Help Confused - Steps to Buying ???

mnorton_uk

Hi there I am currently in the process of buying (First Time Buyer) and I am slightly confused as to the steps I am supposed to go through so far I have

1. Placed and Offer
2. Had offer accepted by the vendor
3. Arranged Mortgage with Mortgage Advisor (Still awaiting confirmation of this, hopefully monday should have Mortgage In Principle)
4. Appointed a Solicitors and given details to estate agents

What are the next step(s) ? any help would be appreciated.

Many Thanks

Mike

Jorgan_2

Once your mortgage has been agreed, the lender will instruct a surveyor to go to the property. Assuming everything is ok with the property & yourself, job references etc, a mortgage offer will be issued by the lender with copies being sent to yourself, solicitor & Mortgage Advisor.

In the meantime your soliictor should have applied for the searches relating to the property, raised any queries they have with the sellers solicitors & report back to you with their findings. You then sign the contract, which leads onto exchange & finally completion.

Thats a fairly basic run down on the buying process.

mnorton_uk

Should the property be taken off the market in the mean time, I have requested the estate agent take the property off the market, but don't seem to have as of yet ? :eek: paranoid about getting gazumped by someone bidding higher at a later stage

Careful_girl

The house which you have offered on should be now seen as Under Offer. The agent may keep in on the internet or in the window but he must inform prospective buyers of it being under offer. If the price has been agreed and you have applied for your mortgage then you should be OK. I think I would advise you to keep in contact with the EA. You need them on your side. Just keep them informed of what is happening regularly. They mustn't have any chance to say that you aren't interested. I have certainly phoned EAs and asked to be seen as an alternative buyer if the sale falls through and as a vendor we had a list of buyers who were willing to offer. We accepted the people in the best position. If that had fallen through we would have asked the EA to get in touch with the others again.
When house buying it is important to keep in touch with all the people working for you then they will prioritise you. I have found emailing my solicitor saves time and energy. Your mortgage advisor should be looking after you too. Even if he/she is fee free.
Good luck,
CG.:beer: