Diary of a first time buyer

peterae

5th August
Had the bank statements arrive and shot these down to Britannia for copies to be sent to head office, it will take a day using their internal mail service.

We also received a copy of the home valuation survey, everything looks good.

I've just moved a 10% deposit using slow free bacs transfer ready for when this is asked for.

peterae

Saturday 7th

Has 2 letters today.
First was from my Solicitor containing the Environment reports and also a form which was asking about how we want to hold the mortgage on death, there's 2 types one where if one person dies a will is used to pass your part on or the 2nd option was that it automatically goes to the surviving partner.

The other letter was from Britannia, saying they have no record of our payment method and cannot take payment for the application fee's.

peterae

Monday 9th
I dropped the signed death form into the Solicitor last night.

I also rang Britannia this morning to give them my debit card details, she acknowledged they had my bank statements that i dropped in Thursday and said they will get back onto processing our application today or tomorrow, she also said that we will get our Quote from them once this final processing has been done, and then my solicitor can be informed to arrange a completion date :beer:

It should be interesting to see how fast we can complete, and because we are FTByers and the property is empty it has been suggested that we should be able to hopefully exchange and compete on the same day.

SmlSave

there's 2 types one where if one person dies a will is used to pass your part on or the 2nd option was that it automatically goes to the surviving partner.

Hi hun sounds like everything is ticking along.

This was a joint tenants/tenants in common form? If you decide to go for tenants in common you can just say that one person owns 40% of the equity and the other 60% if you wish. Just in case the sols are trying to sell their Wills to you

peterae

Hi SmlSave

Thats the one.

10th August
I've been waiting for 2 days now for a decision so got fed up waiting and decided to ring and find out what the hold up was, turns out the delay is because they have not yet had a chance to take the £200 Valuation fee from my Debit card which i gave them the details to yesterday morning :mad:

Net result i am still waiting.

peterae

em-1986

Did they ever come back to your offer, good buyers are like gold dust right now, they should be knocking your door down hopefully.

goldbyron

peterae wrote: »

Hi SmlSave

Thats the one.

10th August
I've been waiting for 2 days now for a decision so got fed up waiting and decided to ring and find out what the hold up was, turns out the delay is because they have not yet had a chance to take the £200 Valuation fee from my Debit card which i gave them the details to yesterday morning :mad:

Net result i am still waiting.

You seem like a great buyer - organised, on top of it all and committed. I hope it all goes well. Don't worry if the 4 weeks become 6 weeks - they are being rather optimistic in their 4 weeks timetable. However as it is very clear you are committed I don't think it will make a jot of difference....

peterae

Hello goldbyron

Thanks, yeah i guessed it would be hard to get the 4 weeks they wanted.

Wednesday 11th August

Just had a phone call from the Britannia saying they are going to send us a Quote out and also to our Solicitor which basically means we have the mortgage in place, she said my Solicitor will do some security checks and send it back to them and they would then release the money :beer:

blackshirtuk

looks like you are nearly there!

quick question about exchange/completion on same day. Is it beneficial for you to this? do you need to give notice where you are living now?

You could exchange, give notice and complete at end of notice period, to save paying rent and mortgage at the same time.

peterae

Hello Blackshirtuk

For most that's a good way to save some money.

We are not so worried about giving notice on our rented flat, we need to give a month, it's housing association and the rent is not a fortune, having said that once we have a set date for completion i will give notice which may end up around 2-3 weeks of both property's which will give me a chance to swap the locks and move myself instead of paying a man with a van.