Stages of the mortgage process

geordiepaul2001

Hi all,

I am a 1st time buyer who has arranged a mortgage in principal based on 10% deposit.
I am a little short of the 10% mark butwill have it in the coming weeks.
My question is, at what point do you have to provide proof of deposit?, and when would it all need to go through?
Would I be able to bid now, knowing that I won't have the deposit for 3 weeks or would it all go through quicker?

I hope this all makes sense.

_Andy_

As an aside, you mention you're just short of the money for the deposit - have you also factored in legal costs, possible stamp duty, valuation fee, moving costs etc.?

Robert_Sterling_3

at what point do you have to provide proof of deposit?

At the time of "Exchange of Contracts" at that point it will be a non refundable deposit.

Would I be able to bid now

Yes you can bid now.
You can also back out or alter you bid up or down until the
Exchange of Contracts.

geordiepaul2001

_Andy_ wrote: »

As an aside, you mention you're just short of the money for the deposit - have you also factored in legal costs, possible stamp duty, valuation fee, moving costs etc.?

Yes indeed, our parents have agreed to cover those costs, we just need to save the deposit.

geordiepaul2001

Robert_Sterling wrote: »

at what point do you have to provide proof of deposit?

At the time of "Exchange of Contracts" at that point it will be a non refundable deposit.

Would I be able to bid now

Yes you can bid now.
You can also back out or alter you bid up or down until the
Exchange of Contracts.

Thats good to know.
It will be interesting to find out if a bid has been made and how much it is for.
I don't suppose they are obliged to tell me though.

geordiepaul2001

I should also ask the following.

How long would it take for me to go from having my bid accepted to exchanging contracts.
I have a mortgage in principal and no property to sell.
The house has already been sold to the company who are providing the existing residents new build.

mark5

So your planning on buying off a developer who has taken the property in part exchange?

If so have the part exchange completed because if so then you will be able to find out what the developer paid for the property which will give you a very good idea of what they will be looking to achieve for the property before you start with your bidding.

geordiepaul2001

mark5 wrote: »

So your planning on buying off a developer who has taken the property in part exchange?

If so have the part exchange completed because if so then you will be able to find out what the developer paid for the property which will give you a very good idea of what they will be looking to achieve for the property before you start with your bidding.

The previous owner showed me around and he said they gave him £130,000 for the property

geordiepaul2001

geordiepaul2001 wrote: »

I should also ask the following.

How long would it take for me to go from having my bid accepted to exchanging contracts.
I have a mortgage in principal and no property to sell.
The house has already been sold to the company who are providing the existing residents new build.

Giving this thread a bump to see if anyone knows a rough timeline in my situation