First time buyer

NorthEasterner123

Hi

I recently had an offer accepted on a flat and just curious to know what the major steps are in the house buying process. I had the offer accepted on 22nd January and I instructed a solicitor a few days later. Along with the mortgage being provisionally accepted with my mortgage broker.

The last I heard from my solicitor on 1st Feb was to scan my proof of ID documents etc and advised they were waiting for a contract pack from the vendor's solicitors.

My solicitor has not asked for anything except to complete some forms about funds, info about mortgage broker etc.

Is it just the case of sitting and waiting and letting these things take their time or should I be keeping on top of it and asking for updates?

Thanks 

horsewithnoname

I wouldn’t pester the solicitor, but asking for an update every couple of weeks isn’t unreasonable in my opinion. 

NorthEasterner123

horsewithnoname said:

I wouldn’t pester the solicitor, but asking for an update every couple of weeks isn’t unreasonable in my opinion. 

Thanks. Just asked for an update.  

Albermarle

First-Time Buyer Guides - MoneySavingExpert

Tiglet2

NorthEasterner123 said:

Hi

I recently had an offer accepted on a flat and just curious to know what the major steps are in the house buying process. I had the offer accepted on 22nd January and I instructed a solicitor a few days later. Along with the mortgage being provisionally accepted with my mortgage broker.

The last I heard from my solicitor on 1st Feb was to scan my proof of ID documents etc and advised they were waiting for a contract pack from the vendor's solicitors.

My solicitor has not asked for anything except to complete some forms about funds, info about mortgage broker etc.

Is it just the case of sitting and waiting and letting these things take their time or should I be keeping on top of it and asking for updates?

Thanks 

Here's a basic timeline, quoted from a conveyancing solicitor firm's website.  You can search your solicitor's own website for a purchase guide - most firms will have them.  Leasehold will take longer than a totally freehold property, particularly when dealing with a freeholder/landlord and/or management companies.  They do not answer enquiries very quickly so the process is lengthened by many periods of "waiting" for a response from third parties.  Also, if you have a HTB ISA/Lisa, then time needs to be added for dealing with the administrators of the scheme, though work can be done alongside other work.

home buying: process & timeline when buying a house

How long will it take to buy a house?

The time from acceptance of your offer to the date you can move in depends on a number of factors. The average process of buying a house takes between 12 and 16 weeks but it can be quicker or slower depending on the number of parties in the chain and their circumstances: e.g. whether all parties have a mortgage approved in principle; the time taken for them to obtain information for local authorities or management companies.

The home buying process and how we can help you

(Please note: the steps and order in which the following happen can vary in each purchase):

• We take your detailed instructions and advise according to you own circumstances
• We receive and review the contract documents
• We submit searches
• We review the search results and advise you on them
• We obtain further planning documentation if required
• We make any necessary enquiries of the seller’s solicitor
• Flats and leasehold houses – we obtain information from the Landlord or Management Company about the management; maintenance and additional costs
• Flats and leasehold houses – we prepare any additional deeds to be signed by you and the Landlord  
• We advise you on all the documentation and information received
• We go through any mortgage documentation with you
• We arrange signature of the documents
• We ensure the completion date (i.e. date when you get the keys) is agreed
• We exchange contracts on your behalf: this is the stage at which the agreement becomes legally binding on both you and the seller
• We report to any mortgage lender
• We arrange for all money to be received from the mortgage lender and you
• We complete the purchase
• We submit your Stamp Duty return and arrange payment
• Flats and leasehold houses – Inform the Landlord or Management Company of the change of ownership
• We deal with the registration of your ownership at HM Land Registry

kingstreet

Is there a chain? Is it fully formed?

NorthEasterner123

kingstreet said:

Is there a chain? Is it fully formed?

No chain on my side and the vendors are moving into their relatives' old house - not sure on where relatives are moving out straight away or doing a 'soft gradual move'

eddddy

NorthEasterner123 said:

kingstreet said:

Is there a chain? Is it fully formed?

No chain on my side and the vendors are moving into their relatives' old house - not sure on where relatives are moving out straight away or doing a 'soft gradual move'

Are you buying through a conventional estate agent? (i.e. one who gets paid by the seller on completion, as opposed to one that gets paid in advance.)

If so, you should ask the estate agent what the sellers plans are. For example, what are the relatives' plans; is there  a chain above them; have the sellers instructed their solicitor; when do the sellers hope to exchange contracts and complete; etc?

But bear in mind that the seller might add some 'spin' to the info they give the estate agent, and the estate  agent might add some 'spin' on top.


i.e. they might be tempted to tell you what they think you want to hear, rather than giving a 100% accurate picture. But it's still worth asking, and maybe grilling them a bit.



Alternatively, if it's an online budget estate agent, you might have to contact the sellers directly. But as above, not all sellers will be 100% honest with their answers.