What do we do next? Buying a house.?

Question

Hi. We have had our mortgage provisionally accepted, and were told we could now look for and make an offer on a house. We have found one and made an offer within the amount we were allowed to borrow. What do we do next? Could someone lay it out in laymans terms, what comes next, the finalising of the mortgage, solicitor or survey. Please help.

Answer 1

Presuming you are in U.K.

You go back to your mortgage adviser and tell them you have bought a house and how much for, they will check you are O.K to proceed and sort out the mortgage arrangements for you. If you have not already done so, now is the time to make an appointment with a solicitor to get the searches and property transfer started. At some point your mortgage adviser will tell you when the survey (most lenders make it a requirement of the mortgage) is to be done. Check that when you receive a copy. If the surveyor finds anything that concerns you ring the estate agent selling the property and tell them - You may get a little more money knocked off if you handle it well!!!

From there just keep in regular contact with your solicitor to make sure everything is going O.K and when everything is sorted they will give you a date when you can go and pick up the keys from the estate agent.

Answer 2

Really depends where ur buying? Even England and Scotland have very different rules!

If you make an offer make it subject to survey which means if your not happy when you get the building surveyed you can get out then.

Once your happy with the survey and your offer has been formally accepted you need to liase with your mortgage lender, they will require a copy of the survey as comfirmation of how much you are borrowing and they will complete all your paper work and get in touch with your solicitor.

Keep in touch with your solicitor for updates and to re-inforce your moving date, when you get the keys. Sometime before that date you will be called in to sign the deeds where you agree to all the terms both with your solicitor and your mortgage lender.

Then on the day you get the keys your mortgage company send the funds to your solicitor via CHAPS to pass on to the seller of the house. Only once this has been completed will you be handed the keys.

Make sure you have house insurance from that day on and life insurance is also worth thinking about.

Answer 3

I recently did this for the first time and it confused me so much.
I had a financial advisor who did most of the work for me but I think he organised the survery once the offer had been accepted and the mortgage was a definite go-ahead. (I had a mortgage also "provisionally agreed" but they they then rejected it AFTER I made the offer on the house. I had to find another one sharpish!). You need the agreement in principle in writing before anything else can be done.

Once you have your mortage agreement you can sort a survery and solicitor. My solicitor who communicated with the financial advisor about everything and between them, those 2 did all the running around.

The final papers, signing everything over, comes right at the end.

I hope that helps, even if it's only a tiny bit. I had to complete in 8 weeks so things moved very quickly for me which kind of made it harder to remember the individual steps!

Answer 4

Did you buy this home through a realtor? If so, they will give you the run down on what comes next. Was your offer accepted? Did you get an inspection of the home and for pests? You still have tons of work before you before you close on this house. You're mortgage representative should help you with the details. I didn't go into specifics because different areas/countries have different laws. Get a good lawyer specializing in realestate if you don't have a realtor so you don't miss anything and get a royal screw job because you "didn't know". It would be worth the money.

Answer 5

You get a house inspected by a licensed inspector to find all the bad stuff about the house. Either you or your husband should take the day off from work to be with the inspector, I suggest both of you. Don't let the Realtor distract you from looking at the house, ask them to wait outside if they talk too much. Then you and your husband talk about the bad stuff that night by yourself to see if you can handle it.
A survey is only needed if the bank wants it, but you don't have to be there.
If you accept the bad stuff from the inspection then you set up a closing date to buy the house.
I hope you are using a closing attorney.
On the day of the closing, in the morning, there is a walk through, you, your husband and the Realtor will walk through the house to make sure the owners didn't trash it with a big party, also to see if they fixed broken stuff that you wanted them to deal with that you found in the inspection.

Answer 6

Well, I live in the US, and am doing the same thing...just a step ahead. First you need to make sure that the seller accepts the offer. Then you will need to have the house inspected and appraised. After this is closing. At closing, all documents will be signed and the title transferred into your name.

Answer 7

if thet accept the offer the lenderwill do the survey and get the soliciter all you need to do is wait

Answer 8

u pay the morgae every month....oh they have to approve it...whoever ur bank is ...then they give u the $$ abnd u pay morgage every month ...and u get the house..if u dont pay...u get kicked out of ur house

Answer 9

where are u?
Get some kind of an agent. Ask the bank if you don't know.

Answer 10

Check out this guide for tips http://www.allhomerepairsyourself.com/how-to-buy-a-house.htm