I have no idea what i'm doing

Surrey_EA

missmoose wrote: »

"Read Martin's guide to property buying"

I have read this but it doesn't rally give a good time scale, am I allowed to get a mortgage before any searches etc. have been done? What if I apply for a mortgage now, and then the sale falls through? what happens?

The house is still for sale on right move even though I said for it to be put under STC or under offer when I maid my offer.

Timescales vary, depending on the circumstances of each chain. Work on 12 weeks from when your offer has been accepted and the chain is complete, treat anything quicker as a bonus.

Starting today, you'll do well to move in before the end of February, but not impossible.

What is the situation with the property you wish to buy? Is it empty? If it's occupied, does the owner have to find somewhere else to move to? If they do it's sensible not to spend any money on mortgage valuation, surveys and searches until the chain is complete.

The are two main components to each purchase. The legal work and the mortgage. Some people wait to have the search results before having a mortgage valuation and survey done, others wait for the results of any valuation/survey before asking their solicitor to apply for searches. Some begin both at the same time. It depends a little on your attitude to risk, and what you expect the outcomes of each to be.

I'm assuming your offer has been accepted? If so, have you supplied details of your chosen solicitor to the EA? Most EAs won't mark a property as under offer/sstc until they have this info.

If you apply for a mortgage and the sale falls though, then just advise your broker, if you're using one, or the lender direct of what's happened. Your application will then typically be put on hold until you find somewhere else to buy.

There are a huge number of variables that affect house buying/selling, and it is impossible to predict everything at such an early stage. Stay calm and work through each stage as you get there. It will take longer than you think.

davidmcn

missmoose wrote: »

What if I apply for a mortgage now, and then the sale falls through? what happens?

It's definitely going to fall through if you don't apply for a mortgage....

Mortgage application is probably the most time-consuming element of the transaction, so the sooner you start it the sooner you'll be finished.

kingstreet

HouseBuyer77 wrote: »

Is the house you're buying chain free? If not is the chain complete? FTBs rushing to get everything done before the chain is complete is a common mistake. Best to commit as little money as possible until it is.

This...

Surrey_EA wrote:

What is the situation with the property you wish to buy? Is it empty? If it's occupied, does the owner have to find somewhere else to move to? If they do it's sensible not to spend any money on mortgage valuation, surveys and searches until the chain is complete.

... and this.

With knobs on.

It's Mo Farah, not Usain Bolt time.

Presumably you have an agreement in principle and most of us can comfortably get from application to mortgage offer in two weeks or less.

Surrey_EA

kingstreet wrote: »

Presumably you have an agreement in principle and most of us can comfortably get from application to mortgage offer in two weeks or less.

Blimey! Can I have your number...?!

kingstreet

Surrey_EA wrote: »

Blimey! Can I have your number...?!

Newbuild specialist.

Our last six;-

HFX App 07/12 Offer 13/12
NWi App 02/12 Offer 12/12
NWi App 29/11 Offer 05/12
NWs App 25/11 Offer 06/12
ViM App 29/11 Offer 13/12
NWi App 24/11 Offer 05/12.

So only the Virgin Money application actually took 14 calendar days.

missmoose

When I asked for it to be marked STC they only told me to fetch in our ID's and MIP once we got there they asked us to provide proof of our deposit, which they sent me and now they want it on an official statement with our addresses on, so it can cake up to two weeks for me to get that
Seller hasn't even started looking yet so god only knows how long it will take,
I've clearly been too eager:mad:

ST1991

missmoose wrote: »

When I asked for it to be marked STC they only told me to fetch in our ID's and MIP once we got there they asked us to provide proof of our deposit, which they sent me and now they want it on an official statement with our addresses on, so it can cake up to two weeks for me to get that
Seller hasn't even started looking yet so god only knows how long it will take,
I've clearly been too eager:mad:

Sometimes a seller won't start looking until they have an offer. If you think about it, no other house was accept an offer from someone who is not actually ready to proceed...

Go into branch and ask for a statement-print of your deposit as proof. if you show willing and eager then they should take it off the market!

Surrey_EA

missmoose wrote: »

When I asked for it to be marked STC they only told me to fetch in our ID's and MIP once we got there they asked us to provide proof of our deposit, which they sent me and now they want it on an official statement with our addresses on, so it can cake up to two weeks for me to get that
Seller hasn't even started looking yet so god only knows how long it will take,
I've clearly been too eager:mad:

Most importantly out of that lot, if your seller hasn't even begun looking then don't spend a penny with your solicitor or on arranging a mortgage. Once they have found, and the chain above is complete, then that is the time to start spending, not before. I'd forget about moving in February too.

Personally, I'd tell the EA that your solicitor will verify to them that you have the required deposit. I do not believe there is any legal requirement for an EA to carry out ID/money laundering checks on their buyers, although they must verify the sellers. Therefore not sure why they want you to visit with ID. The EAs you're dealing with don't sound like they're exactly the pick of the bunch, so tread carefully.

Time for some patience, this is the beginning of quite a long journey. Until you know your vendor has found something, and the chain above is complete, nothing much is going to be happening.

DigForVictory

Deep calming breath!

Pace yourself.

Unlike every other purchase, this one will definitely take time.

Take up yoga in between reading up & preparing to move. (If you have any energy physical or emotional after Kondo-ing your present address.)

Best of luck with it all!