Found a house... What next?!

annaangeluk_2

Sorry if this sounds really stupid but when it comes to buying and selling houses I'm pretty clueless!

I went to view a house today and i've decided I want to put an offer in! The problem is i havenlt got my house on the market yet. I've held off doing it so far as my type of house in this area sells within 2-3 DAYS so didn't want to accept an offer without having anything to go and look at!!!

I've got a number for a financial advisor to sort out mortgage so what should I do next?!

Do I have appointment with FA, then put house on market then put an offer in? Can i put in an offer without having accepted an offer on mine?

Thanks in advance

Stacey

Doozergirl

You shouldn't be making offers until you have accepted an offer. Many people will not even entertain an offer from someone who is not in a position to proceed and people in your position are prone to offering over the odds in order to seal the deal. My advice would be to hold off (and would have been not to even view a property until you were at least on the market to prevent scenarios as this )

Even if houses do sell in 2-3 days, there would be nothing wrong with asking a buyer (of which there must be many if they sell that quickly) to wait until you find somewhere.

You should have already spoken to that IFA! I presume they are a whole of market broker?

If you miss this house, it is not the end of the world. If you can find THE house so quickly, it won't be long before you find another suitable one.

KiKi

Hi Stacey

As Doozergirl says, most people selling their house won't accept an offer from you unless you've already sold your house. They want to know that you can move forward quickly, not that they'll have to wait for you to sell your place.

So for starters, this is just a guide as to what should happen / what you should do:
1) get your place on the market straight away!
2) speak to a whole of market financial advisor (or do your own research) to see what sort of mortgage you could get
3) find a solicitor / conveyancer who can do all the legal stuff for you (see my point about costs at the bottom)
4) happy House Hunting!
5) when you sell your place, your buyer's conveyancer will speak to your conveyancer (they'll get your conveyancer's details from your Estate Agent) and start the legal stuff
6) when you find a place you like, put your offer in
7) if it's accepted, you will need to give your solicitor's details to the Estate Agent of that property so they can start the legal stuff
8) apply for the mortgage you want for the right amount
9) you will need to get a survey done on the new place ASAP (you might get the basic survey as part of the package with the mortgage, depending on your mortgage provider is)
10) your solicitor will then advise as to what to do from then on

p.s Re costs, not sure if you would be aware of these if you haven't bought before (if you weren't the one who went through the process of purchasing the place you're in), so here's an idea of them based on my own experiences. Need to bear in mind:

SALE:
Solicitor's fees
Estate Agent fees

PURCHASE:
Solicitor's fees
Survey (one of: basic, homebuyers, structural)
Local search
Land registry search
Land registry
Stamp Duty
Bank transfer
Deposit
Leasehold transfer (if a leasehold property)
Landlord's registration (depending on what sort of property it is)
Contaminated land search (optional)

I'm not in any way a legal person, so I'm sure legal people on here could pick plenty of holes in what I've posted. This is only intended to be a helpful list of thoughts!

HTH

eco-friendly_2

most people selling their house won't accept an offer from you unless you've already sold your house.


Good responce KiKi , but the above statement does not apply to Scotland ! Where the system is different.

annaangeluk

What part of the U K do you live in ? Just wondering like, many areas in Central Scotland are selling in 2-3 days.

KiKi

Good point, eco-friendly! I've never bought in Scotland. Wish we did have those rules here, though...!

PasturesNew

Poster's info on the left says Leeds

Running_Horse

A click within a click within a click.

http://forums.moneysavingexpert.com/showthread.html?p=6048004#post6048004

Like one of those Russian dolls.

Doozergirl

Have you been waiting to do that for ages? Very clever. We need more of those - or have you aready started?

Running_Horse

I have several up my sleeve.

Doozergirl

We need one for new build flats too.