'Right' order - offer, mortgage, solicitor, HBR, valuation, exchange, completion?

ada007 · 22 June 2015 at 11:39PM

Really blond question:

What's the 'right' order after offer's accepted for a FTB buying with morgage?
I've researched and researched but the more I read the more confused I get.

In my head at the moment, it is as follows: Offer accepted, mortgage broker contacted and instructed, solicitor appointed (should you wait with instructing SOL until upward chain is complete in terms of offers accepted?), HBR booked...valuation? mortgage accepted/arrangement fees paid?, exchange, completion.

Do you have time between HBR and lender's valuation to get any major problems resolved? I.e. gas checks, inspections, etc.... (The house is pretty run down and I am afraid that bank would value it less.)

Thanks for any feedback, hints&tips in advance.

G_M · 23 June 2015 at 12:07AM

Just get on with everything at once. Why should there be an 'order'?

(apart from obviously Exchanging before Completing)

csgohan4 · 23 June 2015 at 7:23AM

Make sure your solicitors/conveyancers are on the approved list from your mortgage lender before instructing.

I only started with the rest after my mortgage offer, maybe instruct your own building survey beforehand if your really wanting to speed things up as this is for your own information.

richy999 · 23 June 2015 at 8:33AM

Before you make an offer, you should have chosen a solicitor and asked them to open a file for you. They shouldn't undertake any work that will cost you until you have signed and returned forms to instruct them. Also ensure you have an agreement in principal from a mortgage lender.

Without getting these two things in place before making an offer, you might not be taken seriously. I certainly didn't accept the offer from my buyer before they had these in place.

Once your offer has been accepted, start the ball rolling on the conveyancing/mortgage application process. It is good to keep your sellers up to date on your progress, either directly or through their estate agents.
They should in turn keep you up to date with the progress of their related purchase.

ada007 · 23 June 2015 at 11:51AM

If I have a solicitor and mortgage broker (agreement in principal in hand)...how long does it normally take to have a mortgage offer in hand? When do you normally pay mortgage booking/arrangement fees?
Before mortgage offer, or after exchange of contracta (except for booking fee)? Thanks

richy999 · 23 June 2015 at 12:43PM

ada007 wrote: »

If I have a solicitor and mortgage broker (agreement in principal in hand)...how long does it normally take to have a mortgage offer in hand? When do you normally pay mortgage booking/arrangement fees?
Before mortgage offer, or after exchange of contracta (except for booking fee)? Thanks

We got our mortgage offer a couple of days after the valuation was done (Nationwide Building Society).
The valuation was not done until we had paid the valuation fee.

Obviously when you pay your fee's will vary between lenders, but I imagine they will want the fees before they make the offer.
This question would probably best put to your chosen lender, or mortgage broker.

ada007 · 23 June 2015 at 1:24PM

richy999 wrote: »

We got our mortgage offer a couple of days after the valuation was done (Nationwide Building Society).
The valuation was not done until we had paid the valuation fee.

Obviously when you pay your fee's will vary between lenders, but I imagine they will want the fees before they make the offer.
This question would probably best put to your chosen lender, or mortgage broker.

Thanks for all your responses. It's been really helpful.
I'll for sure discuss this with our broker/lender but it's good to know what possibilities you might have once you actually get there...For now, we just keep our fingers crossed...