FTB - offer accepted, now what?

Mrcawdell_2

Good morning

Myself and my partner have had an offer accepted on a house we really liked.

We have an agreement in principle but we're now a little unsure what to do?

The EA rung me yesterday so say our bid had been accepted but that's all we've had

Can anyone instruct me on what to do next whether it be a survey etc?

The lenders i'm going with offer a free basic survey, i want to upgrade this to a full survey for piece of mind but the property is only 3 years old.

I'd appreciate any help you can give

Thanks

Hoploz

First job is to instruct a solicitor. Ring a few to get some quotes. Bits and bobs like searches, stamp duty and the rest should cost the same but it is the actual solicitors charges you need to ask for when choosing. Try and find a recommendation from someone locally who has moved recently. Failing that my advice would be to instruct one locally so you can get there easily to sign papers and deliver things. I find this is much more efficient than these online conveyancers. Also one that lets you log in for a running commentary on progress I found very useful last time I moved.

Once everyone has told the EA their solicitors details, in the next few days you'll receive a Memorandum of Sale which is the contact info for seller, buyer and their solicitors.

Then you make your mortgage application through your advisor and they will let you know which types of survey the lender offers. They don't all do full structural surveys so if you really want that you might have to shop elsewhere (don't take advice from EA you WILL be overcharged) But do you really need that on a house 3 years old? I wouldn't bother. But then I am not a big survey fan personally, I believe I am capable of spotting anything major myself. It's your call. Visit with someone a bit knowledgable would be my suggestion.

That's the first week or so for you.

fed_up_and_stressed

Why on earth would you pay for a survey when i assume the property has a nhbc warranty ?

kingstreet

Is the chain complete?

Don't go diving off spending money until it is.

Then;-

Offer agreed and chain formed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

dc197

Have a look at this. You've just completed step 7. Make sure that you have also done step 4. Then everything can flow from step 8 onwards.

http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/the-hoa-step-by-step-guide-to-buying-a-home/

Hoploz

Ooh yes, certainly you find a solicitor for the memorandum's benefit, but if the chain isn't complete then you must WAIT before doing anything involving incurring costs! (Solicitors are used to this. You just call them when you want them to proceed)

jbainbridge

You need to instruct a solicitor. If the chain is complete get them to start work.

Not sure I'd pay for a full survey on a 3 year old property. Home buyers report is probably a reasonable compromise.