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

ukmonkey

Ok. There isn't really an issue of the offer being accepted or not. It is a new build and they won't accept anything less than the asking price, so it'll probably be payable straight away to be honest.

terrierlady

coming up half year end DEAL!!!

ukmonkey

terrierlady wrote:

coming up half year end DEAL!!!

TL - Lisa has already let slip that it is their year end that is fast approaching, are you saying to make a reduced offer, or are you speculating that they might "deal" if I ask for 5% cashback?

Jorgan_2

Most builders will offer deals at their year end. Quite often they can be more than 5% off the purchase price, 10% isn't uncommon. The buyer has to be able to complete within a set timescale, sometimes 28 days, so they need to ensure they have everything in place to proceed.

UK007BullDog

Check with your broker if RBS does free legals or surveys.
Once you have applied for the mortgage things start moving. Your broker should be able to help you with all of your questions. He might also be able to suggest a solicitor. The lender will instruct the surveyor. The surveyor will work for the lender not you even though you are paying. The lender makes sure the property is a good risk.

Once the survey comes back OK, and the underwriter is happy with the documents provided by you to the broker, then the lender will instruct the solicitors and get things moving. So assuming all the searches etc has come back Ok you might be looking at an exchange and completion by end of August.

Definately do not go for a pure online solicitor without a brick and mortar address and contact numbers. The broker should keep in contact with the solicitor and if any problems or queries should be the mediator between solicitor, lender and you.

ukmonkey

Cheers bulldog, very helpful post.

UK007BullDog

Just looked at the rates for RBS.
They do offer free legals, but the rate is quite high, so I suggest if at all possible try to pay that up front and do not add to the loan if at all possible.

ukmonkey

Cheers BD.

I'm hopeful that the developers will pay all of our legal fees.

Not a lot more I can do now until Friday/Saturday after speaking to the site sales rep to try and get more money out of the developers.

ukmonkey

Next question;

When we put an offer in, what wording do we use?

"We agree to purchase XXXXXXXX (address), subject to contract and subject to XXXX (developers) gicing £XXXXX / XX% cashback + XXXXXXX (any other incentives)".

???????????

Is there anything we need to be careful about when we sign...?

ukmonkey

****bump****