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First Time Buyer - Timescales Help!

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We've had our offer accepted on a property on Wednesday morning.

The house is now appearing as SSTC on Rightmove after we sent the EA our mortgage AIP and proof of deposit etc.

We instructed solicitors yesterday and have sent in all the relevant documentation for our full mortgage application. We have a telephone appointment on 13th June to sort out the remainder of the mortgage application.

What do we do now?

We would like a Homebuyers report done on the property, can we start the ball rolling with that or does the estate agent do this?

We haven't really had chance for our feet to touch the ground really. Only viewed the property on 28th May and fell in love with it and we really weren't expecting to buy anytime soon. Any advice would be appreciated.

Comments

  • andrewmp
    andrewmp Posts: 1,792 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Mine completed about 3-4 weeks after I put the offer in. If you want it to move fast, provide documents straight away and ensure the solicitor doesn't drag their heels.

    I arranged the Home Buyers Report through the mortgage company.

    I was a FTB buying a vacant house though. Good luck.
  • Thank you Andrewmp, the house we are buying is chain free as the vendors are moving abroad.

    We are first time buyers too. I guess its just the nervous wait for the mortgage now.
  • AlistairM
    AlistairM Posts: 97 Forumite
    Congratulations (hopefully :) )


    The mortgage provider will be organising a basic valuation to see if the house is worth what you're offering.

    You may be able to upgrade the valuation to a full homebuyers report. Otherwise you'll need to organise a separate one.


    I'd recommend that you find your own surveyor if not and then co-ordinate with the EA/Vendor to see when they'll let the surveyor in to look at the place.
    We love what we love. Reason does not enter into it. In many ways, unwise love is the truest love. Anyone can love a thing because. That's as easy as putting a penny in your pocket. But to love something despite. To know the flaws and love them too. That is rare and pure and perfect.
  • andrewmp
    andrewmp Posts: 1,792 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thank you Andrewmp, the house we are buying is chain free as the vendors are moving abroad.

    We are first time buyers too. I guess its just the nervous wait for the mortgage now.

    Great stuff, it'll be the easiest house purchase you ever make in that case!
  • mildredalien
    mildredalien Posts: 1,057 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Congratulations! We are a way through the process as FTBs now, our timeline went roughly as follows:

    26th March: Offer accepted on house
    31st March: Mortgage application submitted through broker
    1st April: Solicitor instructed
    8th May: Receive contract paperwork from sellers including fixtures and fittings list
    18th May: Mortgage approved subject to valuation
    20th May: All searches completed by solicitor
    27th May: Valuation completed
    28th May: Formal mortgage offer received in the post
    2nd June: Instruct surveyor

    Our mortgage took longer than we expected for a number of reasons but it's actually taken as long to get initial paperwork and answers to questions from the seller's solicitors... not sure if it's the seller or solicitors who are slow! We are also not in a chain and buying a vacant property.

    We decided not to instruct a surveyor until we knew the mortgage was approved (including valuation survey done). We are now waiting for the survey to be completed next week and answers to some more enquiries about the property before we can agree exchange and completion dates.
    Savings target: £25000/£25000
    :beer: :T


  • SmlSave
    SmlSave Posts: 4,911 Forumite
    Part of the Furniture Combo Breaker
    OP, just a quick note that if you are in rented do not give notice untill exchange as under English law nothing is 'set in stone' until then.

    Also, have a look on your council's website to see how long the Local Land Search normally takes. Many solicitors don't raise enquires until the search result is received and some the mortgage offer too
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • alchemist.1
    alchemist.1 Posts: 860 Forumite
    Dont get the estate agent to arrange a homebuyers report/survey. They don't act for you they act for the seller. They won't be interested in your interests but the sellers.

    You can usually arrange a survey via your bank/building society by upgrading the valuation or separately by arranging it yourself.

    A lot of people wait until you already have the mortgage offer to arrange the building survey (this isn't an option with upgrading the valuation) of avoid incurring unnecessary costs.
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Average time from offer to completion is around 12 weeks. Obviously an average figure can mean 4 weeks or 6 months! Hope it all goes quickly and to plan!

    Jx
    2024 wins: *must start comping again!*
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