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Mortgage approved, what now?

BritishBulldog
Posts: 27 Forumite
We got the great news that our mortgage has been approved by HSBC on their 5 year fixed deal. The house is as close to our 'dream' place as we can afford so we are delighted at that. Just wondering what happens next (we're FTBs). Ive just spoken to the valuers who will to sort that in the next few days and we are seeing the solicitor tomorrow, and he has already sorted some searches...turns out Radon gas is an issue in the area
(North Yorkshire Pennines), so we'll look further into what has been done there, but we dont expect any problems with this. So once the valuation is sorted and we have resolved any potential issue where do we go from there...is it simply a case of waiting for the solicitors to do their thing and agree a date for contract exchange?
(North Yorkshire Pennines), so we'll look further into what has been done there, but we dont expect any problems with this. So once the valuation is sorted and we have resolved any potential issue where do we go from there...is it simply a case of waiting for the solicitors to do their thing and agree a date for contract exchange?
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Comments
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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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
BritishBulldog wrote: »..is it simply a case of waiting for the solicitors to do their thing and agree a date for contract exchange?
It's also a case of keeping on your solicitor's case and not just leaving them to take as long as they like. We have specified a date we want to complete and so at least they have a deadline to try and work to!CC1 £7,944.10
CC2 £2,680.03
CC3 £1,020.880 -
This is how mine has gone so far (in order) since 22nd March:
Offer accepted
Mortgage applied for
Solicitor instructed
Paid for searches, gave ID to solicitor
Survey conducted
Memorandum of sale sent by EA
Mortgage offered
Re-negotiation not accepted
Vendor's solicitor sent through questionnaires
I signed off on some searches (boundaries etc)
Currently awaiting land registry search & contracts to be finalised. Hope that helps!Please respond to mine and others' posts with courtesy and kindness- and I will not deliberately disrespect you. Down with the trolls!0 -
Also you are with HSBC so you have to factor in the lengthy waiting times and ridiculous demands from HSBC's solicitors. Could take six months. Major mistake going with HSBC.0
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I would always go for mortgage first, then solicitor since you need to check the solicitor is on the panel for your chosen mortgage.0
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