Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Wellplayed
    • By Wellplayed 20th Sep 16, 12:32 PM
    • 6Posts
    • 0Thanks
    Wellplayed
    First Time Buyers Questions
    • #1
    • 20th Sep 16, 12:32 PM
    First Time Buyers Questions 20th Sep 16 at 12:32 PM
    Hi all, I am a first time buyer and I had an offer accepted for a flat with 10% equity.

    I've used my Bank services to provide a Solicitor and Surveyor.

    Vendor originally suggested they were very flexible with the move and could move out sooner however now they are asking to Exchange within 4 weeks and Complete in possible December or even sometime into 2017.

    My question is, can Complete date be written into the Exchange agreement? If it can be written into the Exchange agreement can this date be amended by the seller?

    Also I need help with 3 other issues that Solicitor which I have chased Solicitor for but haven't responded since asking them last week.
    1. Solicitor requires me to provide 'Proof of Identity' a signed copy of either my Passport or Driving license to state a true likeness This can only be done by a Solicitor, Licensed Conveyancer, Charter Legal Executive or an Independent Financial Advisor who is regulated by the FSA. Any tips where to get this done as my budget is already tight.

    2. Solicitor is also asking for Proof of Address from a Utility Bill, Council Tax, Council Rent Book, A Mortgage Statement. I don't have any of these as I'm 24 and living with my parents.

    3. Deposit is in a Help to Buy ISA and shares purchased through Company Employee Share scheme. Do I need to liquidate all this and stick into one account before I exchange or can this be done before completion?

    Sorry about all the questions but putting this into writing and getting this off my chest is better than constantly trying to worry about things I have no control over or experience in! I am very much on my own.
Page 1
    • G_M
    • By G_M 20th Sep 16, 12:39 PM
    • 35,912 Posts
    • 39,211 Thanks
    G_M
    • #2
    • 20th Sep 16, 12:39 PM
    • #2
    • 20th Sep 16, 12:39 PM
    Hi all, I am a first time buyer and I had an offer accepted for a flat with 10% equity.

    I've used my Bank services to provide a Solicitor and Surveyor.
    Why> Banks are financial institutuions. Shop around for specialist services

    Vendor originally suggested they were very flexible with the move and could move out sooner however now they are asking to Exchange within 4 weeks and Complete in possible December or even sometime into 2017.
    Exchange will happen when everyone is ready, not to some pre-arranged timetable

    My question is, can Complete date be written into the Exchange agreement? If it can be written into the Exchange agreement can this date be amended by the seller?
    Yes it is always written into the contract.
    No it cannot be changed.

    Also I need help with 3 other issues that Solicitor which I have chased Solicitor for but haven't responded since asking them last week.
    1. Solicitor requires me to provide 'Proof of Identity' a signed copy of either my Passport or Driving license to state a true likeness This can only be done by a Solicitor, Licensed Conveyancer, Charter Legal Executive or an Independent Financial Advisor who is regulated by the FSA. Any tips where to get this done as my budget is already tight.
    Your solicitor will do it free as part of the conveyancing servie (another reason to shop around for a local conveyancer rather than use the banks legal 'warehouse'.)

    If your budget is so tight that you are concerned about a few pounds, you are over-stretched. Buying property always throws up unexpected costs. You need a contingency fund of several thousand.

    2. Solicitor is also asking for Proof of Address from a Utility Bill, Council Tax, Council Rent Book, A Mortgage Statement. I don't have any of these as I'm 24 and living with my parents.
    Speak to your solicitor.
    Driving licence? HMRC tax statement with your address? Pension provider?

