What's happens after agreement in principle?

the_operator

Hi!

So I'm going through the process of trying to purchase my first house. We have had an agreement in principle(200k) and we have a house we have seen.

The house is on the market at offers over 99k.

What is the next steps, I have contacted the mortgage advisor but they are out on site visits today so was just looking for some advice on what to expect next....

Can I offer 95k or do I only have the option of offering over 99k?

If we had an offer accepted, when would we be expected to pay the solicitor surveyor and advisors fees also?

Any helps appreciated!

Contemptuous

You can offer whatever you like for the property. The vendor can always say no.

The valuation fee will be due once you've had an offer accepted and informed the advisor.
Solicitors fees are due after completion (although they may want some money earlier for searches).
I should imagine your advisor should have given you some sort of paperwork regarding their fees and when payment is due.

fed_up_and_stressed

Once your offer is accepted then your mortgage advisor would start the full mortgage application which would mean you paying any mortgage fees and the costs for the mortgage valuation but they should be advising you of when they will be due. As stated solicitors will require some monies before completion for searches etc.

Thrugelmir

the_operator wrote: »

Can I offer 95k or do I only have the option of offering over 99k?

As the house is being marketed at offers over £99k. It's a fair assumption that your offer will be declined and may not even be forwarded onto the vendor.

Contemptuous

Thrugelmir wrote: »

As the house is being marketed at offers over £99k. It's a fair assumption that your offer will be declined and may not even be forwarded onto the vendor.

Not necessarily. A house was advertised at offers over £140k. I offered £135k and it was accepted. I guess it depends what other interest they get and whether the asking price is reasonable to begin with.