle amount however have a bit of paranoia that things could just fall apart at any moment. What if their affordability criteria is stricter than I'm anticipating etc etc.

I'm finding this whole process stressful as it is and my brain feels like a sieve. can have something explained to me several times but I feel like I need things in black and white bullet points and explained as if I am a child.

Hi @BlueWhale47.
I am by no means an expert, but I've literally just started my FTB journey this week.
We've had am offer accepted.
I already had the mortgage in principle in place with a broker.

So far, I've paid nothing.

My mortgage broker is putting in the application tomorrow. There will be a lender fee to pay at that stage (not all mortgage deals have a fee).

He recommended a solicitor which I contacted yesterday, got a quote £1800 and I've accepted and set up their portal but so far not paid anything.
I've been advised to wait for the mortgage to be confirmed before I pay the solicitor to start searches.
At that point I will also look to book the surveyor.

I'm sure others will be along with more advice soon, but this is literally what I've just discussed with my broker this evening.

You instruct the solicitor as soon as offer has been accepted. In fact you should already have one lined up. But your one seems expensive - I usually pay £250 to get the ball rolling and it costs about £1500 overall if nothing out of the ordinary (this is London).
I've only once came across a situation where the solicitor was not on the approved list, and she got me someone who was.

I’m a first time buyer but I just lost my house. As soon as the vendor accepts your offer you are meant to instruct your solicitor and give the estate agents their details to start things off. I’m surprised they didn’t tell you to be honest or ask for it. The solicitors searches tend to take weeks .

Yes you instruct the solicitor once offer accepted. I have never paid that amount upfront so would go find another one. It’s usually a low fee for starting searches. Couple of hundred or so.

The mortgage offer won’t be completed until the solicitor has done half their stuff. I think they talk to each other to confirm it’s all legit. So it’s quite far down the line when the mortgage lender can turn around and reduce their offer. It’s something you just have to hold your nerve on and gamble with.

It’s all going to be fine 😊 congratulations! Getting this far means you have already done it. Even if it’s not this house it will be the next one. Whats for you won’t go by you. So don’t panic.

Hi,

Thanks for your responses guys. It just feels like info overload.

@mondaytosunday - I had a conversation with solicitor before I made the offer who confirmed that they were willing to act on my behalf once offer was accepted etc however was slightly questioning the price as I know there's cheaper out there. The one I spoke with is local to me & has good reviews. I'm also in London though, would you be willing to share the name of the firm you used so I could have a look? As I don't want to overpay if I could get quality service for a lesser price.

Estate agents have requested details of sols to be passed over which is why I am having a wobble about the whole thing & wanting to make sure I am making the right choice. They have also said that if I haven't got one, then they can recommend.

Part of me feels like I could be searching and searching forever to get the right quote, reviews etc etc and I may as well just stick with this one even though I may be paying a little over the odds just so that I don't go insane.

I may add that I'm buying on my own & no one in my family owns so not really got anyone in real life to discuss with.

I'm in London too, and the solicitors the estate agent recommended is £800 more than the one I've gone with, so keep your wits about you with any recommendations they give!

@SeLHopeful2024 at this point my brain is fried and it feels like I have no wits left which is concerning given that this is only just the beginning!

Can I ask which one you have gone with if you don't mind me asking?

I'm going back to the drawing board and having another look.

@BlueWhale47 just sent you a DM.

It is worth paying more for a good solicitor. The crap.ones make house buying much more stressful.

You don’t have to use a solicitor in London. I’ve bought properties in London but used my family solicitor based outside of London. Use someone you know, a family friend or ask your friends who they used.

We just use our local solicitor and when dd bought in London, she did the same. Family and friends might have recommendations but you need a proactive solicitor or conveyancer.