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Offer accepted on house - now what?
PrincessLou
Posts: 503 Forumite
We had an offer accepted on a house yesterday and i must admit, i'm feeling very anxious about the whole thing 
The estate agent is wanting to formalise the offer and wants to see the mortgage in principle and proof of funds. Is that correct? The thing is they are trying to hurry us along but we only applied for a mortage in priniciple yesterday and we have yet to receive the paperwork from the bank. Also, our deposit is being gifted from my husband's parents and they are not giving us the cheque until tomorrow so it wont come into the bank until next week. I'm really stressed about it all and worrying they think we are being slow getting started. :eek: The thing is we weren't expecting to buy a house so soon, we went to see this one on a whim and fell in love with it, so we weren't completely prepared.
The estate agent is also already hassling us about getting a solicitor even though it's been less than 24 hours. The bank have given us a list to choose from and we plan on going with one of them. Can i just ask a question - my sister is also going through the house buying process at the moment and she said that in the beginning you just pay a deposit to the solicitor for their fees - is that correct? What percentage is the deposit and when do you pay the rest of the fees? I can't find the answer anywhere.
When do you pay things like the land registry fee and the stamp duty? Is that later when you've moved into the new house or by the completion date?
If anyone could help it would be much appreciated. Sorry for all the questions - i'm just a nervous wreck at the moment :eek:
The estate agent is wanting to formalise the offer and wants to see the mortgage in principle and proof of funds. Is that correct? The thing is they are trying to hurry us along but we only applied for a mortage in priniciple yesterday and we have yet to receive the paperwork from the bank. Also, our deposit is being gifted from my husband's parents and they are not giving us the cheque until tomorrow so it wont come into the bank until next week. I'm really stressed about it all and worrying they think we are being slow getting started. :eek: The thing is we weren't expecting to buy a house so soon, we went to see this one on a whim and fell in love with it, so we weren't completely prepared.The estate agent is also already hassling us about getting a solicitor even though it's been less than 24 hours. The bank have given us a list to choose from and we plan on going with one of them. Can i just ask a question - my sister is also going through the house buying process at the moment and she said that in the beginning you just pay a deposit to the solicitor for their fees - is that correct? What percentage is the deposit and when do you pay the rest of the fees? I can't find the answer anywhere.
When do you pay things like the land registry fee and the stamp duty? Is that later when you've moved into the new house or by the completion date?
If anyone could help it would be much appreciated. Sorry for all the questions - i'm just a nervous wreck at the moment :eek:
Mortgage - £105,500
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Comments
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The estate agents try and hurry things along because they know that the sooner you get committed into the buying process the less chance there is of you changing your mind.
The agreement in principle should be easy to get quite soon, but you should go straight into the full application as soon as possible. The agents are trying to qualify you as being able to proceed so that they can report back to the seller, they do often get people agreeing to buy houses before they know if they can afford them.
The deposit to the solicitor will vary by solicitor, but it is usually to cover the fees they pay for searches. Mine was £250. The rest of the fees and the stamp duty is usually paid on the day of completion.0 -
I recently had an offer on a house accepted and the agents wanted to see all the things you mention - I believe this is normal.
My solicitors required £300 deposit up-front so they are able to carry out the required searches (which all have fees).0 -
The solicitor has quoted £550 including searches. Does that sound about right or should i be looking for cheaper?Mortgage - £105,5000
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PrincessLou wrote: »The solicitor has quoted £550 including searches. Does that sound about right or should i be looking for cheaper?
As you're just buying it sounds about right to me, we were quoted similar but double as selling and buying
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