offer accepted, solicitor instructed, mortgage approved in principle - what next?

CarpyQS

Hello all,

I'm a FTB'er who's learning fast as i go along! To date I have managed to get an offer accepted (no chain, very simple) and had a mortgage offer accepted in principle and now is going for full approval, i've instructed a solicitor and made the agent aware of all progress and everyone's details. and the house has a sold sign out the front.

My question what happens next??

I'm trying to be as proactive as possible in order to help progression.

What major pitfalls and problems might i anticipate prior to handover?

Thanks in advance

terriermama

Biggest problem for us - being gazumped, esp. if the property is in high demand. Happened to us several times when we were FTB, but then again the market is different now. Try to close as soon as possible though, as despite agreement etc, seller can still pull out.

terrierlady

get the date that the vendor is looking to move by, as a ftb with finances in place you should be in within 6 weeks or less, make sure the solicitor has your search fee and make arrangements for your deposit to be available , some saving schemes etc need 30 days to release the cash, the solicitor needs the cash/bankers draft not a cheque as that takes time to clear up to a week some times.
Once you have a firm completion date get removal van in place, try for a Thursday rather than Fridays or weekends as these days the firms charge more.
The estate agent will ring you once the money has entered the vendors bank account and then you can collect the keys, although you start the process by being bottom of the chain the money has to work its way up the chain and everyone tries to be out by 12 but that sometimes doesn't happen.
Keep chasing the agent to find out how the chain is moving etc.
Visit the vendors regularly and check what items they will be leaving in the home and also the garden. Get it in writing!!!!
ask about light fittings,double check with the vendor to be sure that what the estate agents tell you will indeed be left.

river_kwai

CarpyQS

Lucky you, what's the percentage of selling price to the asking price. I have put an offer of £170k for house with an asking price of £179995 but have not received any response yet. I thougt the market has cooled down to the extent that no one is paying the full asking price.

I know you are a FTB with no chain but what about your vendor, is there any chain involved on their side? Any upward chain would also slow the process.

DilbertJones

I am going through the same process as we speak.

the house i am buying which also has no chain, has just had the survey done.
How long before I can see it? And where does it go? My Solicitor, My Lender?

I bought my house for 105K asking price was 118K dunno what the percentage is on that

river_kwai

robodan wrote:

I bought my house for 105K asking price was 118K dunno what the percentage is on that

That works out to be 89% of the asking price, well done robodan! Was £105k your first offer? I bet not, what was your original offer?

DilbertJones

went in at 95K, increased to 100K, then said 103K is my final offer.
They thought about it but refused, then I went to my max of 105K which they duly accepted. :j

mancitychick

robodan wrote:

I am going through the same process as we speak.

the house i am buying which also has no chain, has just had the survey done.
How long before I can see it? And where does it go? My Solicitor, My Lender?

I bought my house for 105K asking price was 118K dunno what the percentage is on that

We went for a homebuyer survey. The valuation was sent to our mortgage provider within 3 days and the homebuyer report was sent to us after 1 week. (two copies, one for us to send on to our solictor).

Hope this helps robodan

DilbertJones

do they send the valuation to me aswell?
I need this as well as the survey as I am buying through Homebuy, they require me to send this to them.

Is it worth calling my solicitor and leaning on him a little?

mancitychick

The survey should get sent to you, as it is you who has commissioned & paid for it, probably with a extra copy for you to send to solictor. The survey contained the valuation in the report.

Not sure if its worth chasing solictor, but can you chase the company that did the valuation and see when you can expect your copy.

cedge

on a slightly related topic, our house that we are selling had a survey done on it nearly 2 weeks ago, can we presume that as we haven't heard anything since then that nothing of worry was picked up? We have since signed a transfer of deeds document and have answered some contract enquiry questions. ANy ideas if the buyers are happy with these answers when exhange of contracts will be? (rough times)