House buying advice
Discussion
I am in the process of trying to find my first house. I am looking in an area that is fast moving, and with long gaps between properties being available. Would i be best of sorting out a solicitor now? In terms of mortgages, i worry that because of the long gaps between places being available that this will cause problems with applying now for them? (i'm in a good position for them with 40%+ deposit).
monthefish said:
No harm in making contact, they should be able to give rough price lists for conveyancing, although the costs involved will (should) vary according to the complexity of the transaction and the property itself.
Solicitors will also need ID from you at some stage in any transaction, and so they might be willing to get that all sorted upfront. Ditto confirmation of funding (have you been given an offer of Mortgage in Principle? or even been givin some written confirmation of how much of a Mortgage you could expect to achieve from any lender?)
Have you got some recommendations of some Solicitors in your area? (Don't assume they're all as good as each other).
I have not been given an offer of mortgage in principle. Should i do that? I haven't done so because of the fact it can be months between properties being available. I have a written amount from Natwest, though it's 5 months old now so not really of much use. Should i be doing something else here? As stated above, i have a large deposit, and do not foresee any problems getting a mortgage.Solicitors will also need ID from you at some stage in any transaction, and so they might be willing to get that all sorted upfront. Ditto confirmation of funding (have you been given an offer of Mortgage in Principle? or even been givin some written confirmation of how much of a Mortgage you could expect to achieve from any lender?)
Have you got some recommendations of some Solicitors in your area? (Don't assume they're all as good as each other).
In terms of a solicitor, i unfortunately do not have any good recommendations yet for the area. (does anyone know any? this if for Cardiff!).
monthefish said:
This is not a bad place to ask, but do you have any friends/family/colleagues that have used a Solicitor in the area?
Yes i will be asking around, but someone here might also have a suggestion.No i will not just go for the cheapest. I would rather this all went smoothly and had no problems, and that's clearly more risky if i go with the cheapest option...
I put an offer in. I'm expecting to hear back soon 
I've been speaking to a few places for a mortgage (FD and Natwest [i bank with NW]). Both have similar offers of sub-3% fixed 5yr, which is good. FD would be really slow though, even getting a mortgage in principle is a couple of weeks, whereas NW would be far quicker. I have an agreement in principle from NW (this isn't necessarily who i'll go with though), so that should put me in an ok place i hope.
What is the situation with people the EA says are 'cash buyers'? Are they likely to actually be full cash buyers, or really just first time, no chain buyers?
I've been speaking to a few places for a mortgage (FD and Natwest [i bank with NW]). Both have similar offers of sub-3% fixed 5yr, which is good. FD would be really slow though, even getting a mortgage in principle is a couple of weeks, whereas NW would be far quicker. I have an agreement in principle from NW (this isn't necessarily who i'll go with though), so that should put me in an ok place i hope.
What is the situation with people the EA says are 'cash buyers'? Are they likely to actually be full cash buyers, or really just first time, no chain buyers?
Craikeybaby said:
Congratulations!
For the second viewing take measurements for things you will need to buy fairly quickly when you move in:
Curtains/blinds/curtain poles?
Carpets?
Will your furniture fit?
Will you car fit in the garage/on the drive?
Then with all the measurements you can pre order stuff (wait until contracts have been exchanged) or just put them into Sketch up and plan your room layouts etc.
It's a bit of a project, so it will be checking that it's all achievable, and working out more of what needs doing.For the second viewing take measurements for things you will need to buy fairly quickly when you move in:
Curtains/blinds/curtain poles?
Carpets?
Will your furniture fit?
Will you car fit in the garage/on the drive?
Then with all the measurements you can pre order stuff (wait until contracts have been exchanged) or just put them into Sketch up and plan your room layouts etc.
No money has been spent yet, and won't be until after this second viewing.
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!
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.
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
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.
Craikeybaby said:
Seriously, if at all possible get them in the post tomorrow, each time someone leaves the paperwork to the weekend it delays the whole process!
I want time to read it. I will more than likely post on Saturday rather than Monday.I'm hoping the process will be a little faster as its my bank, so I don't need to prove who I am!
The documents went off on Friday, so hopefully i'll hear back mid next week.
The people the vendors are purchasing from are going into rented accommodation, so that should help with the chain! They want 3-4 weeks between exchange and completion though. This seems normal though, so i shouldn't worry about that should i?
The people the vendors are purchasing from are going into rented accommodation, so that should help with the chain! They want 3-4 weeks between exchange and completion though. This seems normal though, so i shouldn't worry about that should i?
The valuation has come back and is 4% lower, if I want to borrow more it takes me outside of my 60% mortgage. The reasons given are that it's poorly maintained and needs damp, electrics and rendering. I know this aready and that part of the renovation budget.
What do I do now? I'm fairly sure the vendor won't accept less, so it appears increasing the deposit is the only way forward.
Any thoughts would be appreciated.
Thanks
What do I do now? I'm fairly sure the vendor won't accept less, so it appears increasing the deposit is the only way forward.
Any thoughts would be appreciated.
Thanks
Craikeybaby said:
I'm not overly experienced in these things, but is it worth talking to the estate agent and seeing if reducing the price is possible? You've got some paperwork stating reasons why, so it could work.
At point of the offer being accepted they said they wouldn't do this. I already knew these things needed to be done, and i have the cash for them. But having to increase the deposit is an annoyance (or changing the mortgage product). They will only lend me £4k less than i wanted... They can't tell me whether i need to pay that £4k extra on the deposit, or whether it's more than that (i think it will be more). I need to speak to someone else who's only in 9-5!If anyone can give more thoughts and advice it would be very helpful.
IanCormac said:
If the house has been valued at 4k less than you're paying for it, then you're not getting a good deal. I'd tell the vendors that you'll only pay what it's been valued for and if they don't accept that then buy a different house.
It's 8k. If I don't go for it, then I'm going to have to wait 6 months+ to find another, and spend thousands more on rent, so paying slightly over the odds isn't actually that bad for me in my situation. Annoying yes, but somewhat acceptable. There have been less than 5 houses come up for sale this year that are even vaguely at this price range where i'm looking :/Edited by Matt.. on Friday 27th September 07:48
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