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FTB- are things going TOO smoothly?!
JellyIcecream
Posts: 65 Forumite
Hi everyone!
I can't believe I'm saying this - I'm/we're buying a house! Still feels so surreal!
We have been looking at properties for a few months, been a bit hard as the area we honed in on has few properties that come onto the market and when they do, they seem to sell very quickly. Coupled with the fact that ideally we wanted something under 250k to avoid heavy stamp duty costs!
anyways, got notified by the EA about a property that came on the market on 11th august. We viewed it on the 15th, put in an offer which was rejected on 17th, viewed it a second time on the 18th and then put in our final offer on the evening of the 18th and the offer was accepted by the vendors on the afternoon of the 19th august!
we went off the the bank on the 20th and got a MIP. by the 24th we received a text saying mortgage ok so long as valuation ok. valuation carried out on 28th and mortgage offer came through the post on the 1st sept!
we only had 10% deposit but house is just under 250k so only 1% stamp duty. we decided on a fixed rate for 5 years (for security) but could only get 6.59% as we only had 10% deposit.
It's only been 3 weeks since we first saw the house!
Has it gone too quickly and smoothly?!?!
And what happens now? We commissioned a homebuyers report which we have yet to receive, our sols have been doing searches etc....
Our plan at the moment is to wait for Homebuyers report to see if anything major crops up - have also been told to send a copy to our sols - and hopefully if the report is ok, i guess we then just have to exchange contracts? is that right?
as i am renting at the moment, i am in a quandry about when to put in my notice! also stressed about when to complete as to minimise financial disruption with 1st mortgage payment etc. we set up the mortgage to come out on the 3rd of each month, so does that mean if i complete on say the 10th oct, my first payment comes out on the 3rd nov and would effectively be 'double' payment?
so excited and yet so scared! as well as stressing about giving notice to landlord, moving, decorating etc etc etc!
I can't believe I'm saying this - I'm/we're buying a house! Still feels so surreal!
We have been looking at properties for a few months, been a bit hard as the area we honed in on has few properties that come onto the market and when they do, they seem to sell very quickly. Coupled with the fact that ideally we wanted something under 250k to avoid heavy stamp duty costs!
anyways, got notified by the EA about a property that came on the market on 11th august. We viewed it on the 15th, put in an offer which was rejected on 17th, viewed it a second time on the 18th and then put in our final offer on the evening of the 18th and the offer was accepted by the vendors on the afternoon of the 19th august!
we went off the the bank on the 20th and got a MIP. by the 24th we received a text saying mortgage ok so long as valuation ok. valuation carried out on 28th and mortgage offer came through the post on the 1st sept!
we only had 10% deposit but house is just under 250k so only 1% stamp duty. we decided on a fixed rate for 5 years (for security) but could only get 6.59% as we only had 10% deposit.
It's only been 3 weeks since we first saw the house!
Has it gone too quickly and smoothly?!?!
And what happens now? We commissioned a homebuyers report which we have yet to receive, our sols have been doing searches etc....
Our plan at the moment is to wait for Homebuyers report to see if anything major crops up - have also been told to send a copy to our sols - and hopefully if the report is ok, i guess we then just have to exchange contracts? is that right?
as i am renting at the moment, i am in a quandry about when to put in my notice! also stressed about when to complete as to minimise financial disruption with 1st mortgage payment etc. we set up the mortgage to come out on the 3rd of each month, so does that mean if i complete on say the 10th oct, my first payment comes out on the 3rd nov and would effectively be 'double' payment?
so excited and yet so scared! as well as stressing about giving notice to landlord, moving, decorating etc etc etc!
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Comments
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your solicitor will come up with a list of questions following the reports and the survey and they will need to be answered by the vendors solicitor confirming warranties and damp and buildings info and stuff like that this can take up to a week or so then the contracts will be sent out to you to sign then it will be exchange time! ( you will only be able to exchange though once your solicitors have recieved your formal offer letter following the survey depending on who you are with will depend on how quick they are with that)
Our one last time from survey being done took just over 4 weeks till exchange0 -
JellyIcecream wrote: »
And what happens now? We commissioned a homebuyers report which we have yet to receive, our sols have been doing searches etc....
Our plan at the moment is to wait for Homebuyers report to see if anything major crops up - have also been told to send a copy to our sols - and hopefully if the report is ok, i guess we then just have to exchange contracts? is that right?
as i am renting at the moment, i am in a quandry about when to put in my notice! also stressed about when to complete as to minimise financial disruption with 1st mortgage payment etc. we set up the mortgage to come out on the 3rd of each month, so does that mean if i complete on say the 10th oct, my first payment comes out on the 3rd nov and would effectively be 'double' payment?
Can anyone offer an insight into the above question please?
Grateful for any help!0 -
Ring them and ask.0
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Just say you need a month from exchange to completion - then put your rental notice in on exchange.For every complex problem there is an answer that is clear, simple and wrong.0
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Just say you need a month from exchange to completion - then put your rental notice in on exchange.
But remember that as well as being at least a full month, notice should also end on a given day of the month (often the rent day, but more accurately the anniversary of when the tenancy started)0 -
Don't give your notice until you've exchanged contracts as until this time, there is no guarantee that you will buy this place and you may find yourself homeless!
Work out how much notice you have to give under your contract - as people have said, it is most likely to expire on the rent payment day. Once you have done this, then you can work out how much time you would prefer to have between exchange and completion. I was lucky that my seller agreed to a month - it still gave me 2 weeks overlap between my rented place and my new purchase but I was happy to swallow that cost for the convenience of being able to clean / paint my new flat before moving all my stuff over from the rented.
As for the mortgage payments, I saved up a "double" payment only to find out afterwards that I pay my (Natwest) mortgage in arrears - definitely worth calling your lender to find out.
Good luck with it all - mine went through really quickly too - 5 weeks from offer to exchange!0 -
We're also in the process of buying, though we're not as far along as yourself as we've only had our offer accepted and are now following in your footsteps with mortgage, searches and all the other guff.
I'm really glad to hear it's going so smoothly for you (though don't jinx it by saying so!!) and I hope that we'll also have things move so well. I guess with the lower number of transactions, it's in everyone's interest to get things moving to conclusion, plus there will be lots of solicitors, surveyors, estate agents and mortgage brokers with a lot of free time at the moment to spend on our applications
Good luck with the purchase! Did you realise it would be this exciting??
"I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0 -
hey guys, i phoned up natwest on saturday and got the AIP and then it got sent to us yesterday (wed) we then sent all of it back yesterday special delivery. we havent got any chain in our house. how long do you thik everything will be before we move in? when will the surveryor contact us? will we wait for the bank to say they've recieved our document or do you think i will need to chase them. just want to get in there now. they are just waiting on us and our mortgage.
cheers0 -
I asked the same question on here and was told aprox 6 weeks. I'm still in week one and champing at the bit to get things moving."I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0
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ohhh right ok then. so youve sent your documents back to them? have you been phoning them? how long have they had your documents for? they havent instructed the valuation yet then?0
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