    3. Deposit is in a Help to Buy ISA and shares purchased through Company Employee Share scheme. Do I need to liquidate all this and stick into one account before I exchange or can this be done before completion?
    You'll need 10% at Exchange and 90% tat Completion. Your 90% mortgage will only be released at Completion

    Sorry about all the questions but putting this into writing and getting this off my chest is better than constantly trying to worry about things I have no control over or experience in! I am very much on my own.
    Originally posted by Wellplayed
    Go to the library today and borrow a book on house buying! eg

    https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_3?s=books&ie=UTF8&qid=1474371638&sr=1-3&keywords=property+buying+dummies

    You are spending £x00,000 - find out how to do it!
    Last edited by G_M; 20-09-2016 at 12:44 PM.
    • Wellplayed
    • By Wellplayed 20th Sep 16, 12:52 PM
    • 6 Posts
    • 0 Thanks
    Wellplayed
    • #3
    • 20th Sep 16, 12:52 PM
    • #3
    • 20th Sep 16, 12:52 PM
    Thank you so much, I did shop around however Bank gave me a quotation £300 cheaper than 4 local Solicitors.

    Unfortunately Solicitor appointed to me is 250 miles from me which seems bizarre however this is a mistake I have made! I didn't know where the Solicitor was when I instructed the Bank to provide this service.
    • G_M
    • By G_M 20th Sep 16, 12:57 PM
    • 35,912 Posts
    • 39,211 Thanks
    G_M
    • #4
    • 20th Sep 16, 12:57 PM
    • #4
    • 20th Sep 16, 12:57 PM
    Thank you so much, I did shop around however Bank gave me a quotation £300 cheaper than 4 local Solicitors.

    Unfortunately Solicitor appointed to me is 250 miles from me which seems bizarre however this is a mistake I have made! I didn't know where the Solicitor was when I instructed the Bank to provide this service.
    Originally posted by Wellplayed
    After you Complete, come back and tell us what other 'extras' you ended up paying the solictor, and whether it is still cheaper than the local quotes........
    • Realistico
    • By Realistico 20th Sep 16, 1:09 PM
    • 3 Posts
    • 6 Thanks
    Realistico
    • #5
    • 20th Sep 16, 1:09 PM
    • #5
    • 20th Sep 16, 1:09 PM
    I just signed up to reply to this knowitall!

    They have already stated they have signed up to the Bank service, no need to compound matters by suggesting there will be added extras that will make local Solicitors seem like peanuts.

    What an appalling tone you have.
    • anotheruser
    • By anotheruser 20th Sep 16, 1:19 PM
    • 2,147 Posts
    • 1,362 Thanks
    anotheruser
    • #6
    • 20th Sep 16, 1:19 PM
    • #6
    • 20th Sep 16, 1:19 PM
    Don't worry about the solicitor being 150 miles away.
    A friend of mine didn't even meet his - did everything online.
    • Realistico
    • By Realistico 20th Sep 16, 1:26 PM
    • 3 Posts
    • 6 Thanks
    Realistico
    • #7
    • 20th Sep 16, 1:26 PM
    • #7
    • 20th Sep 16, 1:26 PM
    I'd like to offer some constructive advice, there is no need to go buy a book and waste money when we are on a Money Saving forum! If you want to ask any question no matter how insignificant ask away.

    During Exchange, it will be stipulated when the 'Completion date' is and this contract is agreed by both the Seller and Buyer.

    Sounds like Vendor made a suggestion they were flexible to entice you into the place you are buying. This is normal and now wants to rubber stamp the sale and moving at their convenience.

    1. Go to your Mortgage Consultant, they should be FSA regulated and can easily verify your passport copy for you.
    2. Send covering letter to Solicitor when you send your details back stating you dont have items listed but instead you are sending other things instead like Payslip that has your address, Mobile phone bill, Car ins etc
    3. You only need your Deposit ready when you are about to Exchange however I wouldn't Exchange early for the sake of Seller dictating exchange date. I work under principle of about 1 month before Completion. If you had money in a ISA or Fund, you are losing potential interest.
    • Wellplayed
    • By Wellplayed 20th Sep 16, 1:42 PM
    • 6 Posts
    • 0 Thanks
    Wellplayed
    • #8
    • 20th Sep 16, 1:42 PM
    • #8
    • 20th Sep 16, 1:42 PM
    Seems very efficient, after instructing Bank I wanted to use their service received letter from Solicitor within 2 days. My only issue with them is answering my queries!

