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FTB questions re mortgage/solicitor

waterc_123
Posts: 8 Forumite
I am a FTB (in the UK), currently viewing properties. I have read loads of articles regarding the property purchase, for FTB and in general.
However, I still don’t quite understand some details.
Firstly, the question ‘is your mortgage / financing sorted’.
I don’t want to go for Agreement in Principle, given most lenders do a hard credit check, currently the AIPs have a very short validity and I find the current property offer very limited.
I have spoken to one mortgage advisor who ran a soft check and she confirmed that I would have no problem to get a mortgage. My credit history is very good, LTV very low (about 45%), looking to repay the mortgage in 10 years, I’m employed, have all paperwork ready. I have chosen the lender and have funds in place for the deposit (in the UK, in GBP).
Secondly, when should I apply for the mortgage? If I understand correctly, the lender is providing the mortgage towards a specific property, i.e. I can only apply after my offer has been accepted.
Thirdly, when do I need to have a solicitor arranged? If I understand correctly, after the offer is accepted, the lender will convey a survey and approve the mortgage application. Does the solicitor start his tasks when I apply for mortgage or only after the mortgage is approved?
Finally, any advantage / disadvantage of using the lender's solicitor?
Thanks.
However, I still don’t quite understand some details.
Firstly, the question ‘is your mortgage / financing sorted’.
I don’t want to go for Agreement in Principle, given most lenders do a hard credit check, currently the AIPs have a very short validity and I find the current property offer very limited.
I have spoken to one mortgage advisor who ran a soft check and she confirmed that I would have no problem to get a mortgage. My credit history is very good, LTV very low (about 45%), looking to repay the mortgage in 10 years, I’m employed, have all paperwork ready. I have chosen the lender and have funds in place for the deposit (in the UK, in GBP).
Secondly, when should I apply for the mortgage? If I understand correctly, the lender is providing the mortgage towards a specific property, i.e. I can only apply after my offer has been accepted.
Thirdly, when do I need to have a solicitor arranged? If I understand correctly, after the offer is accepted, the lender will convey a survey and approve the mortgage application. Does the solicitor start his tasks when I apply for mortgage or only after the mortgage is approved?
Finally, any advantage / disadvantage of using the lender's solicitor?
Thanks.
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Comments
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waterc_123 wrote: »I am a FTB (in the UK), currently viewing properties. I have read loads of articles regarding the property purchase, for FTB and in general.
However, I still don’t quite understand some details.
Firstly, the question ‘is your mortgage / financing sorted’.
I don’t want to go for Agreement in Principle, given most lenders do a hard credit check, currently the AIPs have a very short validity and I find the current property offer very limited.
I have spoken to one mortgage advisor who ran a soft check and she confirmed that I would have no problem to get a mortgage. My credit history is very good, LTV very low (about 45%), looking to repay the mortgage in 10 years, I’m employed, have all paperwork ready. I have chosen the lender and have funds in place for the deposit (in the UK, in GBP). so what is your question or what don't you understand?
Secondly, when should I apply for the mortgage? If I understand correctly, the lender is providing the mortgage towards a specific property, i.e. I can only apply after my offer has been accepted. Correct
Thirdly, when do I need to have a solicitor arranged? If I understand correctly, after the offer is accepted, the lender will convey a survey and approve the mortgage application. Does the solicitor start his tasks when I apply for mortgage or only after the mortgage is approved?
He starts work when you instruct him to.
The longer you wait before instructing, the longer the whoe process will take, nd the more likely your seller will give upon you.
Select your solicitor before or while property searching.
Instruct him as soon as you agree the pruchase.
Finally, any advantage / disadvantage of using the lender's solicitor?
Thanks.
* lots of duplication
* lots of potential for mis-communication/delays
* 2 lots of legal fees
Choose you own solicitor but check he is on your lender's panel.
Now get your self a book on house buying (free at the library) as there 103 other things you don't know (or don't realise you don't know). eg
https://www.waterstones.com/book/how-to-buy-a-house/adam-walker/9781845280789
Educate yourself.0 -
Thank you for your prompt response.
So are my finances sorted? I assume so as deposit in place and mortgage will be 99.9% approved. I was not sure whether it was as obvious as that.
When you say: agree the purchase - so when my offer is accepted and I apply for mortgage?
I am going to contact the lender tomorrow and check their solicitor services.0 -
You may need an AIP to show the EA that you are peoceedable - we got ours when we knew we wanted to offer on a property. Took a call to our broker and had it a couple of hours later. Alternatively, some EAs are also happy to speak to your broker who confirms that you’ll get a mortgage (or ask you to speak to their mortgage advisor).0
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waterc_123 wrote: »I am going to contact the lender tomorrow and check their solicitor services.
Don't instruct anyone until the whole chain is complete. You can appoint a solicitor, but tell them not to start work yet.2024 wins: *must start comping again!*0 -
Thanks all.
I've got AIP sorted, a solicitor chosen and by now understand the sequence (well explained by lender and in solicitors' quotes).
Now just to find THE property I am after.
I find the market extremely slow (London and nearby), not finding what I am looking for, but I don't know if it's because of the pre-Brexit anxiety or simply because the local offer is what it is...
I found one property that I really like, but it cannot be rented out, which might be a problem in future in case of unforeseen family mattersI'm trying to make up my mind whether I want it anyway.
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