Offer Accepted!

GalaxyStar

Hi everyone just wanting some more advice! We're FTB with a mortgage DIP and deposit ready etc. We offered today on a house we like, and it was accepted! I thought I had a fair understanding of the process of buying a house but now I'm not so sure! We're buying from an elderly couple, who are going into sheltered accommodation. We were told today that they are going to see some properties down south but they can only go in April (we think they must be new builds). The only stipulation they had on our offer was that we give them time to find somewhere, which is fine with us as it gives us time to save more money. It's on with Your Move and when she called to say it's been accepted we need to go in to do a financial check or something. Is this the norm? We've told them repeatedly we're not using their in house mortgage broker and we're happy with what we have.
Also I somehow was under the impression we had to use Halifax's solicitors but the EA said we might be better off going with someone local?
When do we need to call Halifax? Do we wait until they have found somewhere? Just not sure how it works with this bit mainly!

Any help would be great and much appreciated!

ACG

In house check is usually bank statements to show deposit and a DIP to show "mortgage offer" this should amount to the purchase price.

Your doing right to avoid their advisor (you dont know if they are biased), nothing wrong with seeing them but be prepared for them to do the sales spiel.

So next steps, get a solicitor (any solciitor you wish so long as they are on the lenders panel - ask the solicitor, usually if there are 3 or more partners they are on most panel).

Make your application.

Follow the steps that the lender give you (supply evidence etc).

Wait until you get a mortgage offer.

Solicitors then take voer and do their searches etc.

Assuming that is all ok, they will request an exchange date and then a completion date which works for you and the vendors.

April isnt that far away, it usually take around 6 weeks to do everything so i would get your application in now.

GalaxyStar

ACG wrote: »

In house check is usually bank statements to show deposit and a DIP to show "mortgage offer" this should amount to the purchase price.

Your doing right to avoid their advisor (you dont know if they are biased), nothing wrong with seeing them but be prepared for them to do the sales spiel.

So next steps, get a solicitor (any solciitor you wish so long as they are on the lenders panel - ask the solicitor, usually if there are 3 or more partners they are on most panel).

Make your application.

Follow the steps that the lender give you (supply evidence etc).

Wait until you get a mortgage offer.

Solicitors then take voer and do their searches etc.

Assuming that is all ok, they will request an exchange date and then a completion date which works for you and the vendors.

April isnt that far away, it usually take around 6 weeks to do everything so i would get your application in now.

Thanks for the reply, if we get our application in now and it comes to late April and they haven't managed to find anywhere (the EA did say they are looking for both renting and buying depending on which suits their needs so I think they would find somewhere "they're actively looking" she said) does it just keep rolling over before we exchange?

ACG

An offer is valid for 3-6 months (depending on lender).

So lets say you obtain an offer in a week (probably unlikely if you are making an application directly). It will then be valid for a minimum of 3 months from the 10th March meaning you have until June to complete, possibly even September.