FTB - what's the procedure?

ohbilmey

Hello
Wonder if someone could advise. My situation is:
FTB
Have mortgage advisor (attached to my work)
Have solicitor (recommended by MA so I guess they have some sort of 'arrangement' but I need a solicitor so thought might as well go with him).
Have agreement in principal (Nationwide)

On my search for a house on the couple I liked (but didn't get) I have been doing the following:
Viewing
Telling MA I wanted to offer
He tells solicitor
Solicitor phones vendor's EA
EA says no to solicitor
Solicitor phones me to let me know

Solicitor hasn't charged for making these offers, he charges for the work he will do once I get an offer accepted.

So my actual questions are:
I assume I can just tell vendor's EA directly that I would like to offer £x and not have to get solicitor involved each time?

Then they can take it to vendor who will say yes or no?

But then I will have to actually apply for a mortgage won't I and there's nothing to stop the vendor from accepting a higher price while that's in progress. They wouldn't take it off the market until actual finance was in place would they, as it's possible I might not actually get the mortgage even though have AIP.

Agreement in principal - I don't have to stick to that lender do I? Since it came through it looks like there are a couple of other products now on the market that might be a better deal.

Ms_Sophia

I assume I can just tell vendor's EA directly that I would like to offer £x and not have to get solicitor involved each time? Then they can take it to vendor who will say yes or no?
Of course, tell the EA directly, I don't see any need to involve so many other people.

Agreement in principal - I don't have to stick to that lender do I?
Of course, you do not.

shar46y

ohbilmey wrote: »

Hello
Wonder if someone could advise. My situation is:
FTB
Have mortgage advisor (attached to my work)
Have solicitor (recommended by MA so I guess they have some sort of 'arrangement' but I need a solicitor so thought might as well go with him).
Have agreement in principal (Nationwide)

All good!

On my search for a house on the couple I liked (but didn't get) I have been doing the following:
Viewing
Telling MA I wanted to offer
He tells solicitor
Solicitor phones vendor's EA
EA says no to solicitor
Solicitor phones me to let me know

Why on earth are you doing all that?!

So my actual questions are:
I assume I can just tell vendor's EA directly that I would like to offer £x and not have to get solicitor involved each time?

Then they can take it to vendor who will say yes or no?

YES!:D

But then I will have to actually apply for a mortgage won't I and there's nothing to stop the vendor from accepting a higher price while that's in progress. They wouldn't take it off the market until actual finance was in place would they, as it's possible I might not actually get the mortgage even though have AIP.

Yes, you then have to actually apply for the mortgage. You can of course ask for the place to be taken off the market as a condition of your offer. With the place we bought most recently, the EA and vendor just asked for a fax of our AIP and they took the place off the market. Others will wait until the survey is booked, as it shows you have forked out money and are therefore serious.

Although there is nothing to stop the vendor from doing whatever they like not just until finance is in place, but until contracts are exchanged. On the bright side, there is nothing to stop you from doing whatever you like either. In particular, if the survey comes back with issues, you can try to renegotiate the price.

Agreement in principal - I don't have to stick to that lender do I? Since it came through it looks like there are a couple of other products now on the market that might be a better deal.

You are not bound to that lender - feel free to shop around, bearing in mind that if too many credit checks are done, it will adversely affect your credit rating.