our offer's been accepted, what's next

london.cidade

Finally, our offer has been accepted...

1) Solicitor: A friend of mine recommended a solicitor, talked to them gave the details and agreed for the fee (£1750)
2) Mortgage: (160k) Talked to Natwest, they're very keen to lend the money and promised to finish all less than two weeks. we will talk HSBC tomorrow, and go for the lower-one.
3) EA: I asked for a formal acceptance letter. he'll be sending today.

FTB here, any advice, please? I can speed up the bank and searches, what to do more? Although the vendor declared they are not part of a chain, I will ask my solicitor if we can ask the vendor to commit a completion day, like 2 months(they are aware of our 2 months request). I want to finish the purchase process ASAP.

thank you all

Lokolo

You've had an offer accepted, but are the people you're buying off looking? Or have they had an offer accepted?

I wouldn't start anything until the chain is complete i.e. ALL parties have offers accepted / confirmed moving into rental

There is no point saying "I want to finish the purchase process ASAP". Rushing everything won't help.

Why are you even going into HSBC? They have online calculators which you could do tonight and get a DIP.

london.cidade

Lokolo wrote: »

You've had an offer accepted, but are the people you're buying off looking? Or have they had an offer accepted?

I wouldn't start anything until the chain is complete i.e. ALL parties have offers accepted / confirmed moving into rental

There is no point saying "I want to finish the purchase process ASAP". Rushing everything won't help.

Why are you even going into HSBC? They have online calculators which you could do tonight and get a DIP.

Because the ea has declared that the vendor is chain free. and asked them to go into rent in my offer. But I see , nothing legally binding.

Surrey_EA

london.cidade wrote: »

Finally, our offer has been accepted...

1) Solicitor: A friend of mine recommended a solicitor, talked to them gave the details and agreed for the fee (£1750)

Excellent, well done and best of luck. Always good to go with a solicitor who has been recommended.

london.cidade wrote: »

2) Mortgage: (160k) Talked to Natwest, they're very keen to lend the money and promised to finish all less than two weeks. we will talk HSBC tomorrow, and go for the lower-one.

HSBC are never the quickest lender to go with, and frankly I'd be surprised if Natwest could get an offer out in 2 weeks, but not impossible.

london.cidade wrote: »

3) EA: I asked for a formal acceptance letter. he'll be sending today.

The EA should be sending you a memorandum of sale, that will go to you and your solicitor, as well as the seller and their solicitor.

london.cidade wrote: »

FTB here, any advice, please? I can speed up the bank and searches, what to do more?

I'm not sure there's likely to be anything you can do to speed up searches,

london.cidade wrote: »

Although the vendor declared they are not part of a chain, I will ask my solicitor if we can ask the vendor to commit a completion day, like 2 months(they are aware of our 2 months request). I want to finish the purchase process ASAP.

thank you all

Ask your solicitor to obtain confirmation the vendor is not reliant on a related purchase. You can ask the vendor to agree to your proposed completion date, but they are unlikely to give you any form of commitment at this early stage, and even if they did there is nothing to stop them changing their mind at a later date.

Surrey_EA

Lokolo wrote: »

Why are you even going into HSBC? They have online calculators which you could do tonight and get a DIP.

At this stage it's better just to get a full application underway, no point in wasting time with AIP/DIP.

hazyjo

Average purchase takes 12 weeks. I'd definitely not be talking dates at this stage. Do it all quickly and keep on top of things (and keep everyone informed), but don't push too hard, especially at the beginning. My back would be up if my buyer said that (unless they were an investor or something - although the last investor I said 'yep 3 weeks to exchange' turned into 5 months. You just never know how it's going to go).


Good luck, and well done.


Jx

london.cidade

Lokolo wrote: »

Why are you even going into HSBC? They have online calculators which you could do tonight and get a DIP.

I haven't understood what DIP is, but I have letter of principle both from natwest and HSBC dated october 2016. thank you

london.cidade

hazyjo wrote: »

Average purchase takes 12 weeks. I'd definitely not be talking dates at this stage. Do it all quickly and keep on top of things (and keep everyone informed), but don't push too hard, especially at the beginning. My back would be up if my buyer said that (unless they were an investor or something - although the last investor I said 'yep 3 weeks to exchange' turned into 5 months. You just never know how it's going to go).


Good luck, and well done.


Jx

thank you very much. Should I ask the EA, the vendor's contact details ? Will I need to contact vendors during the purchase process or just solicitiors will deal with the process?

hazyjo

london.cidade wrote: »

thank you very much. Should I ask the EA, the vendor's contact details ? Will I need to contact vendors during the purchase process or just solicitiors will deal with the process?

Deal with solicitors/the EA.


Unless of course the vendor offers them. Nobody else will give them out (I'd be livid if my EA told a buyer my phone number). The vendor is paying probably thousands to the EA to be their point of contact/go-between


Jx

Surrey_EA

london.cidade wrote: »

thank you very much. Should I ask the EA, the vendor's contact details ? Will I need to contact vendors during the purchase process or just solicitiors will deal with the process?

You shouldn't need to deal direct with the owners, that's what the solicitors and EA are there fore, although I know some people like to speak direct.

Personally I feel it is best to go through either your solicitor or the EA, then everything is at arms length. Sometimes things can get messy and if that happens dealing direct is not ideal.

sulphate

No offence but with nothing to sell you're being naive to expect a vendor to be flexible for you. It usually works the other way round, I'm afraid. As a vendors ourselves why should we move our family into rented accommodation (incurring significant extra cost and disruption) just because our first time buyer wants us to get a move on? Especially when I'm confident we could find another buyer who would be more patient.

Sometimes no chain can make the process quicker, not always. Depends on why they are moving - if they are going into rented/separating/moving areas they may not be in much rush to sell so might drag their feet through it.

You can try and speed the process up but it will still take as long as it takes.