FTB moral support! Now with stupid solicitors!

lb364

Are you having a full survey and all the searches done on the house? I find it a bit odd that it seems a good price, has been on the market so long and everyone involved is in a hurry...

julieb1987

Estate Agents want their money, and they don't get it until completion. Don't listen to the mortgage advisor, do not serve notice until after exchange. The solicitors have got it right, it takes time and it needs to be done properly, after all, it is the biggest purchase of your life so afar (I assume). You have the upper hand being at the bottom of the chain. Is there a chain above you?

dotdash79

Take your time, with the way the vendors and EA are acting I would be quite worried that something major is wrong with the house.

It's not an easy process and if you aren't sure about anything speak to your solicitors they after all are looking after your intrest.

EA, mortgage advisors and vendors are out for themselves.

We won't hand in notice until we exchange.

TrickyNiki

Yes, biggest purchase I have made and spent years saving for!

I am having all surveys done, the price is actually typical for the area. There is another house on the same street for sale at a similar price. The venders themselves are retired are are trying to move into a new build bungalow, from what I've gathered the builders are putting pressure on the couple which is being passed onto me :S

I do love the house but there are a couple of similar houses for the same price about so if this falls through I have other options.

TrickyNiki

Well things are moving along

I had a message yesterday morning from the mortgage company saying that my application had been received and by yesterday afternoon i had a message saying the mortgage valuation will be carried out the next day!

So my mortgage are currently at this moment valuing the property!

I'm getting excited now!

kingstreet

TrickyNiki wrote: »

She's from the Mortgage Advice Bureau, I didn't go through the estate agents but now you mention it I checked up and it seems they are linked!

Cheeky sods... I know where their bread is buttered now.. So much for independent advice! Well I suppose the mortgage advice was independent, but still!

I never knew buying a house was full of subterfuge!

Chances are you have not got independent advice. This involves agreeing a fee and any commission paid to the intermediary being refunded to you on completion.

You probably have "whole market from commission-paying lenders" advice. This means you've paid the intermediary a fee and they are getting commission from the lender too.

You should have received an Initial Disclosure Document from the adviser early in the process before you committed to using them. If section two reads;-

We offer mortgages from the whole market

you have been given whole market, probably not independent advice.

If section 4 says;-

A fee of up to £xxx payable on completion and we will refund to you any commission that we get by the lender

you have hired them on a truly independent basis, while this;-

A fee of £zzz payable on completion. We will also be paid by the mortgage lender.

confirms whole market for commission paying deals.

TrickyNiki

kingstreet wrote: »

Chances are you have not got independent advice. This involves agreeing a fee and any commission paid to the intermediary being refunded to you on completion.

You probably have "whole market from commission-paying lenders" advice. This means you've paid the intermediary a fee and they are getting commission from the lender too.

Your right! Oh well live and learn... Still a better deal than I found on my own so I'm not too annoyed with myself. The woman did say she was independent.. Maybe I shouldn't be so trusting!


Anyhow, I just got a message saying the valuation survey was satisfactory! Just got to get my surveyor in now!

Moving fast :S

dotdash79

We got confirmation that we got our complete mortgage offer today, so not we move to exchange in the next 10 days.

TrickyNiki

Received a formal mortgage offer today! Things are looking good..

Searches have still to be done, the solicitor apparently had a problem with the plans or some such :S No idea what but its sorted now. Searches will be done soon!!

Lets keep this moving!!

TrickyNiki

things are coming along nicely!

My rented house has new tenants lined up to move in when i move out! I mentioned to the letting agent I was buying a house and that I wasn't putting in my notice till exchange but if they wanted to market the property I would allow viewings.

They now have a new tenant lined up who is aware and happy that I am buying a house. The LL is happy they have a new tenant and me..... I am happy as since they have a new tenant I do not have to give a months notice I just have to arrange a move out date and let the agents know!

I am getting this in writing but this means that my completion date wont be delayed from exchange