Offer accepted... Next steps?

sparklecity

Hi, I'm a first time buyer and had an offer accepted on a house today!

Just wondering what the next steps are now?? I'm hoping to speak to my broker in the morning but I'm so excited!!

Also any idea on timescales? I have no chain obviously and sellers are also moving into a house that is empty! Im hoping it could be pretty speedy as far as the mortgage process goes.

Thanks

MortgageMamma

Hi there, are you using the estate agency based mortgage broker?

Have you seen a broker before to establish affordability and get a decision in principle arranged (this is a very basic preliminary check to see if the lender would lend you the amount you need). Many estate agents do not forward offers to vendors without confirmation you can get the mortgage. Its usually at this stage they insist you see their in house mortgage broker, which can sometimes lead to a conflict of interest.

MM

Debtslayer

Hi
Ours was also no chain purchase, but it still took about 12 weeks from offer being accepted to getting the keys.
But it can really vary, depending how quickly everyone wants to complete and how quickly mortgages get approved etc
Have you already spoken to a broker and got a DIP? Are you using an Independant broker?
Also get your solicitor sorted ASAP

sparklecity

@mortgagemamma Hello, yes I have a mortgage in principle. I'm using an independent broker recommended to me by a few friends who have used him, hopefully he'll be in touch tomorrow! Was just hoping to get a bit of a breakdown of the next stages before then to be prepared!

@debtslayer see my reply above I have got quotes from 3 solicitors so know who I'll be going with. Is this the next thing to do?

Thanks both for your replies!

MortgageMamma

There is nothing much for you to do now, its pretty much down to the broker, make sure you have all you payslips, bank statements, proof of ID, proof of address and proof of deposit ready - good luck with the purchase its such a buzz isn't it? Your broker may be able to recommend an efficient solicitor to do the legals, also, ensure you consider what kind of mortgage survey you would like as they differ in price and detail - your adviser will help you with this.

Debtslayer

sparklecity wrote: »

@mortgagemamma Hello, yes I have a mortgage in principle. I'm using an independent broker recommended to me by a few friends who have used him, hopefully he'll be in touch tomorrow! Was just hoping to get a bit of a breakdown of the next stages before then to be prepared!

@debtslayer see my reply above I have got quotes from 3 solicitors so know who I'll be going with. Is this the next thing to do?

Thanks both for your replies!

Ref broker: well done, always best to use a recommended Independant broker. When you've spoken to them they will find the best lender for you, make sure you are happy with all the details and if you are they will submit full application. They will give you the lenders current timeframe for approving mortgages (approx 2-3 weeks) dependant on workload
Ref solicitor: yes, appoint your solicitor, EA will probably be chasing for their details soon so they know you are a confirmed buyer and can change property to SSTC. Solicitors will send you details of everything they will do for you and a schedule of the process
Things seem to go really slowly at first as mortgage application goes through and solicitors start searches then suddenly after what seems an age (weeks though) it all comes together and moves quite fast

Good luck, keep us updated. It is an exciting time

sparklecity

Thank you both again for the replies!

@debtslayer the broker has already found me a mortgage with Halifax (originally he said natwest, but when I found the house and chased him it's Halifax). Yes EA already asked today which solicitor I would be using but I only just got the quotes from them today! Property has already been changed to sold STC on website so that's good. It is exciting, but very scary also!!

@mortgagemamma I've got all the documents ready except the bank statements, I plan to print these the day before the appointment. Definitely was a buzz today - my whole office cheered after I got the call saying it was accepted haha! Broker recommended 3 solicitors, I got quotes for each today so know which I'm going with now. What's the next step in terms of solicitor and when do I pay for this?

amnblog

Job one is for your broker to deal with new puppy syndrome.

Congratulations, but be aware it is a slow and steady process and in England and Wales nothing is more than a promise until you have exchanged contracts.

You have made the right first move by engaging a broker in good time who can now guide you through.

afooksy

Hey sparklecity you are in the exact same position as me, congrats!! we had an offer accepted on Saturday just gone and it does feel a bit weird as nobody really tells you what happens next!


Our MA is on holiday this week but we have a meeting with him next Monday when he's going to organise our valuation and then we wait for the mortgage offer!! very nervous. in the meantime, we have engaged with a solicitor but I am not entirely sure what's happening now?


I found the below link really useful as it details what happens between having an offer accepted and getting the keys!
http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/conveyancing-made-easy-for-buyers/


I also find reading all the different threads on here really useful.


best of luck with it all!

nkkingston

Our offer was accepted last week, and I'm still all in a flap about it. I feel like I have to do everything at once as soon as possible to show how very serious we are, even though last time we spoke to the owners they're not actually in a position to move immediately. I'm still struggling a bit to get my head around how the solicitors fit into it. I've seen advice ranging from "hire a solicitor before you make an offer" to "leave the solicitor until everything else is done in case the sale falls through". We have one now, but we haven't actually spoken to her or anything yet (OH's mum is a lawyer, so it's someone from her firm), which feels really weird.

afooksy

nkkingston - same. We had our offered accepted and called our MA who said to find a solicitor ASAP because that's the bit that takes the longest. Some people said to wait until you have a mortgage offer before getting solicitors involved but we took the risk. The link I posted above lists everything the solicitor does - I found that useful as I wasn't so sure either.


do you have a mortgage broker or have you gone direct with a bank?