Getting Panicky - FTBs

NervousYetFeisty

Prompted by Frustrated by FTB.....

We've (finally, having been looking for months) had an offer accepted on a house.

It took us a little by surprise, I think because so many prior offers on other places were turned down so we weren't expecting a "yes". We viewed the house a week ago two days after it went on the market, put an offer in there and then, with a final offer accepted a couple of days ago. I thought we were all ready to go and that I knew what needed to be done, but now it seeems we really have to get our act together and I'm all flustered and confused :eek:

We know how much we can borrow (having visited a mortgage advisor a couple of months ago and getting an illustration), but we've not actually got a mortgage application in. Nor have we appointed a solicitor. We'll do these two on Tuesday (although dp has realised his passport is out of date and the solicitor needs to see it!). And I have no idea how to find a surveyor.

The vendor is ready to move as soon as we are. We need to give a months written notice on our current flat, but this isn't too big a deal as the rent is low.

So help! What are we meant to do next? Should we be phoning the EA everyday with an update? How long does it take to arrange a survey?

We really don't want to annoy the vendor, and we love the house and don't want them pulling out so really want to get going ASAP.

silvercar

your mortgage provider will sort out the survey, don't worry about that. Your first two tasks are to appoint a solicitor and get your mortgage application in.

As soon as you have given the solicitor's details to the EA the vendor's solicitor will be informed. Also the mortgage company will arrange the surveyor's viewing with the EA so you don't have to worry about that.

NervousYetFeisty

Thanks, Silvercar.
So we're not quite as disorganised as I thought...

towseriv

Hi,

First dont panic. People know that you want the property that you just negotiated or however you have to move as quick as you can to get a mortgage app and solicitor. Call your bank or whoever you are using tell them you need the first available appointment to make a mortgage app. Reme,ber you can apply at any branch of the same bank so call the central number and tell then you are willing to travel to any branch in your local area. This means you can get you app in as soon as poss. If you are using a broker then call them and tell them you need to start as swift as you can.

As for the solicitor. Call all your local ones and ask for a phone quote for conveyancing fees for a property you are buying and your purchase price. After calling around phone back the cheapest (or cheapest with best reputation) and ask them to send you a written quote as you would like to use thier services. Then call the EA and tell them who your solicitors are.

As for a survey dont worry who everdoes your mortgage sorts that, you just pay the fees.
Hope I helped

NervousYetFeisty

Thank, Towseriv.

I don't know where I got the idea that I've got to find my own surveyor!

I think I've been reading too much stuff and can't see the wood for the trees. And now I'm dreaming that we're going to get a call from the EA; "You've taken too long! Someone else is having it!".

Thank you for calming me down a bit, you two.

Doozergirl

You got that idea from the fact that you have a choice over whether you want just the basic mortgage valuation, or a more comprehensive survey. Some mortgage valuers will carry out a Homebuyers report or a full survey for you, but many are only employed by the lender for valuation purposes.

If they will do a full survey, you still have the choice to use them or a completely independent surveyor. It's about price ultimately. You can find independent surveyors here http://www.ricsfirms.co.uk/vw/search/location.aspx - get a few quotes!

Do yourself a massive favour and organise your mortgage through an independent, whole of market advisor - we don't really need to tell you that by now, do we?

Also, it's going to be your solicitor doing most of the legwork for the purchase as you're not selling anything, so updates will mainly be coming from your end, so don't chase the agent too much. A good relationship with your solicitor will get you far, it really isn't necassarily the best thing to go cheap in these circumstances. Go with your gut instinct.

NervousYetFeisty

Thanks Doozer.
Yup, have an independent sorting out the mortgage. Have got a couple of quotes from solicitors, and we're going with one that has been recomended by a friend who has used him several times. Prices seem much of a muchness - although I'm sure it can't cost that much to photocopy some stuff and post a few letters... ;o)
And now I see where I got the surveyor thing from. I don't think we'll need a full structural survey, but a Homebuyer's report seems like an OK idea.

NastyMatt

Don't be worried about asking EVERYONE for advice If you are worried that it is not moving fast enough ring your solicitor.. ask them where they are with their part. If they say something that quite frankly makes no sense what so ever.. ask for an explanation.

Then ask who should be doing that.. then ask what you can do to make it happen.

You'll probably hear "we are waiting for..." quite often!! As soon as I hear that I phone who ever they are waiting for and give them a shove.

I'll phone the EA and tell him what I am expecting nearly every other day I am sure he hates me but the £xxxx he'll earn in commission will soften the blow!! My solicitors no doubt will groan every time I ring them but they'll be happy when they cash my cheque on completion day!!!

Quite simply if you are not 100% in your own mind about something ring your solicitors or your EA or your mortgage broker/lender (post on here) etc until you are. Don't hang up from the EA/solicitors until they have explained it and you could explain it all to some one else.

Nothing is too complicated if it is explained properly.

NervousYetFeisty

NastyMatt wrote:

Don't be worried about asking EVERYONE for advice If Don't hang up from the EA/solicitors until they have explained it and you could explain it all to some one else.

Nothing is too complicated if it is explained properly.

Thank you. You've made me feel less stupid for not knowing everything about the process, iykwim - and more confident to ask questions.

Like most people I feel uncomfortable being so much in the hands of others - I like to feel that I've got a handle on anything I get involved in, so not being in total control, especially of something so huge, is unsettling.

NastyMatt

Once you really understand it all - it will no longer be unsettling... and that can only happen if you ask questions. You'll breeze through it then.. even if there are complications/issues you'll know who should be doing what and you'll feel better about what is happening.

Then you can pass on your wisdom to all the FTB's who post on here

Tassotti

NastMatt,

Your name does you no justice at all. Shouldn't it be FriendlyMatt?