Offer Accepted, Mortgage being processed, whats next?

bmouthboyo

So our offer on a property has been excepted
The property is not in a chain with nobody living in it. We are first time buyers with a deposit to secure a LTV of 75% on a 5 year fixed mortgage. We had our offer accepted a week ago where we had a mortgage in principle. This past week we have completed the solicitors paperwork and our broker is processing the mortgage application. The mortgage company has charged us and arranged a valuator for 9 days time.

We are going to arrange a survey this week.

We are keen to complete the purchase as fast as possible,

Few questions:

1. What is the likelihood that the mortgage company valuator values the property less than the price we paid?
   We are good with our budgeting and finance and want to ensure we have ample money to cover all the fees. We are just inside the threshold for 75% LTV and so a bit worried that if the property is valued say 10K less we would need to find another 2.5K. Does this happen often?
   
2. Do we only need one valuation that is by the mortgage valuer? Or can we have our own and pick the highest?
   The mortgage company have charged £425 for a valuation. I thought I read before something regarding picking the highest valuation for the property. Do I need to get other valuations or is the bank one OK?
   
3. If we add the mortgage fee of £999 added to the mortgage, do we need to add this to the amount borrowed when working out the deposit needed to stay within 75% LTV?
   Just curious if this fee is included and as such we would need 25% of it added to deposit to stay in the 75% LTV.
   
4. At what stage and with whom do we discuss what is included (white goods, fixing etc)?

Do we contact the agents or solicitor regarding this now, or are we at too early a stage presently?

Any tips / advice as to what we can be doing to keep this as fast a transaction as possible?

:beer:

ACG

You do not say who the lender is, some have different processes.

However...

1) Very difficult to answer. We have had 2 down valuations this year - one of them we placed with a different lender and the valuation came back fine, the other our client went and renegotiated the purchase price. So a down valuation is not necessarily the end of the world.

2) The lender will insist on a valuation for them. You can either bump it up to a survey or instruct your own separate survey if you wish.

3) Not usually. The lenders arrangement fee is usually exempt from the LTV. You should really know if the fee is being added and what effect it has if you are up to the valuation stage.

4) The time to do that would have been before making an offer. The vendor will fill out a form which says what is and is not included in the purchase. You will get a copy of this at some stage. You can still try to include certain things if you wish, but it is almost like you are trying to renegotiate something that has already been agreed upon.

You do not need to do anything yet. The valuation will get carried out, around 2-3 days later Your mortgage offer will get issued. That will get sent to you and your solicitor. Your solicitor will then probably send you some paperwork if they have not already and then the legal work takes place.

Call the agents just to give them an update once you have your offer in hand and you have checked over it. But aside from that, you do not need to call the agents really.

bmouthboyo

That is great thankyou. Our mortgage is with Halifax.

The local market is pretty hot at present so we were moving fast with offers and counteroffers etc and so kind of missed negotiating the white goods and fixings. The property is old and so not much value in the white goods tbh but it would obviously be a pain if the owner stripped everything.

What is usually considered normal to be included in a sale? Light fittings, sockets etc? Are sellers allowed to strip out kitchens of worktops, cupboards etc?

ACG

Some people do switch the light fittings for basic fittings, others will leave in whatever is there already. Sockets will be there, as will radiators etc. If anything is particularly important to you, raise it with the solicitors.

There is a form they have to complete (TA10) that includes things like curtains, curtain poles/fittings, fridge, cooker etc.

I would not expect a vendor to leave a cooker and fridge unless they are integrated.

When we bought our house earlier this year, the vendor told us that they would be willing to leave the cooker and dishwasher for £200. I did not take them up on the offer as I was not overly fussed about a dishwasher and the cooker I want to change anyway, but they ended up leaving them.

Have a look on google for a TA10 form.

Thrugelmir

bmouthboyo wrote: »

The property is not in a chain with nobody living in it.

Is it a probate sale?

bmouthboyo

I think it is a probate yes. It is a daughter selling her mothers place who is being put into a home. From what I understand this has all been sorted, but I thought probate was when someone dies?

Does that make things less or more complicated?