FTB - what do I do next?!

AD13

After 8 months of searching, and 10+ offer rejections, we've just had an offer accepted on a house :j

As FTBs we're a bit clueless, although we have a mortgage broker and have appointed a solicitor. We're a bit wary as the market here is crazy and anything can happen between now and completion - so want to make sure we don't waste too much money in fees.

What's the correct order to do things in, to make sure we haven't already put lots of money in if it does full through?

Thanks!

Surrey_EA

What is the situation with the property you wish to buy?

Does the person selling it need to find another property to purchase?

AD13

Nope, no chain. It's a probate property and probate has already been granted. It's vacant and waiting!

DumbMuscle

1. Mortgage application (it's worth checking whether you still owe fees if you don't complete - you may only need to pay the valuation in that case) - £mortgage fees (depending on your product)
2. Your solicitor will get a title pack from the sellers, wait for that first (there's always the possibility of something screwy coming up there which derails everything) - £some solicitor time
3. If you want a survey (and you're not just upgrading the valuation survey done by your mortgage provider), then order this after the title pack comes through. If you're just upgrading the valuation survey (which is often cheaper), then you'll probably need to do that with the application. £500+ (for separate survey) or £100+ (additional to valuation done by mortgage company)
4. Order searches via your solicitor, £200+

Those are the 4 main pre-exchange cost stages, and any of them could bring something up which scuppers the purchase. I would suggest waiting at least until 2. is done before proceeding with the other 3, though it depends on your attitude of risk vs delay (waiting may make things take longer overall). Your solicitor should be able to advise you if you say you're wanting to minimise risk.

AD13

Thank you, we're happy to be slower and cautious than paying for everything now just to rush it through, as it's no chain as well I think this would be fine. The title pack is going to the solicitor on Tuesday so that will give us a good indication of timeline depending what crops up in that.

In the meantime I'll start to get all my documents ready to go so we can submit the mortgage application in the next week or so!

Surrey_EA

Get your mortgage application completed and submitted to the lender.

Decide whether you're having a survey of one description or another. This will depend on your attitude to risk, and what age the property is.

Confirm instructions to your solicitor, and pay them some money to cover the various searches they will carry out on your behalf, usually £3-400.