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Discussion Starter · #1 ·
Got the confirmation from mortgage advisor yesterday to say our mortgage approval has been accepted, credit checks all went through, solicitors have started etc etc blah blah blah. Now here comes the fun/stressful part. Being a first time buyer I've never gone through this before so if anyone could offer any help/advice it will be much appreciated!

The house were purchasing is ready to go as is the owner. She did have a previous buyer not to long ago but they pulled out last minute which leaves us in a pretty good position. They paid for the environmental checks and what not which can take up to 3 weeks. Have been told we may purchase these checks so theres some time taken off waiting. I understand/ have been told it can take anywhere from 8 to 12 weeks even more to get everything finalised and done. With 12 weeks being worst case or possibly longer this drops us in around christmas time which is something we'd ideally try and avoid.

Now i know its the solicitors that take the time because lets face it they're solicitors and they're never in a rush. Can anyone tell me how long their own processes took from start to finish at all? I know all times can be different but it gives me an idea on what to expect. Any recommendations on anything to do will be greatly appreciated.

Surveryers. The house is no more than 20 years old. I've been told they're are different surveys that can be carried out on the property but as others have said its not worthwhile going for the full survey. Should i go for a basic survey or the full hog just to be on the safe side.

Thanks!
 

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when we bought our house in London it took us 3month to get it. no chain either. but that was in the 90s.

we went for the full structural survey as the house was 1890s and it showed up a couple of small things. But, at 20year old, would i bother? doubt it. I'd and just go for the valuation survey. Ask your surveyor what he thinks. if he is any good he should be able to tell you his experience of other properties in the area and what an extra survey may specifically reveal.
 

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when i moved last year it was 3 months from offer to completion. we were all ready to go after 2 months though, but i couldnt get holidays from work.

dont know if it's different in scotland though.
 

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As for a survey I would always try to get some local information regarding any issues which may have shown up. Then the decision about a surveyor can be made. This is your biggest purchase and its important to get it right.
 

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When I bought my first place in 2006 it took six weeks, second place took eight weeks and the one I bought last year took four months BUT that was only because the people whose house I was buying struggled to find anywhere to buy after they accepted my offer otherwise I should imagine it would be the same time frame 6-8weeks.

You seem to be fortunate that your seller is all set in the chain to go so I shouldn't think it would take too long compared to 'normal'.
 

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Every property I have bought has taken 3 months from offer to completion. It's like that's the default time that all solicitors try to meet. It can certainly be done quicker but requires both sides to be chasing their solicitors regularly and returning questions and paperwork immediately..

As for surveys, you'll pay your mortgage advisor for the very basic valuation survey to tick their box that is worth what you're offering. As it's 20 years old it's no longer covered by the NHBC warranty and any defects that come to light after you complete are down to you, sometimes at significant cost.
For the sake of a few hundred quid it's worth upgrading to a more detailed survey in the long run. It may give you ammunition to demand money off the purchase price if there are minor issues and may prevent a costly mistake if there are big issues!

Be prepared for the surveyor to undervalue as that seems to be what they do these days. It may not pose a problem for you unless you're right on an LTV band.
e.g. Say you want a 75% LTV mortgage because it's a good interest rate and that's fine based on your offer, but the valuer comes back saying it's worth X thousand less.
While you can still get a mortgage for the full offer price you will move across that LTV boundary by a few % because the loan you're taking is a higher % compared to the "value" the surveyor puts on the place. You are left trying to find a bigger deposit because you have to cover the difference between what they say it is worth and what you have offered (because they will only lend you 75% of their valuation)
Worst case the lender will refuse to give you the loan and you need to find another lender.. It has happened to us a couple of times, both on a new mortgage and a remortgage.
The way to fight back against an undervaluation is to know the local property values - if you can show that 3 or more sales of equivalent properties have completed at our around your offer price in the past year then you'll be in a strong position. If not then you'll struggle to argue it..

Good luck - it will all be worth it in the end and you'll wonder why you didn't do it before :)
 

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Just a cautionary tale to ponder on if you are going to use A MAN AND A VAN to move your belongings in to your new home, a story in one of the daily papers recently,a couple hired a man with a van who advertised his services through Face Book,they were moving a short distance to a new flat,they had packed everything in to boxes,the 2 chaps arrive on time,load everything up,the husband sets off to the new flat ready to help unload,after a couple of hours rings his wife to see if they have set off yet,only to be told they left 10 minutes after him, they have lost everything.
 

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Hey Tom I'm in a similair position to you although a bit more further down the line.

I had an offer accepted at the beginning of July and my mortgage confirmation around 2 weeks later. At this point the solicitors started their work.

We are now in October, and I am still waiting on a completion date. There is no chain either way, and the big hold up is the vendors solcitors having 0 motivation to get the deal done, and for whatever reason, it takes weeks to get an answer from them.

I go on holiday in 10 days so the chances of me getting in before then is very unlikely.

Good luck to you and I hope your purchase doesn't take as long as mine!
 

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Discussion Starter · #13 ·
Just a cautionary tale to ponder on if you are going to use A MAN AND A VAN to move your belongings in to your new home, a story in one of the daily papers recently,a couple hired a man with a van who advertised his services through Face Book,they were moving a short distance to a new flat,they had packed everything in to boxes,the 2 chaps arrive on time,load everything up,the husband sets off to the new flat ready to help unload,after a couple of hours rings his wife to see if they have set off yet,only to be told they left 10 minutes after him, they have lost everything.
Thankfully ill be the man and a van. We barely have anything to move in as we're not moving from a property we both own. So everything we need now has to be bought which is going to cost a bit
 
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