Offer accepted - what next?

nicole19922

Hello,

We have just had our offer accepted on our first house. Our mortgage advisor is really on the ball and has confirmed the offer with the EA, got a quote from his solicitor for our legal fees, found two mortgages that will be suitable and also told us what documents we will be needing. I have a couple of questions! Obviously I will ask him too.

1) Our seller hasn't found anywhere to live yet (relocating down south) so obviously things might be quite slower than normal - should I be worried that they haven't yet got anywhere?

2) Our advisor has suggested we go for a 30 year term on the mortgage so we have lower monthly repayments, and so we can overpay if we want to. This seems like a good idea to me but I just wanted to ask are there any downfalls to having a 30 year term as opposed to a 25 year term?

3) What happens next?! Obviously I need to get all my documents together etc but what actually happens next?

Thank you!

nicole19922

Also - is £795 all in a decent price for a solicitor?

chelseablue

Regarding the term, we went for the maximum we could in the beginning while we also have nursery fees to pay.

Our term is 34 years :eek:


Our monthly payment is £722, if we went for the standard 25 years it would be £922


We do overpay and when the childcare bill reduces we can overpay even more so a longer term isn't necessarily a bad thing

Zeebs90

We have also gone for the maximum term (38 years) on a 2 year fixed rate to keep payments as low as possible for the immediate future so we have enough money to furnish a whole house and save for our wedding next year. We then plan on remortgaging and reducing the term one the two years are up.

chelseablue

Zeebs90 wrote: »

We have also gone for the maximum term (38 years) on a 2 year fixed rate to keep payments as low as possible for the immediate future so we have enough money to furnish a whole house and save for our wedding next year. We then plan on remortgaging and reducing the term one the two years are up.

Yes I forget about all the decorating and furniture costs. I think I need a term of 54 years :rotfl:

Flosmum_2

Bear in mind the longer the term the more interest you pay overall

banks4u

Is those solicitors fees for the purchase or sale? Either way it's quite cheap.

BusyBargainz

We are in a similar position to you! Offer accepted last week – vendor has yet to find somewhere. Don’t know how this works really so sorry I can’t be of any more help!

The next stage for us after giving our adviser all of our documents was to submit the full mortgage application and our survey has now been paid for and booked for next week. We have been told it should go quiet for a couple of weeks now whilst that takes place and the results are finalised and what not.

Solicitor is the same price as you so whether that is good or bad I don’t know haha!
All the best.