Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

Offer accepted - what next and how much!

  • Filter
  • Time
  • Show
Clear All
new posts

  • Offer accepted - what next and how much!

    Hi, i'm new to this site but have read a few threads and it seems really helpful. My partner and I have had a mortgage agreed and have put an offer in on a house that we really like. It has been accepted and we are meeting our mortgage advisor next week. Was just wondering what happens next and how much will we have to pay etc. We have been told we get solcitors fees paid but are not sure what these include We have 5% deposit and are using a vendor gift option, we don't have much more money spare at the mo.
    Please help

  • #2
    Re: Offer accepted - what next and how much!

    I`m in pretty much the same situation as you. After having the offer accepted you need to give ure solicitors details to the estate agent. I`m currently getting quotes from solicitors for conveyancing costs, most seem to be around £900-£1000. I`m seeing a mortgage advisor on tuesday and wednesday. It`s knowing what mortgage to go for thats hard, a few of my friends have Trackers but if the base rate goes up it will effect ure repayments. If you have a fixed mortgage at least ure repayments will be set in stone for the nxt for example, two years
    I don`t understand the whole process but I`m learning more. The solicitor will give you a breakdown of exactly what they will do and the charges for each aspect ie. drainage search, bankruptcy search,


    • #3
      Re: Offer accepted - what next and how much!

      It is an explensve process but hopefully the mortgage adviser will be able to explain exactly what is and isnt included in your current pacakge. Some mortgages have fees and setup fees too, so be warned!


      • #4
        Re: Offer accepted - what next and how much!

        HI there, I hear you, it is such a complicated process to go through.

        What I would say is make sure you know all of the costs upfront so there are no nasty surprise Costs will include the solicitors (legal) fees themselves (i.e. how much they are charging for their services) usually per hour and the following:
        [LIST][*]Survey & valuation fee for the mortgage provider[*]Local authority search[*]Environmental search (optional)[*]Search fees - land charges and land registry[*]Stamp duty fee (a lot of money so make sure you factor this in)[*]HM Land registry fees (couple of hundred £)[*]Any archive fees associated with documentation[*]Telegraphic fee (when your balance is transferred on the completion date)

        Remember that you will need your deposit money sorted and ready to go when you exchange contracts. Do shop around as solicitors' can vary, you can also go to conveyancers. I wouldn't necessarily go with the first one you meet or is recommended by estate agents, because they are not necessarily the best ones to go with, and sometimes it is worth paying a bit more for a good solicitor to alleviate the pain throughout the buying process because you never know what may come up and if there are going to delays. This is when you need a good solicitor to be proactive and earn their money. Also ask around your friends and family, they may be able to recommend one to you.

        Hope this helps, can give you more information if you need it