Mortgage acceptance timescale.

Tlg1991

We have made an offer on a house and waiting for it to be accepted hopefully but i have a few questions im not sure on as we are first time buyers.

the home owners haven't even seen a house yet they want which is fine with us as the longer the better, we have dug into our home furnishing money to put down on the deposit as we really want the house.

but we was wonder do we still go through with everything we can as is getting the survey and solicitor and paying the deposit over before they find a house and move or do we only do that once they have moved and are in a position to actually sell it.

Malmo

Tlg1991 wrote: »

We have made an offer on a house and waiting for it to be accepted hopefully but i have a few questions im not sure on as we are first time buyers.

the home owners haven't even seen a house yet they want which is fine with us as the longer the better, we have dug into our home furnishing money to put down on the deposit as we really want the house.

but we was wonder do we still go through with everything we can as is getting the survey and solicitor and paying the deposit over before they find a house and move or do we only do that once they have moved and are in a position to actually sell it.

The chain should be fully formed before you commence your mortgage application and conveyancing. Otherwise you risk incurring costs before everyone else in the chain is in a position to proceed.

Also, your deposit isn't payable until exchange of contracts, which is some way down the timeline.

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.

Here is also a MSE guide that refers to the likely buying fees & costs to factor in and when they may be due.

Tlg1991

yes i have read the timelines, but like you said i haven't seen any really factor in the chain issues. thanks for the reply. And on that note we have just found out our offer was accepted. I am going to be a nervous wreck until we get in the house and its all complete.

Tlg1991

Found out the the owners have decided on a home but its a new build that wont be finished till the end of October, which is great for us but should we sit tight till closer to the time and only appoint a solicitor for now?

libf

Tlg1991 wrote: »

Found out the the owners have decided on a home but its a new build that wont be finished till the end of October, which is great for us but should we sit tight till closer to the time and only appoint a solicitor for now?

It's likely they will need to exchange within a month on a new build, so you will probably need to get your solicitors working very promptly, but double check with them on their time lines.