FTB Timeline diary

Hailstorm

My diary

Start viewing properties the weekend of the 9th/10th May. :rolleyes:
Middle of the next week put an offer on a property (approx 13th/14th May). :rolleyes:
After a couple days of negotiation offer accepted 16th May. :j
Receive mortgage offer 26th June. :T
Seller pulls out 29th June. :mad:
Put in an offer on another property which is accepted 7th July :beer:
Complete chain in place 7th August
Buyer at the top of the chain pulls out of their purchase 2nd September
Complete chain in place again 8th September :cool:

Bufger

i need a bit more advice please

My vendors have now had an offer accepted on a house, its a vacant repo so we have no chain either way! The problem now is (as i understand it) they will have to complete in 28 days? I have sent off for my mortgage offer but they havent indicated on how long it will take. I have already paid my up front solicitors fees and have now instructed them on the situation but they havent got back to me yet.

1. If my mortgage takes longer than 3-4 weeks or there is a problem with the survey can they get an extension on the 28 days?

2. can i get my independant survey done on the house before i get the mortgage offer from the bank (before they do their survey?) just to speed things up. Would you advise this as its money up front and if the bank dont value the house as the asking price it could be money wasted? (i think its definately worth asking price given other property prices recently sold in the same street but im being cautious).

Thanks again you helpful lot you!

Bufger

bump!

Can anyone give me a bit of advice on the latest development? anyone with repo experience?

homehunter

Seeing this thread reminded me that I should go post on 'progress diary of an FTB'

Anyway...Natwest, our lender, instructed a surveyor for a full building survey one week, and it was completed by the end of the following week. Really quick. You could only go for a valuation with the lender and organise your own survey perhaps? Depending on what the survey throws up though, you may find that things take a little longer than anticipated. Ours wasn't too bad, but we now have to look at a damp and timber survey to see what we need to do (pay!) to remedy a patch of damp in the hallway. There's also little things - boiler service, making good in the conservatory, solicitor chasing the legals on extensions etc.

Bufger

The boiler in this house is 5 months old and i couldnt find any damp in the usual places when i had a look around (granted im no pro but i was looking specifically for damp).

Im also with Natwest so hopefully that means their survey will be pretty quick! at least the quicker its done the quicker we can sort stuff out.

I have gone for a basic valuation with Natwest and am going to pay a seperate surveyor to instruct me on any of the houses problems. I just wasnt sure whether i have to wait for a formal mortgage offer before i can get that organised or whether its ok to do that at any point along the process.

sallycanwait

Just to update a bit:
Had a good look round with a friend of my dad's last Saturday. Al fine he thinks and doesn't even think we need a survey. Yay!
Valuation was done on Sunday and I got confirmation that the underwriters had been instructed following this on Thursday - think this means all is well
However, it turns out the hold up on the solictors' side is down to an incomplete HIPS which is taking a long time to finalise. Really angry at the EA now, especially as we discovered on talking to the vendor that the condition we were told they would accept our offer on using the same solicitor to speed up the process was a lie. The vendors knew nothing about this. nd so far the process has taken exactly a month and nothing has really happened. The solicitor told me on Monday that it would take 6 weeks from getting the paperwork through. Which still hasn't happened. So much for speeding things up.

I assume I have no recourse on the lies we were told to stop the EA getting their £200 fee for the "recommendation"?

Oh and Bufger my understanding is that the mortgage AIP is valid for 28 days so you have to return the paperwork/application in that time so assume things can go quickly...

Good luck all..

Bufger

latest updates. Going smoothly so far, fingers crossed!

Bufger

Updated

mahoney

We had the offer accepted 10th Aug. The bank did the survey - all ok - then we decided for peace of mind to do the homebuyers survey. This brought up a few points which now the solicitors have to clarify. So we're waiting.... It seems to be taking so long, but things have to be clarified I know.

I read on here that 4 weeks is fast, 6 acceptable, more than 6 is slow.

Do you think we can ask the EA for another look around. It's been so long .. The EA dealing with sales is not particualry nice.

Good luck to all!

homehunter

Update then..things had been quiet the last 2 weeks as our seller on holiday, but back now so we're back on. Her seller (2 rungs up) is still hanging on in there, but by all accounts their EA is a complete !!!! as they were actively encouraging gazumping (told her that they choose who buys her bungalow?!) - they were taking a vulnerable older lady for a ride methinks. So even though we can be patient, I think the next 2 links in the chain are desperate for us to sort a date.

Survey threw up a patch of damp as you may recall...anyway, it was related to a new drain incorrectly fitted, long story short, that's getting fixed. Couple of other things for seller to do on our solicitor's recommendation but she's happy to do it - we are trying to finalise terms with solicitor and hoping to go in to sign/discuss formalities next week. I really hope we have a date by this time next week....!

We were over at the house for first time in ages the other day - it was so cosy, I just wanted to stay there!!!!:p