House buying advice
Discussion
scenario8 said:
The question(s) would be asked the moment they became significant -
Not in all cases...Tino said:
We lost a house to supposed cash buyers who then strung the seller along taking ages to get a surveyor, then struggled to get a mortgage.
We were called several times during the transaction, offered to match the buyers offer but refused to gazump them. We got a better house in the end.
I think the sentence is used too freely nowadays.
Fingers crossed for you!
We were called several times during the transaction, offered to match the buyers offer but refused to gazump them. We got a better house in the end.
I think the sentence is used too freely nowadays.
Fingers crossed for you!
Blimey Matt, you're supposed to be elated at this stage not in fear of inevitable disappointment!
I would have expected the agent to direct you wrt your mortgage (and I would have expected them to have attempted to sell you their services, too). Everything is dependent on the specific situation you find yourself. For example, is your vendor selling the property without a chain or are they buying a property? Have they found a property? Have they had an offer accepted? Is there now a full chian? Is this property under probate? Is there a seperation (and divorce)? And so on.
All things being equal I would be appointing a solicitor and giving them monies to hold on account and I would be making progress on my mortgage, too. Take specific advice.
best of luck by the way. If it makes you feel any better "most" agreed transactions go through. Why must yours be different?
I would have expected the agent to direct you wrt your mortgage (and I would have expected them to have attempted to sell you their services, too). Everything is dependent on the specific situation you find yourself. For example, is your vendor selling the property without a chain or are they buying a property? Have they found a property? Have they had an offer accepted? Is there now a full chian? Is this property under probate? Is there a seperation (and divorce)? And so on.
All things being equal I would be appointing a solicitor and giving them monies to hold on account and I would be making progress on my mortgage, too. Take specific advice.
best of luck by the way. If it makes you feel any better "most" agreed transactions go through. Why must yours be different?
The vendors have not found somewhere, and the main reason i am not totally confident is that the reason they are selling is due to medical reasons, and the need for a bungalow, however, the medical stuff is now worse, and this could/will cause issues i'm sure.
I am going to send the EA the docs for confirming identity and some basics on affordability, and get started with the solicitor tomorrow. I am viewing the property again on Saturday, and that is to confirm it's ok to go ahead with. I need to get a survey done which i will enquire with early next week. I don't really want to go too far (and spend money), until i've done the second viewing to make sure it's all ok. The vendor isn't sorting out their solicitor until Monday anyway.
Does this all sound ok? It's complicated this buying a house thing!
I am going to send the EA the docs for confirming identity and some basics on affordability, and get started with the solicitor tomorrow. I am viewing the property again on Saturday, and that is to confirm it's ok to go ahead with. I need to get a survey done which i will enquire with early next week. I don't really want to go too far (and spend money), until i've done the second viewing to make sure it's all ok. The vendor isn't sorting out their solicitor until Monday anyway.
Does this all sound ok? It's complicated this buying a house thing!
Hmmm. IME people "looking for a bungalow" can be a pain to suit. Funnily enough some bungalows can prove terribly hard to sell, too. Go square that circle.
Still, we're all individuals so by the weekend we could be all set to go. Who knows? Personally, from the information you've so far supplied I wouldn't spend a penny on this purchase until there had been some significant developments. That said, I would have everything in place such that when the moment came the brakes could be released.
Still, we're all individuals so by the weekend we could be all set to go. Who knows? Personally, from the information you've so far supplied I wouldn't spend a penny on this purchase until there had been some significant developments. That said, I would have everything in place such that when the moment came the brakes could be released.
scenario8 said:
Hmmm. IME people "looking for a bungalow" can be a pain to suit. Funnily enough some bungalows can prove terribly hard to sell, too. Go square that circle.
Still, we're all individuals so by the weekend we could be all set to go. Who knows? Personally, from the information you've so far supplied I wouldn't spend a penny on this purchase until there had been some significant developments. That said, I would have everything in place such that when the moment came the brakes could be released.
Yes, this is what i'm thinking also. Hence the not really doing too much until next week other than sending off some documents, and contacting the solicitor to get setup with them.Still, we're all individuals so by the weekend we could be all set to go. Who knows? Personally, from the information you've so far supplied I wouldn't spend a penny on this purchase until there had been some significant developments. That said, I would have everything in place such that when the moment came the brakes could be released.
It's complicated by the fact that the area is fast moving with property, expensive (for the city), and property rarely comes up.
