FTB timeline on a repo

sacred_2

Hi all, this site has been my number one source of information with regards to money for the last 3 months, after finally finding a nice property my journey began, for anyone intrested here is a timeline.

NB single 23yo FTB with 25% deposit

26-08-09 House officially on the market - house viewed same day.
Did all my affordability sums, spoke to my bank contact for advice.

27-08-09 HIP received via e-mail contents read and re-read, officer made to EA, initial offer accepted although property would be fully advertised, advised to offer the asking price to secure property.

Asking price offered and accepted, property will not appear on RM or local media for 2 weeks, bank mortgage appointment arranged and solicitor appointed. 28 days completion from date of solicitor receiving initial contracts.

All my paperwork sorted out, ring binder and plastic wallets bought!

Drinks all round!

28-08-09 Decided to move all my banking affairs over to Natwest, current accounts etc set up.

1-09-09 Appointment with the mortgage advisor in Natwest, 90 minute appointment to complete the mortgage application. Mortgage provisionally agreed, 3 year fixed deal 4.59% £499 product fee.

2-09-09 Text received from Natwest confirming they have received the application and a decision will be made within 5 working days.
Paperwork from solicitor arrives, a statement confirming my instructions for him to act for me and some information about what forms of ID he requires, I will take these to his office tomorrow at some point, so he can proceed with my purchase ASAP!

11-09-09 Mortgage offer received , chasing up solicitor now

15-09-09 Appointment with solicitor to sign contracts and various other forms, bankers draft ordered from bank for deposit + fees

17-09-09 Text received from Natwest stating mortgage will be complete on the 23-9-09

18-09-09 Contracts exchanged, property removed from market. Property also insured. Completion date 24-09-09

22-09-09 Life assurance and mortgage protection policys set up, called utility companies to change to credit meters instead of prepayment, arranged for BT to reconnect the line also.

24-09-09 Completed on property mid day, keys picked up and DIY begins :D:D:D:D:D:D:D:D


Was told by the bank my purchase was the fastest they had ever dealt with :rotfl:

I love these forums!

Sacred

G_M

initial offer accepted although property would be fully advertised, advised to offer the asking price to secure property.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

sacred_2

Haha i know i fell for it, but my heart ruled my head i guess :-$

g_attrill

Quite often the asking price is low to get interest. Every repo I've seen has been listed at a "fair" price, and people looking/offering have been offering well under in the hope of getting a bargain, so I doubt you have more than it's value. If you had offered under the asking price it would have gone in the paper, then it's quite possible that others would have been interested and started a bidding war, and also possible that somebody would have offered cash and exchanged in a few days.

togarama

Well done to you - and your solicitors - on getting this pushed through so quickly! :beer:

I'm in a similar position (FTB buying a repo with supposed time-limit on process) but since having my offer accepted on 20 August we still don't even have a date for exchange. (Despite having the survey done within a week of the offer being accepted, deposit ready to go and a confirmed mortgage offer on the table....)