Just been accepted, what next?

jay459

My estate agent who also price mortgages across the lenders advised on Halifax who have given me a decision in principle for 98.5k on my 20k salary.

The house I've seen is 140k and I have a 35k deposit so I'm 6.5k short. But what other fees am I looking at and how much will they be. I know I've solicitor fees but no idea how much they'd be.

There is also an issue with the house where the owner and his ex wife are in a dispute in the sale of the house. She has put a stop to the sale and they are currently in court over the matter. The house is not being lived in but I'm not too sure how likely it will be if the house will be back up for sale. The owner is confident it will be 3-4 weeks...

I've had 2 defaults on my credit file but they disappeared after 6 years. When I'm underwritten is there q chance they could come back to bite me. Also my bank statements are not the best, full of PayPal Amazon and online betting, could this crop up on the full application.

How soon usually does it take before one can move in.

Sorry for all the questions but I'm s bit clueless about this sort of thing

mlp

Expect to pay up to £1000 for a solicitor and the various fees for searches etc. You'll probably have to pay for the valuation survey (£200+?) if not a more comprehensive home buyer's survey (£400+?) and possibly product fees on the mortgage depending on the product.

So you're probably upwards of £10k short.

In_For_A_Penny_2

Unless you have other savings elsewhere I would be very nervous about stretching myself to that extent. The usual advice is to have at least 3 months pay as an emergency fund.

The reason being if the car/boiler etc breaks down in month one of the mortgage you may find yourself in difficulty.

marlasinger

mlp wrote: »

Expect to pay up to £1000 for a solicitor and the various fees for searches etc. .

Up to £1k? :eek: When we got our mortgage 4 years ago, we were charged £375+VAT. Surely things haven't changed that much?!

In_For_A_Penny_2

marlasinger wrote: »

Up to £1k? :eek: When we got our mortgage 4 years ago, we were charged £375+VAT. Surely things haven't changed that much?!

Guess it depends on your area - Having priced around 8 different solicitors our bill is sitting at £1800 inc VAT (not including stamp duty obviously).

Contemptuous

I bought a similarly priced house last month and the solicitor bill was £1200. Standard where I live, apparently.

amnblog

£1200 is about right for legal costs. I expect no-one has mentioned the £300 stamp duty land tax bill?

From what you have said you don't have enough money for this purchase Jay.

If you have a £20,000 income with no other outgoings that will affect an affordability calculation, you are a rare animal.


As is commonplace the broker at the estate agent is trying to get a result with as little work and thought as possible.

You should engage a good independent mortgage broker that can assist you properly.

mlp

Up to £1k? :eek: When we got our mortgage 4 years ago, we were charged £375+VAT. Surely things haven't changed that much?!

How much did you pay for searches, disbursements, CHAPS fees, land reg fees, etc?

Malmo

@jay459, have a read of this MSE article which describes a simplified timeline and milestones of the buying process. It doesn't really factor in the complexities of a chain and the impact of that on the end to end process, but it is still useful as a guide. There is also a link within that refers to a related article about the likely fees.

On the face if it and going only by what you've posted, it seems like you're short of funds.

Tarragondragon

We're paying £2300 inc STDL, luckily my partner got a 50% discount on our solicitor fees due to working with them regularly. Otherwise it would have been about £1,200 for that alone without SDLT, factoring in all the fun stuff like searches, transfers, etc all adds.

I've made a details fees checklist for our buying process. Everytime we pay something it gets marked off, so hopefully we don't get too many hidden surprises

PixelPound

Though they do invent stuff. I got a quote from a web site for one company, I also sent an email to the company as the property was a repossession so wanted to check, I got a quote reply via the email that included £200-odd fee for priority work due to being repossession. The thing is both quotes were within £50 of each other!