FTB stress and troubles.......A diary

batley1

I thought I'd have a go at starting my own thread, and as a FTB, thought you guys could help me not go into early labour, (I'm due at the end of the month........)

Me and my husband are first time buyers. We've found the perfect house, at an affordable price, in the best area possible as its near family, (Second child...) But of course, it can never be that simple.

We followed some advice on this site(We have adverse credit histories), and ended up finding a broker that got us a mortgage. Well he found us several, but I refuse to let us get get in over our heads, and started looking for a property....

Found one , semi ex council with 3 bedrooms, huge gardens, off road parking, 2 reception rooms, valued at 89950! :j Our offer was accepted, but this is where the fun starts........

Its a reposession, so after we had our offer accepted, it had to have a notice in the paper for seven days, but we had just missed one weeks run, so we had to wait a week for the next. Two weeks in total.....

After viewing for a second time, (the day after the notice of our offer went in the paper) the woman showing us around advised us to start instructing the solicitors, even though the vendor won't tke the property off the market until contracts have been exchanged!!!

The estate agent said to get ourselves into a good position on the off chance anyone put in an offer, then we would be less likely to lose the property, (I know there out to make money, she tried to sell me their conveyancing, but she was really nice, and I think she knew how much this property would mean to us....), but the the day after this, the property appeared on there website 'for sale' not even 'under offer'.

We have our mortgage broker ready to come and see us (He's coming to our home in Leeds from macclesfield) and do all the paperwork, but he has already talked to the EA and the vendors and garanteed the mortgage is there. I'm in the process of getting a conveyancor now.

So, there you go, after 4 years of paying everyone elses mortgages, we're about to get our own. But I'm terrified. What if it all goes wrong?? Does anyone have any advice for us? Good conveyancors who act fast? A way to
get them to mark the property under offer, or take it off the market? If we offer them the full asking price, will they take it off?


Argh, this stuffs scary!!

Will keep you all updated,(baby,house and all...) feel free to ask me questions, and hopefully you'll answer mine!!!!

Wickedkitten

Usually if the vendor + EA are any good, they will only leave it on until you've had your survey done, so you definitely want to get that over and done with.

Other than that have you appointed a solicitor yet?

batley1

I haven't actually got a conveyancing solicitor yet, I'm in the process of getting one. The vendor is a repossion company, so they just want to get as much money as possble....

Wickedkitten

batley1 wrote:

I haven't actually got a conveyancing solicitor yet, I'm in the process of getting one. The vendor is a repossion company, so they just want to get as much money as possble....

Definitely get one as soon as you can so they can go ahead and start getting the contract sorted and start sending off the different searches because that will probably take the most time.

batley1

Well, the solicitor will recieve my instructions on Friday, my mortgage guy is coming to finalise mortgage paperwork, and as of friday will know if theres any more bids on the house.

Now the scary bit......there are 2 viewings of the house on wednesday.....we went in at £2000 under the asking price......

We could lose this house before we've even really started!

Any words of wisdom or advice out there?

batley1

Well has been an interesting week. First thing first, my daughter made an early appearance!!! She was born on Wednesday!! 9 days early.

Then Thursday, we phone the estate agents, while I'm still in Hospital, to find out if any other offers have been recieved on the house, with 2 showings the previous day. They apparently were interested but when they tried o put a offer in the estate agents said an offer had already been made!!!!!! On Thursday our offer got accepted subject to contract!! Yippee!!:money:
The estate agent lady said she had liked us and recognised that it would be hard for us to get on the market with a property like this.

But this morning we got the letter confirming this from our solicitor, and apparently the instructions from the vendors solicitors wishing to exchange contracts no later than june the 14th!!! We spoke to the estate agent and even she thought this was fast, and our mortgage broker said he will try to negeotiate some leaway. Whats going on, is this normal how fast everythhing is moving???

Any advice out there?

MortgageMamma

Congratulations on the bambino! what did you called her?

I think everything is going at a normal pace from my perspective but if you feel you need a little more time due to the new baby make sure you speak up and say so. any human would understand that.

My best advice for you now, is to sit down with a cup of tea, relax, enjoy your new baby, and try not to get stressed out about it. Keep the communication channels open with your advisor, he should be a massive help.

Good luck for the future, and I hope you enjoy your new home.

MM

batley1

By he way, my little girls name is hannah.

MortgageMamma

Fantastic name. classy. my partners kid is called hannah. lovely, you must be made up! I soooooooooooo love babies.

batley1

Mortgage advisor been and sorted out, now everything proceeding, just been told its all out of our hands, with solicitors, estate agents, mortgage advisors taking over everything!!!!!

Is there anything i can do?

Apart from sorting out the insurences, when and which do i need to sort it out???

Wickedkitten

batley1 wrote:

Mortgage advisor been and sorted out, now everything proceeding, just been told its all out of our hands, with solicitors, estate agents, mortgage advisors taking over everything!!!!!

Is there anything i can do?

Apart from sorting out the insurences, when and which do i need to sort it out???

You need to have the building covered from the time you exchange.