First Time Buyers with an Offer

JRS1990

Hi all, I'm very new to all this and are not really sure how long buying a house takes. I have done a lot of homework so think I have an idea of what actually happens but not the time scale.

We viewed a property Tuesday night and put an offer in Wednesday morning. This was accepted and they said that they would take it off the market and it was ours (yay)

Last night we met with an independent mortgage adviser who said he would contact us today with the best mortgage offers, we would pick one and he would do all the leg work and take it to the estate agents etc. He will also find us a solicitor and a surveyor.

My question is, saying that this all runs smoothly (no chain for either party) how long can I expect this whole process to take? Sorry if it sounds silly but I have no idea due to being a first time buyer

kirkbyinfurnesslad_2

Find your own solicitor.
He will be lining his own pocket and you may not be getting a good quote.

You seem to be trusting him far to much. Have you shopped around fir a mortgage.

What type of Survey u having? If just Valuation then its the bank who will instruct the surveyor.

When he finished with you he must have had $$$$ in his eyes

JRS1990

Our family have used him for years for all their insurances and mortgages etc which is why we went with him. We pay him £200 once the house sale is completely finished.

We are having the middle survey (not sure exactly what it is called) but the one where they go in and check the electrics etc

We have shopped around for a mortgage and have a good idea of what we can borrow and how much our repayments should be roughly and so are expecting him to come back with a quote which is very similar to what we found online

kirkbyinfurnesslad_2

Called homebuyers survey.

Just because your family have used him for years does not mean you will be getting a a good deal.

I would say the opposite is actually true. Why pay him anything at all when you can do it cheaper yourself.......

hazyjo

They usually take their fee from the mortgage co, I believe, not you.

It'll be a 'homebuyer's report'. Yes, they will comment on things like electrics, but they are not electricians, so the report will probably contain bog standard wording and if there's any concern, they'll tell you to get an electrician in for an inspection (same for everything else - plumbing, woodworm, damp, gas, roof, etc).

The whole process from offer to completion takes an average of 12 weeks (obviously can be much quicker or much longer, but that's the average - for a freehold property).

Jx

monty-doggy

I am in exactly the same position as you with first time buy and an independent mortgage advisor. He charges me similar amount after completion. He has done all the leg work, all the chasing, all the crappy forms etc. I have a full time job and 3 step kids, as well as currently having a broken foot. I couldn't have done all this without him. He has liaised with the surveyor, estate agents, filled in all the solicitors forms for me and. Have spent hours checking I couldn't have got a better deal (which. Couldn't). My survey is being done this Friday, expecting to complete 4 weeks after. I know what some people are saying about hm lining his pockets however we all make a living one way or another and if i have to pay around £200 to make my life stress free and much easier its a small price to pay. If you are happy and trust him, go with it. Good luck

JRS1990

Thank you. We have just chosen our mortgage and he has emailed ro let us know what he has done today. Tomorrow he takes the mortgage in principle to the estate agents. Hopefully wont be long until the next step (mortgage approved and a survey I think?). Natwest offered me their best ever mortgage earlier and he still found a better quote so. Am happy with that.

Am I right in thinking it is mortgage approval and survey next?

monty-doggy

Yes as the mortgage is subject to survey, for example if it comes back there is anything seriously wrong with the house they may withdraw their offer of lending or reduce the amount they will lend but this is very rare. Once the survey is done as long as your solicitor is on the ball it should be about 4 weeks. Another advantage of using a mortgage broker is he won't get paid until you complete so he ŵill do all the chasing of the solicitors and surveyors for you

JRS1990

Thank you Really helpful. The house has been really looked after (man was a handyman) so we are hoping the survey is good. It's had all new electrics and boiler etc so we are really hoping it is good.

Thanks for your help so far :j

Rain_Shadow

JRS1990 wrote: »

Thank you Really helpful. The house has been really looked after (man was a handyman) so we are hoping the survey is good. It's had all new electrics and boiler etc so we are really hoping it is good.

Thanks for your help so far :j

I do hope the owner was qualified to do those things (if he did).

JRS1990

Ooo sorry, I didn't mean he did those things. He just did general work on house like plastering and keeping it in good condition but companies did the electrics and boiler side of things My bad