A little help please!

Harryp_24

Sorry to keep bothering you guys but im really scared doing this. Basically im a first time buyer and have no idea how it all works but ive had an offer accepted on a house and they asked for my solicitors number straight away. I dont have one? Should i of?

Im starting to look around for conveyancers now but they said they wont take it off the market until i give them my solicitors and mortgage brokers numbers.

Whats my next step? Do i get a solicitor before ringing nationwide about the offer being accepted and starting a mortgage application? Its all moving extremely quick!

Pixie5740

https://www.moneyadviceservice.org.uk/en/articles/money-timeline-when-buying-property-england-wales--n-ireland

Are you definitely going with Nationwide as the mortgage lender? Do you have a DIP from them? If Nationwide is your chosen lender then look at their panel of solicitors to narrow down your search.

elverson

Harryp_24 wrote: »

I have no idea how it all works

Read this in full first then come back to us.

http://www.moneysavingexpert.com/mortgages/house-buying-guide

Harryp_24

Excellent thank you. I Have a mortgage n principle with nationwide. After sitting down for 20 minutes and chilling out it became clear what to do rather then panicking over it all.

Ive got a mortgage application meeting on thursday and am going to find a solicitor tommorow. There is one other thing though, On my meeting email it says to bring my Life insurance/CI cover details. I dont have any. I understand that it will be required for when i own the house but do i actually need it to just apply for the mortgage, or can i just say ive looked at quotes and it will be around (£this much) and take out the actual mortgage life insurance when i sign contracts?

G_M

https://www.amazon.co.uk/How-Your-First-Home-Sell-x/dp/0091935377/ref=sr_1_5?ie=UTF8&qid=1485288857&sr=8-5&keywords=how+to+buy+a+property

https://www.amazon.co.uk/Experts-Guide-How-Buy-House/dp/1540553132/ref=sr_1_8?ie=UTF8&qid=1485288988&sr=8-8&keywords=how+to+buy+a+property

https://www.amazon.co.uk/How-Buy-Home-Before-30/dp/1539647951/ref=sr_1_10?ie=UTF8&qid=1485289014&sr=8-10&keywords=how+to+buy+a+property

https://www.amazon.co.uk/How-Buy-House-Phil-Spencer-x/dp/0718147340/ref=sr_1_19?ie=UTF8&qid=1485289049&sr=8-19&keywords=how+to+buy+a+property

dirty_magic

Harryp_24 wrote: »

Excellent thank you. I Have a mortgage n principle with nationwide. After sitting down for 20 minutes and chilling out it became clear what to do rather then panicking over it all.

Ive got a mortgage application meeting on thursday and am going to find a solicitor tommorow. There is one other thing though, On my meeting email it says to bring my Life insurance/CI cover details. I dont have any. I understand that it will be required for when i own the house but do i actually need it to just apply for the mortgage, or can i just say ive looked at quotes and it will be around (£this much) and take out the actual mortgage life insurance when i sign contracts?

You don't need life insurance at all to own a house, but they will probably try to sell you some. We said no because their quotes were extortionate and they quoted us for more cover than we needed. It's likely to be cheaper elsewhere if you want it.

You will need home insurance, but again don't feel obligated to accept their quote. We found it a lot cheaper elsewhere

Whistler23

You also don't need a solicitor now. We have one we are going to use, but we are not going to start the process until we have a Mortgage offer. The solicitor has said that their clients often do it this way.

I do not want to waste anyone's time, and more importantly any of my money.

firely2327

dirty_magic wrote: »

You don't need life insurance at all to own a house, but they will probably try to sell you some. We said no because their quotes were extortionate and they quoted us for more cover than we needed. It's likely to be cheaper elsewhere if you want it.

You will need home insurance, but again don't feel obligated to accept their quote. We found it a lot cheaper elsewhere

Exactly OP, I was worried when your previous post mentioned that they wanted proof of Life Insurance. This is absurd. It's not a legal obligation. I was a first-time buyer nearly two years ago and they (Barclays) tried to sell me some, which I didn't go for. I did get my home insurance from them because I couldn't be bothered going elsewhere I'd so much else to deal with, but this year have changed to a different provider. Don't let them push you into it. Check moneysavingexpert for deals.


Good luck!