    Don't worry about the solicitor being 150 miles away.
    A friend of mine didn't even meet his - did everything online.
    Originally posted by anotheruser
    • hazyjo
    • By hazyjo 20th Sep 16, 1:46 PM
    • 8,100 Posts
    • 9,792 Thanks
    hazyjo
    • #9
    • 20th Sep 16, 1:46 PM
    • #9
    • 20th Sep 16, 1:46 PM
    I just signed up to reply to this knowitall!

    They have already stated they have signed up to the Bank service, no need to compound matters by suggesting there will be added extras that will make local Solicitors seem like peanuts.

    What an appalling tone you have.
    Originally posted by Realistico

    You might want to take into account the amount of posts G_M has made and the valuable advice offered to many before criticising with your post count of 2.


    These boards are for future use too. Anyone searching who's about to do the same thing may find it extremely useful to read that there will be extra charges. It's a forum - people will give their opinions. You seriously just joined to criticise one of our regular posters? Strange. Do you work for the bank?!
    Jx
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • hazyjo
    • By hazyjo 20th Sep 16, 1:58 PM
    • 8,100 Posts
    • 9,792 Thanks
    hazyjo
    PS the library lends books for free.
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • Realistico
    • By Realistico 20th Sep 16, 5:17 PM
    • 3 Posts
    • 6 Thanks
    Realistico
    I dont doubt their contribution however I objected to the tone and arrogance!

    Easy to give advice in hindsight, poster is a first time buyer.

    You might want to take into account the amount of posts G_M has made and the valuable advice offered to many before criticising with your post count of 2.


    These boards are for future use too. Anyone searching who's about to do the same thing may find it extremely useful to read that there will be extra charges. It's a forum - people will give their opinions. You seriously just joined to criticise one of our regular posters? Strange. Do you work for the bank?!
    Jx
    Originally posted by hazyjo
    • hazyjo
    • By hazyjo 20th Sep 16, 5:22 PM
    • 8,100 Posts
    • 9,792 Thanks
    hazyjo
    I dont doubt their contribution however I objected to the tone and arrogance!

    Easy to give advice in hindsight, poster is a first time buyer.
    Originally posted by Realistico
    Didn't see any tone or arrogance - this can be rather a 'harsh' board (shall we say), but if you think that was, maybe it's not the right section for you


    Like I said, info given on these boards isn't just for OPs' threads - it's for future readers. Threads aren't deleted for that very reason - they may help someone else. You'll find 'hindsight' comments are often made for OPs' future info and for others.


    Jx
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • kingstreet
    • By kingstreet 20th Sep 16, 5:28 PM
    • 29,616 Posts
    • 15,708 Thanks
    kingstreet
    Realistico,

    I'm looking forward to your future contributions with real interest.

    G_M answered the OP's questions and only gave a little attitude when the OP came back with frankly, what they all do...

    From the rest of the thread.

    In my experience, the conveyancing warehouses "recommended" by mortgage lenders tend to be very light on their fees at initial quote, but by the end of the process things like "acting for mortgage lender" and "completion of SDLT return" suddenly appear and are made to look like disbursements, when in fact they are extra fees not notified at the outset.

    When I compare it to the local firm I've been recommending for twenty years, all of a sudden the local firm which charges one headline rate which covers everything suddenly looks cheaper.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • G_M
    • By G_M 20th Sep 16, 7:20 PM
    • 35,912 Posts
    • 39,211 Thanks
    G_M
    Can't be bothered to reply directly to the criticism - I stand by the advice offered to the OP in my posts, and the more general information provided for other readers.
    • marksoton
    • By marksoton 20th Sep 16, 7:40 PM
    • 15,797 Posts
    • 35,392 Thanks
    marksoton
    I'd like to offer some constructive advice,
    Originally posted by Realistico
    I highly doubt your capacity to do so....
    I'm an idiot troll. Apparently...
    • Wellplayed
    • By Wellplayed 22nd Sep 16, 5:32 PM
    • 6 Posts
    • 0 Thanks
    Wellplayed
    I'd like to offer some constructive advice, there is no need to go buy a book and waste money when we are on a Money Saving forum! If you want to ask any question no matter how insignificant ask away.

