Clueless FTB!

itwasalladream · 6 May 2017 at 7:49AM

Hello,

We are first time buyers and have just had an offer accepted on a house!

Now what? Do we just go ahead with mortgage application? will we hear from the seller again or do we just assume that they are just cracking on with their house purchase too?

Sorry for the silly questions! I've been reading the articles on here which have helped a little but still a bit confused!

Thanks!

sparky130a · 6 May 2017 at 7:56AM

What's your vendors position? Speak to the estate agent.

Have you got a decent solicitor lined up?

Until you know the first i wouldn't spend anything.

glasgowdan · 6 May 2017 at 8:08AM

Get a solicitor, they'll keep you right and answer your questions

itwasalladream · 6 May 2017 at 8:11AM

Thanks both!

The vendor had just had an offer accepted the day before we did

Lauralou79 · 6 May 2017 at 8:34AM

We had an offer accepted, so we arranged mortgage appointment and lined up solicitors that day. We were issued a sales memo a few days later by their agents.

JP1978 · 6 May 2017 at 9:02AM

Just remember that either you, or the vendor can pull out at anytime before contracts are exchanges (missives complete in Scotland) and so any costs incurred will be lost.

Even though you will probably get recommended a solicitor, always read any documentation they send and query anything that you are unsure about, dont just trust them to be doing the right thing - sometimes they miss things.

In terms of mortgage, use a whole of market broker, not one tied to a bank or an estate agent (particularly the EA that the vendor is selling through). Most brokers are paid by the bank after mortgage is complete, so you should be able to find one that is free.

Its an exciting and nervous time - enjoy it and keep relaxed!

bobobski · 6 May 2017 at 10:09AM

Hi, I'm in the same boat as you - congratulations! I had my offer accepted during the week and appointed a solicitor that day (already had quotes in) and gave the agent and my mortgage adviser the solicitors' contact details. The solicitor and I have both now received the sales memorandum and I'm sending her some money on account for search fees, so bear that in mind. I'm also getting quotes in for surveys but not instructing one until the mortgage offer is confirmed.

Just to note, solicitors aren't allowed to charge more than £50 + VAT for drawing down the bonus on a help to buy ISA - just in case you didn't know and are planning to use one.

Once the solicitor is appointed and is in funds to crack on with the searches, my advice is to try to relax. There's going to be a period of time while it looks like nothing is happening but that's ok. A good solicitor should keep you informed. Same goes for mortgage adviser. Until the mortgage is in, don't spend ANY money on the purchase/house except putting the solicitor in funds. Once it's in, ONLY spend money on the survey. Once you've exchanged, you can start buying paint brushes and things

Otherwise, sit back and try to relax - it's a very stressful time as I'm well aware and it's all too easy to forget to enjoy it.

csgohan4 · 6 May 2017 at 10:11AM

what ever you do, do not use estate agent services, they are not independent and you will likely get ripped off. E.g got quoted 1000 for a building survey, got it done elsewhere for 590. Still RICS accredited.