The next step in buying - viewings !

Paulpen

Thats for all the help so far everyone - it has really helped us to learn whats going on and put our minds at ease too

After what seemed like bad news we now think its the push we may have needed being told we need to move out at some point :
https://forums.moneysavingexpert.com/discussion/5192619

So yesterday we met with what I guess we now class as our mortgage broker !

A very down to earth guy that seemed to get rid of some of our worries. Was with us for just over an hour and seems that we can borrow what we were hoping to or up to £20,000 more than we were hoping for at not that much addition cost.
He was also pretty sure that we would have no issue getting a mortgage accepted.

He basically said that now we can go and look at places and are in a position to make an offer etc and then let him know when we have had an offer accepted and then proceed from there.

Is that pretty much how it all work as its seems pretty simple and we were expecting it to be alot more complicated than that ?!

If so then what else happens once we have had an offer accepted. We think that once an offer has been accepeted we need to speak to the broker to get the mortgage underway and also get a survey done but who do we speak to arrange the survey ?

Many thanks for all the good info so far :beer:

kayfaz

That's just the very beginning, so still a long way to go yet

Have a read through the link below, it will give you a much better idea of the process http://www.moneysavingexpert.com/mortgages/buying-a-home-timeline

Paulpen

Thats spot on :money:

I guess at the moment then we just need to find a socilitor that we are happy with and that will be happy working for us then

TranceNRG

Paul, you've done the right thing by talking to a MA and find out exactly how much you can borrow.

The next step in my opinion is the most difficult part - Finding a property you like, getting them to accept the offer and taking the property off the market.

It has taken me a few months to find a property I like and within my budget. I have made offers on a few other properties but they were rejected. I had my offer accepted on the previous flat no long ago but couple of days later (before I could take the property off the market) I was outbid but luckily even a better property came on the market next day and I arranged a viewing on the same day made an offer the next day and was accepted.

Once the offer is accepted, act quickly to take the property off the market so the chance of someone outbidding you is low. Estate agents usually want you to show financial commitment by booking the survey before they take the property off the market. And the survey is booked by the lender after the mortgage application has been submitted.

Also see if you can find a good conveyancing solicitor with reasonable prices (worth asking around and getting online quotes). You will need to instruct a solicitor once the offer is accepted to start the conveyancing process.

Good luck.

Paulpen

Ideal

We have seen a couple online that we like the look of but we think that maybe we should view something else first so we get to understand the viewing process on something we are not quite attracted to already !

As for the solicitorwe will get hunting for one as I think we may "upgrade" the mortgage valuation survey to the homebuyers one so save dealing with another external factor.

TranceNRG

Definitely go view them and not just look at them online. You learn a lot more by actually going to them and looking at them and talking to real estate agents. I've learnt helluva lot over last few months. Prepare to wait a couple months to find a suitable property. Also don't get too emotionally attached to a property. Have a maximum amount you'll offer on a property and don't go beyond that. Check for sold prices on similar properties in the area and see if it needs any renovations then you can come up with a maximum offer.

Definitely upgrade to the home buyers report but you've got the surveyor and solicitor/conveyancer mixed up. Surveyor is the one that does the valuation and the home buyers report. You need a solicitor/conveyancer to handle the legal side of things right up to completion.

Paulpen

Indeedy - wrote it wrong but understand it in my head

stardust09

I thought that ideally you needed a Mortgage in Principle before putting in an offer?

HouseBuyer77

Some agents may not take you seriously unless you have a mortgage in principle, but they are fairly meaningless. It just says a particular bank may be willing to lend you up to £x based upon a quick credit check and your self declared income/expenditure. The actual application is far more rigourous in its checking.

I've had an offer accepted before on the strength of saying I had an appointment to arrange a morgage in principle and I'd been advised over the phone that the level of borrowing I wanted should present no problems. Really I'm sure the EA knows it doesn't provide much in the way of proof that you'll get the mortgage but it does show you've actually thought about things.

The mortgage in principle is easy to get as well, Nationwide will do one online, takes a few mintues, it's valid for 3 months. This doesn't mean you'll have to use Nationwide as a lender but it gives you piece of paper should need to wave one at the EA to secure the property.

TranceNRG

As long as you tell the EA you have a MA, your finances sorted and you know how much you can borrow then that's good enough IMO. I made several offers without an agreement in principal and they didn't care that I didn't have an AIP. The size of my deposit was more important to them.

Paulpen

Cheers guys

I did ask the MA about the MIP and he said no point as we are in a strong position to borrow and will have no issues.

I guess if the EA asks our situation then do we let them know the deposit size in cash or a rough LTV% ?. We dont want them knowing where the top of our budget is I guess ?