shared ownership house After mortgage approval how long does it takes solisitors job?

lalali

Hi ,
I am buying first house from shared ownership after the mortgage approval how long it will take?
from the date of approval what is solicitors job?
I really don`t know, and will be happy if anyone explain me.
Many thanks indeed.
:rotfl:

HARSA

Not different to buying a property outright. just make sure that you are buying from a HA with no funny restrictions or crazy charges when you want to staircase or sell your share.

Also be caseful if it is new built - don't pay over the odds. General rule is that they buy the property from the builder at 20% discount. I bought my 50% share in 2003 and in a process of buying the other 50%.

Mine is pretty straightforward. just stuck on the valuation for now

Goodluck

Richard_Webster

Really depends on how far things have otherwise got . No help having mortgage approved if your solicitors haven't had any papers from the seller's solicitors yet.

Also your mortgage will have to be approved by the selling HA, and some can get very picky about this, over quite silly things like a discrepancy between the postcode the seller HA has for the property and that given by the lender in the offer.

Check the 100% values of similar 5-20 year old properties in the area - how does it compare? In 5-10 years time when you want to sell it won't be worth more because it is a bit newer than them.

lalali

HARSA wrote: »

Not different to buying a property outright. just make sure that you are buying from a HA with no funny restrictions or crazy charges when you want to staircase or sell your share.

Also be caseful if it is new built - don't pay over the odds. General rule is that they buy the property from the builder at 20% discount. I bought my 50% share in 2003 and in a process of buying the other 50%.

Mine is pretty straightforward. just stuck on the valuation for now

Goodluck

Thank you very much for reply!

lalali

Richard_Webster wrote: »

Really depends on how far things have otherwise got . No help having mortgage approved if your solicitors haven't had any papers from the seller's solicitors yet.

Also your mortgage will have to be approved by the selling HA, and some can get very picky about this, over quite silly things like a discrepancy between the postcode the seller HA has for the property and that given by the lender in the offer.

Check the 100% values of similar 5-20 year old properties in the area - how does it compare? In 5-10 years time when you want to sell it won't be worth more because it is a bit newer than them.

thank you for reply.
I have been couple of time to see area, ask agency.. all good. yes solicitor did not get any paper from the seller yet!(I choose my solicitor just couple days ago) my solicitors told me 4 to 6 weeks. lets see, (hope mortgages will approved )