OFFER ACCEPTED!! WHAT NEXT?

StarX_2

Hello everybody!
I am a sort of excited, as my offer has been finally accepted, even though I know that doesn't mean much until the transaction is well under way.

The Estate agent has told me to move quickly because if I don't have a survey of the house done within 15 days, the owner may change idea. Who is going to carry out the survey and when?
At the moment I don't have a conveyancer, or a mortgage.

However I have been enquiring about mortgages, and realised I can get one fairly easily (received multiple personalized factsheets; plus have been reassured I can certainly get a mortgage).
Can I have the survey done by the lender within 15 days if I apply for a mortgage tomorrow? Is there any lender known to be particularly slow?

What next? I was thinking of using an online conveyancer. Would this slow things down? Any recommendations?

thanks,
StarX
;D ;D ;D ;D ;D

Robert_Sterling_3

As a general rule I would encourage first time buyers to get a "provisional" offer of a mortgage before making an offer to buy a house.
I realise that I have not answered your question. No doubt someone else will soon.
Good Luck.

deemy2004

Usually takes a lot longer than 15 days, especially since youve not even applie for a mortgage yet !

First things is to apply for the mortgage and they will let you know. Its Christmas time, and I bet even if you act fast the surveyor arranged by the mortgage company won't do the survey until sometime early January, so the seller will have to WAIT !

Just apply and tell them the mortgage company are arranging the survey

MarkyMarkD

I don't think it will necessarily take as long as you say re the surveyor - housing market activity is very low so the valuers shouldn't be too busy. December is ALWAYS a slow month too because people are generally thinking about Christmas, not about moving house.

johannamse

We moved in Dec 2 years ago and had valuer round in under a week. If you will get a mortgage easily, then I think you will be OK. A word of advice though, keep your phone glued to your hand and keep ringing mortgage company. You would be amazed how ringing wil gee them on and speed up process.

StarX_2

Thanks for the explanations. Do you know how the conveyancer enters the picture now? And how they can affect the process?

Regarding having a provisional offer for the mortgage, that is a sort of tricky if you haven't determined what the house is for sure, and at what price. They want those details in the application.
What if those details change i.e. offer rejected/price goes up? Your provisional offer is out of synch.

That's why I only got advice/personalised factsheets so far.
StarX

Reaper

Thanks for the explanations. Do you know how the conveyancer enters the picture now? And how they can affect the process?

You need to find and hire one. If you are confident you will be offered a mortgage then do it now. They do all the legal side. eg make sure the buyer is entitled to sell, make sure the council isn't about to build a bypass through the house, draw up the contracts etc. The quality and price of conveyancers/solicitors vary so if at all possible get a recommendation off a friend who has recently moved.

They should explain all the steps in the process if you ask.

You might like to appoint a local one for convenience but it is not really necessary as you should be able to do everything by post.

StarX_2

The lender of the mortgage I am applying for specifies that legal fees are paid for if through the lender conveyancer.

Is it a good idea to use theirs?

Reaper

Definitely. Free is good!

StarX_2

I can spot a sarcastic vein in your reply, but I am not completely sure.
Are you implying it is not a good idea to use the lenders' solicitors?
StarX

amboy

I am in a similar position to you, I too had been told to have the survey done quickly etc etc, I think it is just a tactic from the agents to make sure you move quickly.  BTW  I had an offer accepted on a Wednesday and because I wanted to move quickly I had to forget about using the smaller cheaper lenders and plumped for IF who suposedly have a good turnaround time, if everyone involved knows you want to hurry things along they will normally do so,

I had a provisional mortgage offer on the Thursday and the survey done the next day, it is a quiet time and they were very quick.  Now just waiting for the firm mortgage offer.

As for solicitors, I suggest getting recommendations for local firms.  If you are lucky enough to have your legal fees paid then good on you, find out if you need to use a firm they suggest.  

I really dont think there was any sarcasm from the previous post, just genuine glee as you may have a freebie.

HTH