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Mortgage approved, what now?

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?

Comments

  • kingstreet
    kingstreet Posts: 39,118 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • sheeppappar
    sheeppappar Posts: 252 Forumite
    ..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 £1,020.88
  • jibbyboo
    jibbyboo Posts: 262 Forumite
    Seventh Anniversary Combo Breaker Car Insurance Carver!
    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!
  • bebewoo
    bebewoo Posts: 622 Forumite
    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.
  • m0bov
    m0bov Posts: 2,589 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I would always go for mortgage first, then solicitor since you need to check the solicitor is on the panel for your chosen mortgage.
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