what order do we do stuff in

andrea1968_2

Hi

We've had an offer accepted on a property, and we are seeing our financial advisor next wednesday to get the mortgage rolling, but what order do we need to do everything else in ? The estate agents have asked for proof of deposit which I can supply with bank statements but what about the rest

Do we need to organise a solicitor first or get a survey ?

Sorry if its a no brainer to everyone but not done this before,

Thanks

Linus2864

Hi Andrea,

When we did it we instructed a solicitor straight away to minimise any possible delays.

The mortgage provider will also arrange a valuation survey and you should have the option to get a homebuyers survey at the same time for an additional cost.

There are some good links here:

https://www.gov.uk/buy-sell-your-home/overview

http://www.bbc.co.uk/homes/property/

http://www.home.co.uk/guides/buying/

Hope this helps

andrea1968_2

Thanks so much for your quick reply.

Linus2864

No worries and best wishes - hope it all goes well!

SG27

Get your solicitor sorted first then you can give this to the agent for them to put on the sales memo to send to the vendor. I would wait until you have seen your mortgage advisor before arranging a survey. Some lenders do homebuyers/structural surveyors as part of the valuation or you can arrange an independent one yourself.

kingstreet

House purchase process runs like this;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

Thrugelmir

andrea1968 wrote: »

Hi

We've had an offer accepted on a property, and we are seeing our financial advisor next wednesday to get the mortgage rolling, but what order do we need to do everything else in ? The estate agents have asked for proof of deposit which I can supply with bank statements but what about the rest

Do we need to organise a solicitor first or get a survey ?

Sorry if its a no brainer to everyone but not done this before,

Thanks

You won't get far through the process this side of the New Year.

moneyistooshorttomention

Thanks for starting this thread Andrea and hope it goes all goes well with your purchase.

You've answered a question I've asked a couple of times and had no reply to - ie I CAN tell my estate agent to ask my buyer for bank details as proof they physically have ALL the money in the bank if they say they are a cash buyer (as I know some investors will view my house - as well as home-owners).:T I wondered whether I could - but have never used an estate agent before and didnt know whether they had the power to make a would-be buyer provide proof (and I worry about the number of people who say they are "cash buyers" when they arent at all).

I own a house already - but I bought it so many years ago now and it was through a very non-standard process and not involving an estate agent that I am pretty clueless about the "conventional" way to go about buying a house. So I shall be picking up tips here myself:D

arbrighton

moneyistooshorttomention wrote: »

Thanks for starting this thread Andrea and hope it goes all goes well with your purchase.

You've answered a question I've asked a couple of times and had no reply to - ie I CAN tell my estate agent to ask my buyer for bank details as proof they physically have ALL the money in the bank if they say they are a cash buyer (as I know some investors will view my house - as well as home-owners).:T I wondered whether I could - but have never used an estate agent before and didnt know whether they had the power to make a would-be buyer provide proof (and I worry about the number of people who say they are "cash buyers" when they arent at all).

I own a house already - but I bought it so many years ago now and it was through a very non-standard process and not involving an estate agent that I am pretty clueless about the "conventional" way to go about buying a house. So I shall be picking up tips here myself:D

We were really cash buyers- but needed gathering from various sources and this only occurred well after the offer was made. Absolutely no way I'd have shown the EA anything about what was in the bank though- it'd have to have been a request from vendor's sol to our sol to confirm funds available. You can tell EA to do so if you like, but no, they don't have any right.

moneyistooshorttomention

arbrighton wrote: »

We were really cash buyers- but needed gathering from various sources and this only occurred well after the offer was made. Absolutely no way I'd have shown the EA anything about what was in the bank though- it'd have to have been a request from vendor's sol to our sol to confirm funds available. You can tell EA to do so if you like, but no, they don't have any right.

Ah right. Perhaps I'd better get my solicitor to make the request for "proof" then if someone says they are a "cash buyer". I know I've seen one of those homebuyer programmes recently and watched in horror as one of those "housefinders" told a buyer to say that they were a "cash buyer" because they owned a house mortgage-free and would be using that to fund the purchase (well...so do I...but I won't be calling myself a "cash buyer" - I'll just say "I dont need a mortgage" to get what advantage I can from that).

kingstreet

Under S3 (1)(d) of The Estate Agents (Undesirable Practices) (No. • 2) Order 1991 SI 1991 No. 1302 the agent is required to;-

check, as far as possible, that first time and cash buyers are as they say.

The agent is left to interpret how best to go about that and requesting evidence of the cash in the case of a cash buyer would appear about the only sensible option for the agetnt to discharge his responsibility.