FTB - Offer accepted - what next?!

ryanm8655

knightstyle said:

Two things I would add.  Do not exchange and complete on the same day, have a few days between.   Do not complete on a Friday as this is the solicitors and moving firms busiest days, plus if there is a delay you are in limbo all weekend.

That's really helpful advice - thanks!

ryanm8655

Myci85 said:

knightstyle said:

Two things I would add.  Do not exchange and complete on the same day, have a few days between.   Do not complete on a Friday as this is the solicitors and moving firms busiest days, plus if there is a delay you are in limbo all weekend.

As a FTB, I'd go further and recommend not necessarily moving in on completion day if you've no deadline to be out of current home. From what you've said it sounds like your vendors are needing to complete on 2 properties themselves (separating couple?) and each of their purchases may have a chain. We had a very simple chain of us, our vendors and them buying a vacant property, but even still we didn't collect keys until 3pm so I was very glad we weren't then needing to rush to get moved in. I don't anticipate having that luxury of time again when moving, so made the most of it as a FTB! 

Solid advice - I probably wouldn't move in straightaway (thankfully in a position where I don't need to).

ryanm8655

poseidon1 said:

ryanm8655 said:

Hi all,

After assuming my second and final offer was going to be rejected I was surprised to have a call after a few days saying it had been accepted so I have been caught a little off guard and am struggling to process everything at the moment!

What's next? What do I need to do immediately?

I've emailed my offer in writing and am in the process of pulling together the various documents they want to see for due diligence on the offer (proof of funds/passport etc.).

I've been looking at quotes for conveyancing, should I get this started right away? Any advice for finding one? Googling isn't hugely helpful as loads come up!

I have the mortgage in principle but need to apply for the actual mortgage, however I think the vendors both need to find a place, so assume it's better to wait for a bit so that the offer doesn't expire.

I'll get a survey too but probably later in the process too (before mortgage application)?

Is there anything else I need to do in the immediate term? Anything I need from them et.? Do I need to live a whiter than white lifestyle to boost the mortgage application and reduce the questioning of my spending habits?

Thanks,
Ryan

Not to bring down your sense of elation too much, but in England there are a significant number of factors which could cause your purchase to ' fall out of bed' with fees incurred lost as a result.
Therefore consider insurance per the link below -

https://www.rhinohomeprotect.com/home-buyers-insurance/home-buyers-protection-insurance/

Also worth reviewing, the MSE thread below where the insurance was mentioned. 

https://forums.moneysavingexpert.com/discussion/comment/81344747#Comment_81344747

Certainly not elated just yet - well aware things could fall through.

I'll have a look at the insurance and depending on price I'll consider it. 

If it falls through it would be massively frustrating, though thankfully losing the fees wouldn't be financially crippling. Losing my LISA bonus, on the other hand...

Albermarle

ryanm8655 said:

poseidon1 said:

ryanm8655 said:

Hi all,

After assuming my second and final offer was going to be rejected I was surprised to have a call after a few days saying it had been accepted so I have been caught a little off guard and am struggling to process everything at the moment!

What's next? What do I need to do immediately?

I've emailed my offer in writing and am in the process of pulling together the various documents they want to see for due diligence on the offer (proof of funds/passport etc.).

I've been looking at quotes for conveyancing, should I get this started right away? Any advice for finding one? Googling isn't hugely helpful as loads come up!

I have the mortgage in principle but need to apply for the actual mortgage, however I think the vendors both need to find a place, so assume it's better to wait for a bit so that the offer doesn't expire.

I'll get a survey too but probably later in the process too (before mortgage application)?

Is there anything else I need to do in the immediate term? Anything I need from them et.? Do I need to live a whiter than white lifestyle to boost the mortgage application and reduce the questioning of my spending habits?

Thanks,
Ryan

Not to bring down your sense of elation too much, but in England there are a significant number of factors which could cause your purchase to ' fall out of bed' with fees incurred lost as a result.
Therefore consider insurance per the link below -

https://www.rhinohomeprotect.com/home-buyers-insurance/home-buyers-protection-insurance/

Also worth reviewing, the MSE thread below where the insurance was mentioned. 

https://forums.moneysavingexpert.com/discussion/comment/81344747#Comment_81344747

Certainly not elated just yet - well aware things could fall through.

I'll have a look at the insurance and depending on price I'll consider it. 

If it falls through it would be massively frustrating, though thankfully losing the fees wouldn't be financially crippling. Losing my LISA bonus, on the other hand...

If it falls through, then the LISA will not actually get used.
The deals normally fall through before exchange of contracts, whereas the LISA would come into play during completion. Very few deals fall through between exchange and completion as there is too much at stake.

ryanm8655

Thanks - figured that would be the case and doesn’t look like insurance would cover that in any case! Though have read the odd horror story of it happening and then losing your LISA.

To save creating another thread…is it sufficient to send screenshots of balances alongside your last bank/LISA statements for proof of deposit for the estate agent? Both my bank and LISA providers only provide a monthly statement that doesn’t reflect the latest balance yet but the balances don’t include my name (hence sending statements to cross reference). 

RAS

If you say that "the vendors both need to find a place", is this a divorcing or separating couple? 

If so, ask the EA for details. These cases often take longer to get to exchange. Some of that is practical, they've both got to find new homes they like, mortgages etc, they may not be using the same solicitor. Some of that can be tension between the couple, with wrangling or lack of motivation affecting progress.

So talk to your solicitor about how soon you should apply for your mortgage, and may choose a provider that will grant extensions.

ryanm8655

RAS said:

If you say that "the vendors both need to find a place", is this a divorcing or separating couple? 

If so, ask the EA for details. These cases often take longer to get to exchange. Some of that is practical, they've both got to find new homes they like, mortgages etc, they may not be using the same solicitor. Some of that can be tension between the couple, with wrangling or lack of motivation affecting progress.

So talk to your solicitor about how soon you should apply for your mortgage, and may choose a provider that will grant extensions.

Yes - that’s right (not sure if  they’re married but I’d assume so).

Good call re: solicitor. I’m awaiting the paperwork from them to sign and return (should arrive Monday).

A week today I am on holiday for a couple of weeks so won’t be a lot I can do then in any case.

I don’t mind too much about having to wait as it means I have more time to save for the work I plan to do (nothing urgent just things I’d like to change). It would be nice to have an idea though.

RAS

Make sure everyone knows about your holiday plans. And maybe discuss what contact is agreeable with the solicitor.

ryanm8655

Is there really a £40 fee for the privilege of paying your solicitor? That's madness...is there anyway around this?

Going to have about £600 of additional fees by the time all the moving money and paying them is done...

housebuyer143

So I tend to do it in this order. 

1. Offer accepted 
2. Find a solicitor
3. Get mortgage offer so you know the house is fine etc, you can always extend it. 
4. Wait until the chain is completed. 
5. When the chain is complete instruct your survey.
6. If happy with everything, instruct your solicitor to do the searches. 

My friend had a few problems and lost money because she did survey and then mortgage offer, as she found out it was devalued or had issues the lender didn't like. 

As you have noticed, the solicitors will get you for every penny they can! Get a fixed fee, no completion no fee one if you can. It won't be fixed really, but at least you will have a rough idea of the end price when you start.