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All new to this mallarkey. We just had an offer accepted, got a decision in principle and put through the full mortgage application. It all went fine and has been accepted and they took the survey fee. Just wondering what this means and whether we should be pleased we have got this far. It's a bit daunting not really knowing what is happening now. Any info would be great, tried looking at the web but there's not really a lot of info out there about what everything means and the degree we should be confident.
From what I can remember (did it last year) you just set a completion date, exchange contracts and that's about it. After that you're in loads of debt 😀
Don't forget the endless delays with solicitors and the completion day being pushed back and pushed back and then pushed back again....
Congratulations you've done the hard part for yourself. The rest unfortunately is in the hands of the idiots that are the solicitors! Having been involved in the sale of three properties all with cash buyers and no chain over the last 6 months I cannot believe how ridiculously long winded it still is. Rather than phone each other up (solicitors) they still send out letters and wait for a response. So so out of date.
Keep in contact at least once a week with your solicitor and estate agent is my advice.
Generally lenders will complete whatever checks / references they require prior to instructing their survey department to carry out the mortgage valuation report / survey. In other words, you have probably been OK'd for the loan subject to survey. Although it's not unusual for them to discover something they've forgotten to check just prior to issuing the formal mortgage offer. Which explains why there is often a longer period than you would expect after the survey has been carried out before you receive the mortgage offer. That may not be much help! Basically you need to wait for the formal mortgage offer to know that they will definitely lend.