FTB Our Offer Accepted...

Phil_OAFC

Hi Everyone, I have read countless helpful info on all these threads but hoped to get some help to tailor it to our situation.

We are nervous FTB'S in Manchester area, we saw a house 5 minutes away from my elderly parents which was perfect for us, it was on the market for £156,000 but we've negotiated to meet at £147,000 but its still at the high end of our budget, but we'll manage and have 15% deposit.

The estate agent has instructed the solicitor to proceed at a cost of £350, do they send us a pack to fill in?

We have a broker in place to guide us through at a cost of around £300 - I know this may be unnecessary but we do need a help in hand and the mortgage he found was better than any we had found ourselves.

We are looking at a home buyers report at a cost of around £400
Stamp duty of £1,500.

We have set aside around £3,000 to counter all these fee's. Does anyone have any advice on how to go about the full process. I'm a worrier!

The house is now empty, the elderly couple have moved to a bungalow, and the house has previously sold for more and fallen through because of the chain regarding the previous want to be buyer. We have no chain and really want everything to go through smoothly and quickly if possible.

Should I be this worried, or should I get excited and enjoy the ride.

The thing for us looking at houses seemed to be that for £120k you can hardly buy a flat or terrace, but for £150k you can get a front and back garden, garage, drive and close to a nice farm track etc and hopefully not have to move again.

Sorry for going on, we appreciate any reply, anything we may have missed or any advice.

Cheers, Phil

joujou

Congrats - might I ask, which area of Manchester is this?

If it helps, numerous people suggested I set aside 3.5 to £4K for peace of mind. There are also the small things you'll inevitably want to do once you move in.

Yorkie1

Are you using the solicitor recommended by the EA?

If so, was there a particular reason for doing so? You frequently pay a higher fee than an independent solicitor, because of the referral fee the solicitor is paying the EA.

The basic process is that you apply for a mortgage, instruct a surveyor (either through the lender or separately) and instruct a solicitor.

When the survey comes back, have a look at it and come back on here if it raises any problems (it will advise getting the elecs / gas tested as the surveyor doesn't have the expertise to report on these, and roof / damp are common entries too).

The solicitor will need some funds up front to pay for searches etc.

The seller's solicitor gets the seller to put together forms about the property and what items the sellers are taking / leaving.

You have a look at all these documents when your solicitor receives them and sends them to you. You also sign the contract ready for exchange.

When everyone is happy, a date for completion is set and you all exchange. You have to supply the solicitor with 10% of the purchase price for exchange.

At completion your solicitor gets the money from the lender, you pay the solicitor the balance of the purchase price, the stamp duty and their fees, and all is then sorted!

monty-doggy

I am FTB in Stockport, we received solicitors pack last week, it asks all personal info and ID etc so they can begin searches. It's very straight fwd.

Our survey was done Friday and I was asked in solicitors pack when would I like to complete, I said end June.

We using mortgage broker too and I agree it's made it much easier! If you have any questions, use your broker, mine has been brilliant!

Phil_OAFC

It is in Chadderton Gtr Manchester, the nice bit, if you're familiar with the area. We do have about 5k savings for fee's and to spend on the house as a back up.

We must admit, we are using the EA solicitor, but this was due to it all happening all of a sudden and a bit of a shock when it was accepted. If it costs us a bit more so be it as long as the same job gets done.

We have been caught off guard with all this, as we were just saving for the 'one day' we might buy a house. We've always liked this house whilst it was under offer previously but didnt have the deposit and kind of decided to make the bold move this time.

Thanks for your replies, the really do help to read through!