Offer accepted, now what?!

Dinah93

We're first time buyers and have just had our offer accepted on a very nice house well within our budget. We have an IFA who has advised us we can get a morgage for that amount and is doing the morgage in principle today (didn't get it done before hand as weren't planning to buy yet).

So am I correct in saying the next thing to do is get a survey done? How do we find someone to do it?

Also, what then happens once the survey is done? When should we appoint a solicitor? This is a whole new ball game for us so any advice would be much appreciated!

Fire_Fox

You should already have appointed a conveyancing solicitor, along with getting your MIP! These will be the first things that the estate agent will ask for now you have had an offer accepted. The lender will insist on a valuation which is carried out by a qualified surveyor. You can ask the same surveyor to do a full structural survey, or you can get recommendations from friends, family or colleagues.

HouseHunter2010

Fire_Fox wrote: »

You should already have appointed a conveyancing solicitor, along with getting your MIP! These will be the first things that the estate agent will ask for now you have had an offer accepted. The lender will insist on a valuation which is carried out by a qualified surveyor. You can ask the same surveyor to do a full structural survey, or you can get recommendations from friends, family or colleagues.

Is this different in Scotland? When I had a meeting with my bank to get a mortgage in principle, she said I wouldn't even need a vaulation survey as they would go with the price in the homebuyers report?

googler

HouseHunter2010 wrote: »

Is this different in Scotland? When I had a meeting with my bank to get a mortgage in principle, she said I wouldn't even need a vaulation survey as they would go with the price in the homebuyers report?

THat's fine as far as your (maybe Scottish) bank is concerned, but there can be cases where a seller has a Home Report, accepts an offer, but the mortgage provider for the buyer insists on having their own surveyor repeat the valuation part of the survey, either because they're based outside Scotland, and don't know the system, or because the Home Report is older than they consider acceptable, and they want the valuation refreshed.

It'll vary according to individual cases - yours being the more straightforward situation.

HouseHunter2010

googler wrote: »

THat's fine as far as your (maybe Scottish) bank is concerned, but there can be cases where a seller has a Home Report, accepts an offer, but the mortgage provider for the buyer insists on having their own surveyor repeat the valuation part of the survey, either because they're based outside Scotland, and don't know the system, or because the Home Report is older than they consider acceptable, and they want the valuation refreshed.

It'll vary according to individual cases - yours being the more straightforward situation.

Thanks, I was surprised when they said I wouldn't need even a valuation survey. It's Bank of Scotland.

Lynn11

I live in Scotland and our house is going on the market next week hopefully after we have the home report instructed. Your house you are interested in should have a home report unless it has been on the market before Dec 08. If the home report is over 3mths old, I have been advised by our lender that the original surveyor who did the home report would have to amend the valuation and they would accept this. If there is no home report, then I have to advise them and use their surveyor. If within 3mths then most of the lenders accept this.

Seemingly you are given the link to the home report and you can read this online as it is very long.

Hope this helps and I am also learning about this also.

googler

Lynn11 wrote: »

I live in Scotland and our house is going on the market next week hopefully after we have the home report instructed. Your house you are interested in should have a home report unless it has been on the market before Dec 08. If the home report is over 3mths old, I have been advised by our lender that the original surveyor who did the home report would have to amend the valuation and they would accept this. If there is no home report, then I have to advise them and use their surveyor. If within 3mths then most of the lenders accept this.

It can't go on the market until you have your Home Report completed, never mind instructed. No marketing can take place without a complete HR.

Your lender may require a revised valuation, others may not.