Mortgage in Principle, offer accepted, now what?

millardus

Anyone have a list of steps in chronological order that we go through now?

I have a decent idea, but wanna figure out at what stage I need my deposit money in-place, stamp duty taken etc

Once the offer is accepted, do I need to tell my mortgage lender *something* in order for them to perform the *next step*?

Wondering what cash I will need in place for this *next step*.

Naive questions I know!! I probably know the answers somewhere in my head.

ACG

So you have a mortgage in principle
Offer has been accepted
EA will probably want to know who your solicitors are (make sure these solicitors are on the lenders panel).
Call up whoever it is you want your mortgage with and make an application.
They will tell you what documents they want - get them ready for the lender.
They will then underwrite the case and instruct a valuer.
Valuer will get in touch with the EA to book a time.
Once done (assuming it is all ok) it will take 2-3 days to get a mortgage offer.
The offer will go to your solicitor who will do the legal work.
Then they will agree an exchange and a completion date.
You then pick up the keys.

All of that is assuming it is straightforward and no hiccups.

Alternatively speak to a broker, they will sort it out for you.

Npadgham

Form my own recent experience:

Contact lender and inform them of the address of property

They'll then instruct a surveyor who will contact you first in order to obtain payment. They'll then speak to EA to arrange a date/time for survey.

You should receive your valuation and homebuyer report (if applicable) within about a week. Lender will then be able to give you a definite decision.

Solicitor carries out searches on property. They usually ask for money up front for this - around £300 I think. You then need to wait for these to come back and deal with any issues that may arise from them.

Solicitor will send you draft contract to look through, including fixtures and fittings.

Solicitor will raise any enquiries arising from this.

Once all resolved you can exchange contracts, at this point you are usually required to send across your deposit unless it is tied up in the sale of a property. You are now legally obliged to purchase.

Complete and pay stamp duty, solicitors fees etc etc etc

G_M

Borrow a book (free) from your local library.

It will not just give you all the steps, but explain them in detail.

It will provide advice, and also help answer the 231 questions which will occur to you (and get posted here!) over the next couple of months.

eg

http://www.amazon.co.uk/Buy-Sell-Move-House-Essential/dp/1844901084/ref=sr_1_5?ie=UTF8&qid=1394661007&sr=8-5&keywords=house++buying

http://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377/ref=sr_1_1?ie=UTF8&qid=1394660946&sr=8-1&keywords=house++buying

http://www.amazon.co.uk/Buying-Selling-Home-For-Dummies/dp/0470994487/ref=sr_1_3?ie=UTF8&qid=1394660966&sr=8-3&keywords=house++buying

millardus

Thanks all, shores it up nicely.