The nervous wait to exchange....

  • Thread starter Thread starter noj
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We offered £810k on a property (initial offer slightly lower rejected) that needs work (prob £120k+) on it. Has a heap of potential, but let's see what happens....dreading the application (though our AIP came out the highest rating) as we are under the MMR rules.
 
Guys, I will be starting househunting in the new year.

I understand from Nationwide that a mortgage Approval In Principal is only valid for 90 days. I know I will get a mortgage for the amount I need from online checks. Any opinions on whether to get the AIP first then start viewings? Or should I start a few viewings, get a feel for what's out there (I already have looked online and made a spreadsheet comparing properties, positives, negatives, etc) and then get the AIP when I am pretty nailed on exactly what I want? I am looking in SW London/Surrey border so I doubt will have a lot of options for my budget.
 
I would get it done first, to a seller, a buyer with a mortgage pre approved is more preferable to one without. Well, it is to me anyway:)
 
londonbairn said:
We offered £810k on a property (initial offer slightly lower rejected) that needs work (prob £120k+) on it. Has a heap of potential, but let's see what happens....dreading the application (though our AIP came out the highest rating) as we are under the MMR rules.
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got to love london pricing, but i'd be seriously worried about putting any money into surveys etc if your not likely to get your mortgage through
 
Looks like we're not getting moved before Christmas :( We were hoping to be in on the 22nd but our buyers solicitor is dawdling about, everything our end is sorted. Bah.

Disappointing as we were looking forward to spending Christmas in our new place and we've pushed and pushed our solicitor to make sure everything is done on time as our buyer is on a time limit (they need to be moved before 10th Jan). So for it to be them holding it all up is highly irritating!

It'll be the first week of Jan now. :(
 
Siliconslave said:
got to love london pricing, but i'd be seriously worried about putting any money into surveys etc if your not likely to get your mortgage through
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Everything is relative. Got lucky as I bought a flat when the market was depressed in 2010, and its doubled since then.

We should be fine, we pass the MMR tests fine. We went through a broker to be overly sure but turned out we will be fine (we came out with the highest credit rating from the lender possible, and even with the >7% interest rate stress we come out fine). Broker says its impossible to be in a better situation.

To your earlier question, I would strongly recommend getting an AIP. Most the calculators are meaningless out there on the retail sites. You can get better insight on the intermediary sites on the affordability calculators, but its all dependent on your credit rating as they perceive it, LTV etc.

Also for the offer we put in now, we had to back it up with a written confirmation from our broker on having funds etc and evidence of the AIP, as apparently a few sales fell through when people where being stressed tested, or take out large loans under MMR (>500K) with small deposits.

We didn't need to as they will lend what we need to with it but I went a step further and cleared out the only debt I had (car on PCP) just in case. I am always overly cautious in case.
 
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I'm also completing tomorrow, exchanged yesterday. Everything had been in place for a while except for a question over retrospective consent for a covenant, I wanted retrospective consent, he wanted to just get an indemnity insurance policy, I 'won' :p

Looking forward to it, just ticked a few more things off the list to buy and changed a few addresses over, fun times.
 
Wednesday? Odd day as normally they complete on a Friday but guess you don't have a chain.

Congrats though and I agree - it's awful and the relief once it's over is immense. I think, after a year, I'm finally just about over the stress of the move.



M.
 
In. We'll have the keys lol.

Removals are tomorrow and it's taking its toll with all the packing lol

FH it depends on how many people are in the chain. My new build took 8 months that's with selling my current new build and the new one being finished lol
 
I'm 4 weeks in and due to errors with the whole tenure agreement, delaying things, my terms on my mortgage has changed and for me to stick with the same terms I had to cough up another 8k! So instead I've had to extend to 30 years thus reducing my mortgage, which I will overpay to the original amount, to the original term. Ballache.

Saying that, it has now finally gone through, just waiting on solicitorz to get there butt in gear and will hopefully complete by the end of May!
 
I had my offer accepted on the 9th February and picked up the keys on the 24th April, so ~2.5 months.

The seller was moving to an empty property with no chain, and I was moving from rented so quite a small 'chain' if you can even call it that :p

And with a few things like roofer, and retrospective consent it probably could've been done 3-4 weeks quicker but whatever.
 
SKILL said:
I had my offer accepted on the 9th February and picked up the keys on the 24th April, so ~2.5 months.

The seller was moving to an empty property with no chain, and I was moving from rented so quite a small 'chain' if you can even call it that :p

And with a few things like roofer, and retrospective consent it probably could've been done 3-4 weeks quicker but whatever.
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This is the same setup that we are currently going through.

Only issue for me right now is that I want a roofer to get some quotes on some fixes that need doing and I need the seller to be available. My solicitors are also awaiting "draft contract documentation" from the vendors solicitor. Then they can carry out searches.
 
In my case I just pointed the roofer at the estate agent (who had a key) and they worked it out themselves, did take a week or so but if your searches haven't started yet then that's not a problem.
 
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