    During Exchange, it will be stipulated when the 'Completion date' is and this contract is agreed by both the Seller and Buyer.

    Sounds like Vendor made a suggestion they were flexible to entice you into the place you are buying. This is normal and now wants to rubber stamp the sale and moving at their convenience.

    1. Go to your Mortgage Consultant, they should be FSA regulated and can easily verify your passport copy for you.
    2. Send covering letter to Solicitor when you send your details back stating you dont have items listed but instead you are sending other things instead like Payslip that has your address, Mobile phone bill, Car ins etc
    3. You only need your Deposit ready when you are about to Exchange however I wouldn't Exchange early for the sake of Seller dictating exchange date. I work under principle of about 1 month before Completion. If you had money in a ISA or Fund, you are losing potential interest.
    Originally posted by Realistico
    Thank you so much, I haven't liquidated my shares or broken into my ISA yet.

    Yes seller wants to exchange early, they have changed their tune as earlier they had suggested they were flexible but this could work out as it would allow me to save more money before I move in.

    I went to nationwide but they were unable to sign it as their Mortgage broker wasn't allowed to due to their policy so I went to my local Solicitor who did it for £5!

    I have as you suggested sent other documentation like Road TAX renewal, Mobile phone, payslips, old Polling card from EU Ref and a bunch of other useless things all with my name and address with a covering letter.

    Solicitor will tell me in advance of any hidden charges but so far everything is going ok. mortgage valuation booked in for next week.
    • Wellplayed
    • By Wellplayed 22nd Sep 16, 5:41 PM
    • 6 Posts
    • 0 Thanks
    Wellplayed
    After you Complete, come back and tell us what other 'extras' you ended up paying the solictor, and whether it is still cheaper than the local quotes........
    Originally posted by G_M
    Regarding this point, this got me really concerned so I wrote to my appointed Solicitor. The invoice they sent me with the Stamp duty is accurate. I have paid for a package assuming everything goes to plan. The same could be said for a local Solicitor if we ran into the same problems.

    I probably won't be jumping up and down if costs do indeed work out more expensive than the local quotes just so you can say "i told you so"
    • kingstreet
    • By kingstreet 22nd Sep 16, 10:06 PM
    • 29,616 Posts
    • 15,708 Thanks
    kingstreet
    Regarding this point, this got me really concerned so I wrote to my appointed Solicitor. The invoice they sent me with the Stamp duty is accurate. I have paid for a package assuming everything goes to plan.
    Originally posted by Wellplayed
    Acting for mortgage lender and completion of stamp duty return is included in the headline fee you've been quoted then?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Wellplayed
    • By Wellplayed 23rd Sep 16, 11:49 AM
    • 6 Posts
    • 0 Thanks
    Wellplayed
    Acting for mortgage lender and completion of stamp duty return is included in the headline fee you've been quoted then?
    Originally posted by kingstreet
    Yes, I compared all the different headlines and still worked out £300-£400 cheaper than 4 local Solicitors. Lets see what happens
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

118Posts Today

1,422Users online

Martin's Twitter
  • If you know you're bust you must declare it asap. So no firm ever says "yes we plan to go insolvent". So you never? https://t.co/w8aIKOqHzq

  • Some people misreading... it's NOT the rumours of insolvency of the Monarchy! Its Monarch airlines (again tho I've no idea of its validity)

  • Also re #monarchinsolvency rumours it's important to state Monarch are firmly denying it... https://t.co/N27MENRjY9

  • Follow Martin