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

samspam

Yes, I agree with Jorgan, make sure that they give you 28 days from 'documents received' not reservation!

ukmonkey

Quick update,

We went to sign the mortgage application yesterday afternoon/evening, and also signed the paperwork at the solicitor's.

Steve (Our Mortgage Broker) advised us to instruct the solicitor's to postpone the commencement of the searches until after the valuation had been carried out, to avoid us wasting money if the house doesn't stack up at valuation, does this sound right?

Jorgan_2

Be careful, this may cause unnecessary delays. No doubt the property will stack up on valuation being a new build, the builder will have loads of comparables. If there is a delay in getting the survey done/valuation back you will be eating into the 28 days you have to get things sorted. The searches may raise additional enquiries which in turn will take time to answer. Put it another way, if the searches show a problem with the property, new town dump going within 200m of the property, would you by it? If the answer is no, you could argue that you should have had the searches done first as these are generally cheaper than a mortgage valuation. I would apply for the searches now if I was you.

ukmonkey

Jorgan, the valuation fee is free, should I ring the sol's right now and get them to submit the searches today?

Jorgan_2

I would. Do you know if the solicitor uses a serach company or goes direct to the council for their searches? Some councils are quick returning the searches, others can take 3-4 weeks.

Did you sort out the 28days, is it from reservation or issue of contract. If its the former, your a week into it already.

ukmonkey

ARGH!

What to do...?!?!

Do I wait for the valuation and avoid the risk of wasting about £200 in survey fees (in case the house doesn't stack up at valuation).

Or do I get the surveys done, risk loosing £200...

ah sod it, I'll ring the sol's now.

At what point will we get a mortgage offer?

ukmonkey

*Done*

She's going to put them in the post this evening.

They use a search company, PSG I think she said it was called...

Jorgan_2

The mortgage offer will be issued once the lender has taken up all references & had the surveyors report back.

samspam

Sometimes, some houses do get downvalued on new sites, if you've had a discount or a deal then yours probably won't. Don't worry normally everything is fine.

If you do get downvalued and need to go to another lender, insist the builder covers the cost of the new valuation fee. They will do that rather than lose the sale.

ukmonkey

Next question:

My g/f has asked me for the "Rebuild Value" of the property, presumably for insurance purposes...!

How do I find out what the rebuild value is (i.e who do I ask)...?!