FTB question on process

slhqoue

Hi there,

A quick first time buyer question. We have just had an offer accepted on a house. In this situation, should we get in touch with

1) a bank to apply for a mortgage (already have the AIP)
2) a solicitor
3) a surveyor

all at the same time, i.e. should there processes run alongside each other, or is there a certain order we should do these three things in?

Thanks!

asm89

1 & 2 simultaneously (but hold off paying for disbursements/ask solicitor to hold off on the searches until mortgage offer comes through).

Your solicitor will need to be on the lender's panel for ease, and you'll need their details for your application anyway

3) once the mortgage offer comes in.

LawAbiding

I agree with asm89.....

Check with your lender if you solicitor is on the panel, if not and you prefer to use that firm, ask your solicitor to get onto the panel whilst your mortgage application is reviewed.

Once your offer is in, instruct your own surveyor if you wish, may not be needed if you get a survey through your mortgage lender.

pinkteapot

As above - 1 and 2 simultaneously.

Survey - the lender will need a valuation survey done, which you will often have to pay for (unless it's a fee-free mortgage deal). They will usually have an option for you to upgrade (pay the extra) to get yourself a Homebuyers survey or a full buildings survey (called something else these days - I forget what).

It's up to you whether you do this or separately instruct your own surveyor. The upside of your own is you can get a recommended local person. The downside is it costs more if you've still got to pay for the bank's valuation on top.

I've done both in the past - upgraded the valuation to a Homebuyers on a 'simple' house - fairly modern and no alterations been made (extensions etc). I sourced my own survey separately where it was a house we had more concerns about.

The exception to all this if you're buying a new-build as you don't need a survey. The bank will still do a valuation and can do that even if it's still under construction.