FTB - Order of getting things done

davestones

As per the title, myself and my girlfriend are looking for a house at the moment, however will probably not end up buying until Christmas time at the very earliest. One thing we are unsure about though, is the order in which things happen when you buy a house.

I am aware you need to get:

-- mortgage
-- offer on the property
-- survey
-- a solicitor

But what order does it work? Do you need a mortgage offer in place in order to be able to put an offer on? And where do surveys come in, are they only done when the offer is accepted etc?

You would think that spending your entire spare time watching property ladder would yield these answers, but unfortunately not!

Bf109

1. Decide what you can afford.
2. Get a "mortgage in principle" for that amount
3. Look at places and make an offer
4. Appoint solicitor and surveyor
5. Set date for exchange of contracts
6. Complete sale - move in.

The whole thing is like working with mencap.

PasturesNew

1] Save up 10% deposit + fees (say minimum of £1000)
2] See a whole of market mortgage broker to find out how much you can borrow and who from
3] When you've done [1] and [2] get a Mortgage in Principle, this is to see what you can actually really borrow now you're "ready"
4] Identify which solicitor you will use
5] Find a house you like, put in an offer
6] Contact the EA and when the offer is accepted, let them know who your solicitor is
7] Contact the solicitor, get full details of the house/mortgage to them and let them know you want to buy. They will probably want some money from you right away (called "on account") to pay for your searches etc
8] Contact the broker to say you've found a house and will be pursuing that Mortgage in Principle
9] Sit back and respond to everybody on demand for everything they want.

phlash

Before all of those....(which are all really good pieces of advice)

Total up the costs of renting versus buying and pros and cons of each.

Then think as if you were writing a dissertation on the title "renting is dead money", see what conclusion you come up with.

If you still think it is, then apply the steps above.

Then you know you have thought everything through for sure.

According to an MSE poll conducted over recent days (small population), almost 50% of voters feel the most sorry for FTB who just bought. There is a reason for that.

phlash

PS. Here's the poll...

http://forums.moneysavingexpert.com/showthread.html?t=946343