Unsure what I do next?

tyler80

We've just had an offer we've made on a house accepted.

We've got an AIP but for a larger mortgage than the one we require.

I know we've need to instruct a solicitor now and I have quotes and am ready to do this after the bank holiday. But I don't understand how our mortgage fits in with this.

Do I need to get anything further from the bank before instructing a solicitor, do I need to start the mortgage application process or is the existing AIP enough? What about if we were to go to another bank instead, would we need an AIP from them before instructing a solicitor?

hcb42

you need to get the ball rolling with the lender i.e. valuation

if you go to another, then you could do it all in one step - i.e. another application

tyler80

So I wait to instruct a solicitor until when?

I know some step by step guides say to instruct a solicitor before making an offer, which seems ludicrous when you can make offers for ages and not have any accepted

G_M

After the bank holiday:
a) select and instruct a solicitor and
b) put in a formal mortgage application

Simple!

tyler80

My original plan was to do both things on Tuesday as I'm not at work but I couldn't get my head round conflicting information about whether I had to do one before the other.

jackomdj

Doing both together is fine. Some people may want to do survey/valuation first if they think this may bring up something to stop the sale (so save on solicitors fees) but also you could do searches and find something. For most people doing both just means everything gets done at the same time meaning less waiting around

ruggedtoast

When you call the mortgage lender to apply for the mortgage they will ask you for the details of the solicitor you are using. They will then contact the solicitor and check they are happy to appoint them to manage the mortgage funds. Once the mortgage offer comes through that will be sent to the solicitor.

The solicitor works for both you and your lender simultaneously.

I suppose you could decline to appoint a solicitor until the mortgage had been approved, I presume you're worried about costs, but it would be better to use a no move no fee place, or simply instruct them not to do any actual work until the mortgage offer had been approved.