I'm somewhat less concerned about rushing with it all right now though.
I've lifted this from another thread but its our progress so far with buying our first house. May help with the running order of the buying process.
"I'm in the process of buying my first house and this thread makes some very interesting reading.
Our progress thus far:
Consulted with broker regarding a mortgage, got accepted by first lender the broker tried. The broker then tried to convince us not to try too many more credit checks as it may jeopardise our accepted credit check. This rang alarm bells with me as he was basically telling us to take his deal and not shop around. Needless to say I went and spoke to another broker who was far more up front with what he charges for fees and found us a much better deal.
Mortgage in principle in hand we went searching for properties. EA's varied in what proof they wanted before arranging a viewing (we're at the more modest end of the market so they were maybe a little more relaxed about booking appointments) most just wanted verbal confirmation that we'd sorted the mortgage and deposit.
Put in an offer which was accepted, the EA asked us to provide proof of our deposit and mortgage in principle before taking it off the market, which seemed reasonable.
Put application in with broker ( paid £99 non refundable fee at this stage. Remaining £149 to be paid once we complete). Mortgage deal includes £250 cash back and no arrangement fee, and was 0.5 % better interest rate than deal struck by first broker.
Appointed solicitor after getting two broadly similar quotes from two local firms. £300 paid onto account for searches to be started.
Mortgage deal includes the mortgage valuation, broker arranged for home buyer report to be completed at the same time at an addition cost of £195. Been quoted £400 odd by another surveyor.
Survey came back with a few minor issues which we wanted queried with the seller. Took nearly two weeks to get a response but our solicitor and the sellers were on holiday (separately you understand) during this period.
Could of done with a bit more communication as we were worried they were having cold feet and looking to pull out.
Next up is an appointment with our solicitor to go through the paperwork in readiness for exchange and completion."
As an update on this we have met with our solicitor and signed our side of the contract. He's now talking to the sellers solicitor about finalising a date for exchange and completion.
Nearly there I hope!
OP we've had the same worries about our purchase falling through, it still could! Just got to remain positive and carry on in good faith and hope they do the same.
"I'm in the process of buying my first house and this thread makes some very interesting reading.
Our progress thus far:
Consulted with broker regarding a mortgage, got accepted by first lender the broker tried. The broker then tried to convince us not to try too many more credit checks as it may jeopardise our accepted credit check. This rang alarm bells with me as he was basically telling us to take his deal and not shop around. Needless to say I went and spoke to another broker who was far more up front with what he charges for fees and found us a much better deal.
Mortgage in principle in hand we went searching for properties. EA's varied in what proof they wanted before arranging a viewing (we're at the more modest end of the market so they were maybe a little more relaxed about booking appointments) most just wanted verbal confirmation that we'd sorted the mortgage and deposit.
Put in an offer which was accepted, the EA asked us to provide proof of our deposit and mortgage in principle before taking it off the market, which seemed reasonable.
Put application in with broker ( paid £99 non refundable fee at this stage. Remaining £149 to be paid once we complete). Mortgage deal includes £250 cash back and no arrangement fee, and was 0.5 % better interest rate than deal struck by first broker.
Appointed solicitor after getting two broadly similar quotes from two local firms. £300 paid onto account for searches to be started.
Mortgage deal includes the mortgage valuation, broker arranged for home buyer report to be completed at the same time at an addition cost of £195. Been quoted £400 odd by another surveyor.
Survey came back with a few minor issues which we wanted queried with the seller. Took nearly two weeks to get a response but our solicitor and the sellers were on holiday (separately you understand) during this period.
Could of done with a bit more communication as we were worried they were having cold feet and looking to pull out.
Next up is an appointment with our solicitor to go through the paperwork in readiness for exchange and completion."
As an update on this we have met with our solicitor and signed our side of the contract. He's now talking to the sellers solicitor about finalising a date for exchange and completion.
Nearly there I hope!
OP we've had the same worries about our purchase falling through, it still could! Just got to remain positive and carry on in good faith and hope they do the same.
Matt.. said:
Is your purchase in a chain? If so, what's the situation with your vendors?
I assume your asking me?Our vendors are looking to move down south in to rented accommodation. Think it might be to do with being closer to family and having another child. Not really sure why they want to rent as they're both in full time employment. Maybe money issues or looking to keep their options open?
