Got our AIP what next?! cant remember from last time

debred86

Hi All,

Just looking for a memory jog really.

This is my second time buying a house but the first time buying with my partner.

We have just secured a Agreement In Principle from the Skipton Building society through our financial advisor.

Can remember what happens next in the house buying scheme of things how long are we likely to be waiting.

Any help much appreciated

Thanks all :beer:

always_sunny

I guess you'd need to find a place to buy within the range of the AIP?

debred86

Sorry i forgot to say, weve found a house, which is why we got the AIP in the first place.

Had our offer accepted by the vendor and the vendors can move out in 8 weeks ish.

So theyre basically waiting on us. I was just wondering how quickly we could be in??

Thanks

alumende27

The next thing you need to do is get a conveyancing solicitor.

How long's a piece of string? The average time to buy a house is usually around 2 - 3 months depending on what issues get thrown up.

debred86

Weve got the solicitors sorted through the financial advisor too.

So just waiting for things to happen i guess....

I just could remember the order of things or timescales as its a few years since ive done all this last

always_sunny

If you have found the property and have the solicitors, then have you applied for the mortgage?
The AIP is basically just to say that the lender is willing to lend you x so you can go shop within a budget.

Once you apply for a mortgage the lender will either approve or reject. To approve they may do a valuation, etc... after you have been approved (you have certainty they will give you the money) you will other checks like surveys, etc and indeed instruct your solicitors.

In England most solicitors will quote 8~12 weeks to get to completion. Might be less, might be more, it's no exact science.

debred86

My financial advisor is also taking care of applying for the mortgage for us.

Ill get on to him later this week i think and just check he has everything he needs.

Thanks for that

G_M

Ther's so much to explain in reply to your question that whole books are written on the subject!

Free from you library:

https://www.amazon.co.uk/d/Books/Buying-Your-First-House-UK-2016-tax/1522929061/ref=pd_sbs_14_t_0/253-7348707-9215452?_encoding=UTF8&psc=1&refRID=AHT91EHPRDX4WRP078YR

https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=pd_sbs_14_img_1/253-7348707-9215452?_encoding=UTF8&psc=1&refRID=AHT91EHPRDX4WRP078YR

always_sunny

debred86 wrote: »

My financial advisor is also taking care of applying for the mortgage for us.

Ill get on to him later this week i think and just check he has everything he needs.

Thanks for that

That's your next step, unless you formally apply for the mortgage and it's approved even engaging with solicitors is premature.
Depending on the lender and your own situation it may take from few days to few weeks to get it sorted.
(because you have an AIP is fair to assume you will be approved, but till that's done it's not there)