FTB question....chains

Lyncroft

Hello

I'm in the position of putting in an offer. There will be a chain above. Not sure how long yet. The person I'm buying off has found somewhere but that person hasn't so I guess the chain could go on and on.

My question is what do I do once I put the offer in. How far should I go in terms of searches, etc. I don't want to get ahead of myself. Obviously I'll need to apply for a mortgage and guess they'll need to do a valuation and survey. Also get a copy of the lease? Am I right?

Many thanks

Surrey_EA

Generally the advice is do nothing other than get your solicitor lined up until the chain is complete. At this point you don't know how long a complete chain will take to form, and what timescales you will end up working to. Therefore try to avoid spending any money on valuations, searches and surveys.

Keep in touch with the agent through whom you're buying and be ready to get things under way when the chain is complete.

Lyncroft

Great, that's really helpful. I've got the solicitor lined up. I had intended to organise the mortgage but didn't really want to as most of the ones I'm interested in have fees attached. I assume I'd ask them to take it off the market too?

I'm new to all of this so just out of interest what's stopping people putting in multiple offers on different properties.

Hoploz

Apart from the costs, a mortgage offer will only ba valid for a set time so if you apply before the chain is complete you stand a chance of it expiring before you can complete.

Surrey_EA

It's definitely worth looking into the various mortgage options, as it can be quite a minefield, but don't submit an application or incur any fees at this stage. Are you thinking of using a broker?

I suppose there's nothing really to stop people putting multiple offers in, but it's not good practice! if you're looking in a small area the chances are the EAs will talk and you get found out.

Lyncroft

Thanks everyone.

I've a mortgage in principle with L&C but I'm a bit undecided about them. Not sure why. I had an initial telephone interview with First Direct a while back so that's a possibility though I gather they're quite strict and the waiting time to get an appointment seems a bit inconsistent. I'm squeaky clean credit wise but I've come late to this game having just turned 50 which is why I'm keen to get moving! I'd certainly have done things differently if I had my time again!

Due to age I'm thinking a 10 year fix is the way to go. I'm a public sector worker so any pay rises will be a while off yet.

Somewhat off the point what I've found in life a bit late is that you need to look after no1, which doesn't mean being a right git but just getting your priorities right.