FTB Advice

alsweeney1985

I am a FTB buying a house solely and feeling slightly anxious as I don’t have any experience or expectations of what needs to happen and when.

I received my DIP in mid May and started to looked at properties with my offer being accepted Weds 2nd June. The seller currently has but found a property for themselves yet from my understanding.

I instructed my Solicitor on Thu 3rd June and they sent me the paperwork and it arrived the following day.

Today my Mortgage Broker submitted the application and it has gone to the underwriters (Barclays) does anyone have any experience with how long Barclays in average currently take to make their decision?

My solicitor has asked for a £252 payment for the local search fees, should I pay this now or wait for my mortgage to be approved first? I don’t want the EA or seller to think I am not a serious buyer?

Also my landlord has said that if I can give them 2 months notice they would appreciate it and they have been good to me so I don’t know when is the best time to give them notice or even let them know that an offer has been accepted?

Any help or reassurances would be greatly appreciated.

if I feel like this after a week goodness knows how i am going today to feel closer to completion.

Redwino222

In your shoes I would have asked for a very clear picture of the sellers circumstances.

they haven’t found a property yet so the chain is not complete.  How long are you prepared to wait - one month, two months?  

Have you told your solicitor that the chain isn’t complete.  I wouldn’t start any searches until they are sale agreed on their onward purchase and the full chain has been formed.  The estate agent should give you a very clear view of their intentions.  Things will only move as fast as the slowest part of the chain,

MaryNB

Do not give notice until you have exchanged contracts. Up to that point the seller can pull out. Or (as one poster on here today found out) the process may drag on longer than your notice period.

If your landlord finds another tenant or just refuses to let you rescind your notice you might have to scramble to find short term accommodation.

okigen

You have been much quicker than me.. I also had an offer accepted on 2/6 and still haven't given the solicitor details to the EA yet (wanting to wait until the paperwork with the solicitor is all signed). Mortgage application will not be submitted until end of this week...

You are making me anxious! 

Redwino222

okigen said:

You have been much quicker than me.. I also had an offer accepted on 2/6 and still haven't given the solicitor details to the EA yet (wanting to wait until the paperwork with the solicitor is all signed). Mortgage application will not be submitted until end of this week...

You are making me anxious! 

I didn’t change my house status to sale agreed until I had received my buyers solicitor details.  Has the estate agent requested them from you? 

okigen

Redwino222 said:

okigen said:

You have been much quicker than me.. I also had an offer accepted on 2/6 and still haven't given the solicitor details to the EA yet (wanting to wait until the paperwork with the solicitor is all signed). Mortgage application will not be submitted until end of this week...

You are making me anxious! 

I didn’t change my house status to sale agreed until I had received my buyers solicitor details.  Has the estate agent requested them from you? 

Yes EA requested from me. I instructed one, but still in the process of signing the contract because I have a couple of questions regarding their terms of Business - I'm very careful with legal documents.  My friend who has just completed a purchase said she didn't instruct the solicitor until she had a mortgage offer.
All the ads have been taken off per my request 

naomibm

Sound advice from @Redwino222 I'd say. You need to find out what is happening further up the chain before making any decisions. 

Justonemorecupoftea

As above, wait until the chain is complete until spending ££. What you could do is get recommendations/quotes for a survey so they are ready to go asap.
The process is very nerve wracking and you'll find there are flurries of activity followed by days/weeks of radio silence.