First Time Buyer - Timescales Help!

moneycantbuyyouhappiness

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.

andrewmp

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.

moneycantbuyyouhappiness

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

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.

andrewmp

moneycantbuyyouhappiness wrote: »

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

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.

SmlSave

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

alchemist.1

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

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