The property was on the market for well over a year with no offers. They dropped the price a bit and re-listed it with another agent and eventually accepted our offer which was a bit closer to market value then what they wanted.
I'd you're waiting for the vendors to buy somewhere I wouldn't spend a penny until they have had an offer accepted on their new property.
Make sure you have everything lined up, ID checks completed with solicitor etc but wait until there has been significant movement on their part before spending any money. Also keep your eyes open for other options while you are waiting. Just because they've accepted your offer doesn't mean you can't withdraw it if you come across a better option.
Make sure you have everything lined up, ID checks completed with solicitor etc but wait until there has been significant movement on their part before spending any money. Also keep your eyes open for other options while you are waiting. Just because they've accepted your offer doesn't mean you can't withdraw it if you come across a better option.
After the second look, i'm still going ahead. It hasn't become less of a project though! (it needs kitchen, bathroom, possibly electrics, all rooms stripping back, and finishing). Windows and boiler are new luckily. It's a very small 2 bed, so I'm thinking £20-£30k (hopefully a lot nearer £20k), does that seem reasonable?
I'm still awaiting initial documents from the solicitor, so we're not very far with anything at all yet, but the seller hasn't found anywhere yet, so that's no bad thing.
I am looking for a surveyor at the moment, and checking which mortgage i will be going with (thinking Natwest, 2.79% 5yr, £1k fee).
Please let me know if i'm doing anything wrong, i'm somewhat new to all of this
I'm still awaiting initial documents from the solicitor, so we're not very far with anything at all yet, but the seller hasn't found anywhere yet, so that's no bad thing.
I am looking for a surveyor at the moment, and checking which mortgage i will be going with (thinking Natwest, 2.79% 5yr, £1k fee).
Please let me know if i'm doing anything wrong, i'm somewhat new to all of this
Why are you looking for a surveyor? (Genuine question). If you are buying with a mortgage (and I note you are) it is almost certain your mortgage provider will oblige upon you to have at the very least a mortgage survey/condition report carried out on the property through a panel of their own surveyors for which you will be liable for the cost. You will then be given the opportunity to pay a premium to up that survey to a homebuyers report or a bulding survey should you wish.
wrt renovation costs I can tell you I'm up to circa £80k now to fully refurb a 3 bed semi (admittedly subject to the Surrey tax). Things mount up if you really strip things back. Be warned!
wrt renovation costs I can tell you I'm up to circa £80k now to fully refurb a 3 bed semi (admittedly subject to the Surrey tax). Things mount up if you really strip things back. Be warned!
scenario8 said:
wrt renovation costs I can tell you I'm up to circa £80k now to fully refurb a 3 bed semi (admittedly subject to the Surrey tax). Things mount up if you really strip things back. Be warned!
I'm somewhat lucky in the fact my family have done a number of house renovations in the last few years, so that will massively help.It's approx 4m x 10m in size. So not big.
What are you expecting them to look at? Which areas of the property do you have doubts over or wish to investigate? Will these areas not be satisfied by the surveyor attending from your mortgage providers panel?
Once you know the answers to those questions we can see whether a "common or garden" surveyor is going to be in a position to help you and whether you wouldn't be better off with
an electrician
a plumber
a roofer
a general builder
etc.
You already know it is "a project" and you're looking to do it up anyway.
Once you know the answers to those questions we can see whether a "common or garden" surveyor is going to be in a position to help you and whether you wouldn't be better off with
an electrician
a plumber
a roofer
a general builder
etc.
You already know it is "a project" and you're looking to do it up anyway.
paps said:
May be worth you seeing a mortgage broker. It adds an extra cost but they can offer advice on how to proceed and look after things with regards to lenders and other financial products you'll likely need. Best to go with recommendations and consult a couple of them before committing to their service. We've gone with one from country-wide as they are apparently incentivised by their employer rather than the lenders. They were also upfront about their fee. Initial consultations were free. Paid £99 when we were ready to make our mortgage application. The remaining £150 is paid upon completion of the sale. For that they act as a go between, between you and the lender they help you put together your information pack in readiness for your application and generally work to make sure everything goes smoothly with regards to your mortgage.
For us as first time buyers it makes some sense to have that extra reassurance.
Before feeling too reassured, take a look at that company's feedback/user reviews on the net. I'm not going to say much more, but google them and see whether you still think using them is reassuring.For us as first time buyers it makes some sense to have that extra reassurance.
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