First time buyer - what is the process

Sazzy1253

Hi everyone 

this might seem like a stupid question but we’re in the middle of buying a house and we’re really struggling to find out what happens next or what is the general timeframe for each step. So far...

House viewed - offer place 11/05
offer accepted 11/05
mortgage application started 12/05
conditional mortgage dependant upon valuation 14/05
Valuation took place and accepted 18/05
mortgage offer received 19/05

we have a survey booked for next week, and and solicitors are doing searches etc. 

What will happen after that?? 

Thank you for any help x

SameOldRoundabout

What’s the position of your seller? If there is no chain it should be quite straightforward, get search results in 4-6 weeks, deal with any enquiries from your solicitor to vendors, get replies to those, agree a date to exchange. If there is a chain above you a lot will depend on that as every sale and purchase must do those steps and wait on the one above. 

Sazzy1253

There’s no chain with the seller.
Thank you, that’s really helpful. Hopefully it won’t be a long wait 🤞🏻

SameOldRoundabout

Fingers crossed it goes smoothly for you. When we bought last year it was FTB>Us>Empty house and it only took 9 weeks for completion (and our mortgage offer took 4!) so hopefully yours will go similarly. It’s a really exciting time. 

JS21

I came across the below whilst lurking when I was saving to buy and found it really helpful - also FTB now. (I can't find the original posting so can't tag the person who did draft it up, sorry!):

1.       Offer accepted

2.       Instruct solicitor

3.       Inform mortgage broker (if being used)

4.       EA to send memo of sale and take house off market

5.       Mortgage broker to do mortgage application

6.       Instruct solicitor to conduct searches - They will check all of the usual things such as local authority, boundaries, boilers, and planning permissions etc

7.       Instruct a surveyor to carry out a Homebuyers Report survey - This is separate to valuation from the lender and will look at defects and risks of the house. Approx. £350-£450 without valuation, £450+ with valuation

8.       Mortgage broker verifies lender checks and lender sets up survey for valuation (there may be a fee for this)

9.       Lender's valuation survey takes place. Valuation is received - this determines its value for the lender

10.   Lender offers a mortgage

11.   Solicitor, broker and buyer check through mortgage and check everything is correct and for any specific conditions of mortgage - last chance to correct any mistakes!

12.   Solicitor drafts house purchase contract. Go through contract and check happy with details

13.   Before signing and exchanging contracts, do one more viewing of the property if possible, as it's in this condition that you're purchasing. (Take tape measure!)

14.   Once happy with contract, sign and exchange with vendors. Agree completion date (exchange and completion can also take place on the same date if needed)

15.   Get buildings insurance in place for date of completion

16.   Transfer deposit money to solicitor

17.   House money sent to solicitor from lender

18.   Monies exchanged and purchase is complete

19.   Receive/pick up keys from EA/as agreed

20.   Solicitor to submit stamp duty paperwork

21.   Solicitor to ensure land registry updated with new buyer details and confirm once complete

22.   Pay outstanding solicitor fees

23.   HOUSE PURCHASE COMPLETE

Obviously each transaction is different so some steps may vary/take place in a different order or may not be needed. There will also be a lot more steps taking place if it's a longer chain or if issues arise with reports/surveys/mortgages etc. Hope it helps you too!

Slithery

You missed out 'enquiries'. This is the part which can take the longest time and also cause the purchase to fall through.

Sazzy1253

Thank you everyone. It seems to be moving very fast. Hopefully it’ll continue 🤞🏻🤞🏻🤞🏻