First time buyer - bit confused!

jodenice

right, we got a mortgage in principle and we found a flat we liked. We put in an offer under the asking price and it was accepted.

So far so good.

Now I'm not sure what to do. I know I need to get a solicitor - do i just go with the brokers one? Or go somewhere else? Do I get a solicitor after my mortgage offer is in place? What about the valuation and the survey? How do i go about getting them. Theres so much to do and I'm panicking.

I've got ten grand which includes deposit, stamp duty and fees, am running a very tight budget and I can't afford to make mistakes.

can anyone help?

Jo

pawpurrs

Right, you need to get yourself a Soliceter, best thing is to use someone who is recommended as a good soliceter is worth their weight in gold.
You will need this so that the agent can produce the memorandum of sale.
Ring the broker and tell them you have had an offer accepted. The mortgage company then does the valuation for you, and you need to decide if you want a more indepth survey done on the property this can either be done by the mortgage company or a surveyor of your choice, may depend on the type of property you are purchasing.

lilyann1

I had my solicitor recommended to me by my EA.
She told me 3 or 4 in the area and I phoned for quotes.They did vary by quite alot.
Everything else pawpurrs said I agree with.

jodenice

OK so get a solicitor. My brokers firm has one that should charge £600 altogether. I don't know how reasonable this is so will find out. Is it better to have somebody close to where I'm living now?

And a valuation and a survey are two different things and I need them both done?

lilyann1

There are 3 different types of survey.
1) Basic survey/valuation
2) Homebuyers survey
3) Full structural survey
Depends on how old the property is really to what survey you get done.
The mortgage company will need a basic valuation done,but this can be upgraded to one of the other ones for a couple of hundred pounds more,and you'll get a more detailed report of things potentially wrong with the house.
I would say if the house is new build ish or a few years old,then basic value,if a bit older up to say 60/70 years old then homebuyers,if older than 100 years full structural.
My solicitor is charging £600 for the purchase,but check what 'disbursements' they will charge also,these are extras like chaps fees,mortgage forms processing fees to process the forms etc.Ask for a breakdown.

jodenice

god its like a minefield. I've been given the Keyfacts sheet from him with a breakdown, but obviously this was before I chose the property (and the exact price I am paying is a lot less than the 'maximum' mortgage price I asked for.

Is £600 about normal? as that is what I've been quoted. And is it really a good deal to have the people sorting out my mortgage also the ones to provide legal advice for conveyancing costs? It would be easier to have it one bundle but not sure of if its best way to go.

clutton_2

I would never use anyone associated with the EA for any additional services - its too easy for them to not be impartial when advising you. Do you know anyone who has moved house recently ? ask them. Alternatively, tell us which part of the world, and someone here may recommend someone. You do not need to be geographically close to your solicitors as everything can be done my post. I have a cracker, and i did not meet him for 2 years !!! Fees often go on a sliding scale in relation to the price you are paying for the property. Leasehold properties do take far more time to research than freehold, so may cost a bit more if its leasehold.

jodenice

Well my mortgage broker not associated with my EA but wondered if having the mortgage broker and the conveyancer OK. Its a freehold property and I'm in North London. I do know of a few people that have moved so maybe I will ask around.

One thing though - in my list of fees from the broker it says £265 for a valuation but one of the posts above says it can be upgraded - can I ask my mortgage company to do this?

Sorry to be such a pain.

mi-key

I wouldnt get the mortgage company to upgrade the survery - we checked with ours, and it worked out cheaper to get them to do the basic valuation survey, then pay for our own surveyor to do the full one seperately ( cheaper by a good few hundred £ ! ).

Also, you know your surveyor is independent from the mortgage company, and is working for you.

If you arent bothered about having your solicitor local to you, then conveyancing-warehouse.com are good - they are doing our purchase and have been very quick and efficient, and cost a lot less than getting a local firm to do it.

angelface

Right I think I'm getting the hang of it - the mortgage broker and his lot can do the valuation and offer me the mortgage. But get a conveyancing person or solicitor asap and ask them to carry out the survey so there is no conflict of interest. And get a different solicitor than the group employed by the mortgage lenders.

How much is a homebuyers survey then (I think the valuation is £245 or something isn't it?)

JennyW_2

jodenice wrote:

Is £600 about normal? as that is what I've been quoted.

shop around, £600 is quite expensive. I think I paid around £400. And you don't have to get a local solicitor. We've just bought and sold and my solicitor is in Liverpool, we're in Surrey (plus the rates seem to be cheaper up north anyway)!