Mtg offer rcv'd!| Prop Rsv'd | ukmonkey (a FTB)'s house buying help thread...

elDeeJay

ukmonkey wrote:

Oh right, that is what I thought, but then a collegue suggested that maybe what she meant was that the taps were labelled correctly!

So, after me causing a HUGE debate in the office, the general consensus is hot on the left, cold on the right then?

Any reason for this...?

I belive its so that the blind can walk up to any tap and be confident of getting hot & cold water as required (thus making it safer for them)

ukmonkey

elDeeJay wrote:

I belive its so that the blind can walk up to any tap and be confident of getting hot & cold water as required (thus making it safer for them)

I'm not sure whether you're winding me up here or not, but it does make sense!

ukmonkey

Ok,I'm typing this on my phone, so apologies for the poor grammar and formatting!

our broker has informed us that royal bank of scotland have accepted our application in principle!

oh yes,great news,but what happens now? I mean,i'm going to speak to the broker tomorrow to make sure that the repayments etc will be ok for up,but if it is all ok and we decide to buy the property,what do we do first? Apply for the mortgage? Tell a solicitor? Put in an offer with the developer? Help!

terrierlady

First how can you apply for a mortgage on a property that you haven't reserved with the developer and what price will you put on the application?
, Do The Deal with the developer get the price to suit you, appoint a solicitor, see what the developer offers, have they a solicitor they recommend, not theirs but one working with the development he will know the contract details and be able to work to the 28 day exchange deadline, may even offer a discount price.
remember if you do get incentives offered they will be subject to exchange within the 28 days.
Once the property is reserved sort the mortgage out and keep the sales staff informed, ask them to let you know when the valuer has visited the plot and in turn inform them when your offer comes through, Make sure you apply for searches asp that means giving the solicitor the cash,( some sols will ask up front and other add it on the bill)make sure any deposit money is available for the sols to exchange asp.
South facing garden means sun most of the day north facing will be cold even in summer, however each has good and bad points depends on your life style and how much you use the garden.
Push hard on negotiation its your Last Chance and MAKE SURE 100% that it recorded on the reservation form (any agreed incentives.)
DON'T presume you will get extras once you have reserved. If having extra power points etc get a copy of the agreed position and costs.

ukmonkey

The developers have catagorically stated that they will not accept a reduced offer under any circumstances, so we therefore knowe the price.

The property is reserved for us until the weekend. We have been that to reserved it "officially" as it were, we'll have to pay a £500 reservation fee, which obviously we are putting off paying as long as possible.

Our broker is proceeding with the mortgage application paperwork, keyfacts illustration etc, and we will be going in to sign on Saturday morning.

I will call Lisa on Friday mid-morning to try and get a better deal out of them in terms of incentives. I'd personally like to push for 5% cashback (circa £6k) and ALL our solicitor's fees paid. How do you feel about this? They are already prepared to give us a £3k "carpet allowance2 which they have stated will be paid in cash, plus £500 towards our solicitor's fees.

I have now had 3 quotes from sol's, one at £820, one at about £920, and one at about £905. The £905 one is from the solicitor's that the developer's central sales office mentione thad dealt with most of the other buyers.

ukmonkey

ukmonkey wrote:

Ok,I'm typing this on my phone, so apologies for the poor grammar and formatting!

our broker has informed us that royal bank of scotland have accepted our application in principle!

oh yes,great news,but what happens now? I mean,i'm going to speak to the broker tomorrow to make sure that the repayments etc will be ok for up,but if it is all ok and we decide to buy the property,what do we do first? Apply for the mortgage? Tell a solicitor? Put in an offer with the developer? Help!

****BUMP****

ukmonkey

Anyone? PLEASE?!

Jorgan_2

If the broker comes back with figures that you are happy with, then put an offer to the builder. As soon as they accept an offer from you they will want your solicitors & brokers details asap. Spend the time between now & hearing from your broker getting a solicitor in place to act for you, if you don't have one already.

ukmonkey

Should I instruct the solicitor to start the searches etc?

The broker is preparing the application this week, for us to go and sign it on Saturday morning (therefore the application will be sent on Saturday/Monday).

We intend to try and squeeze more money out of the developers on Friday, but will pay the £500 reservation fee (non refundable) either way I think. Is this what you'd recommend we do?

So, basically, do I instruct the solicitors now, after we've paid the reservation fee, or after we've paid the reservation fee AND had the mortgage application accepted?

How long do you think my mortgage application will take? The mortgage will be with Royal Bank Of Scotland.

Jorgan_2

Only instruct the solicitor to apply for the searches when the offer has been accepted. You will probably have to pay the reservation fee once the offer is accepted.

I don't know how long the RBS will take on your mortgage application, it depends on how soon employment references etc take to be applied for/returned. Make sure your broker has all the information they require when the application goes in, proof of residence etc.