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    • Kimpop
    • By Kimpop 8th Jul 17, 11:45 AM
    • 6Posts
    • 1Thanks
    Kimpop
    First time buyer advice needed
    • #1
    • 8th Jul 17, 11:45 AM
    First time buyer advice needed 8th Jul 17 at 11:45 AM
    Hi all,
    As the title suggests I am a first time buyer. I currently own a house outright as it was very kindly given to me. We recently decided to get the house ready for sale and have been doing some fixing up but don't know what to do next.
    Can someone please tell me what happens and what I should do? I've spoken with the bank and they are happy to give us a mortgage so we know our budget but do I...
    Put an offer in on a house we like and hope our house sells really really quickly before someone else snaps it up (unlikely)?
    Put my house up for sale and Once a buyer is lined up begin looking?
    If someone was to put an offer on our house do we only have a certain time to get out? And can we say we will need a few months until we get what we are looking for?
    I'm worried about selling our house and then having nowhere to go and I don't want to have to rent or feeling pressure to choose a house that might not be exactly what we want. Also yesterday I viewed a house and I really like it and I'm worried that by the time we get our house on the market in a few weeks the house we like will be gone l :-/
    I'm so confused!
    Sorry for the long post but I'm hoping for some advice, or if someone could point me in the right direction.
    Thank you
Page 1
    • Hedgehog99
    • By Hedgehog99 8th Jul 17, 12:05 PM
    • 1,319 Posts
    • 2,747 Thanks
    Hedgehog99
    • #2
    • 8th Jul 17, 12:05 PM
    • #2
    • 8th Jul 17, 12:05 PM
    When you want to book viewings for your next potential house, many EAs won't take you seriously unless your house is on the market.

    You cannot usually reserve a new-build until you have accepted an offer on your house. New-builds have a short time between reservation and expected completion, so your buyer would need to be aware of this from the outset if you choose a new-build.

    If you put your current house on the market, you can then start looking. In an ideal world, you find a buyer at the same time as you find the house you want to buy.

    It's all negotiable and a chain can take a while to arrange itself. Before you have exchanged contracts, anyone can change their mind. You won't be forced out of your house.

    You might have a buyer who needs to move urgently before you are ready to do so. You then either decline their offer or consider whether it's worth putting your stuff in storage etc in order to secure the sale. The choice is yours. If the buyer offered more because of this, it could cover some of the cost. If buyers are thin on the ground, you might be glad of any sale even if it means some inconvenience.

    You might find you lose buyers or lose out on a chosen house while the chain shifts around.

    If you have the luxury of a relative's shed or garage to borrow, you can box up things now that you won't need during the removals process and save on removals or storage costs when the time comes.

    Once you have a buyer and a new property and after the surveys, you can start packing at home so that you're ready to go if the completion date is soon after the exchange date.

    You should also research properties a step above and below your budget to ensure that the house you find within your budget is good value. You don't need to waste your time/seller's time viewing in person, just use the online photo listings and Google street view etc.

    Use Google Earth & streetview to check for sewage works, electrical substations and whether nearby fields/brownfield sites could be built on.

    If you lose out on a house you love, there might be something better later. It'll all work out one way or another and there are threads on here to support you through each stage.

    Good luck.
    • Kimpop
    • By Kimpop 8th Jul 17, 12:12 PM
    • 6 Posts
    • 1 Thanks
    Kimpop
    • #3
    • 8th Jul 17, 12:12 PM
    • #3
    • 8th Jul 17, 12:12 PM
    Thank you hedegehog99 😊 That's made it clearer for me 😊
    I'm not sure about any part of the process and have been reading bits and pieces online to try to help.
    I'm not sure at what point I speak to a solicitor? Do I arrange a survey before putting in an offer... this is a whole new world to me!!
    • G_M
    • By G_M 8th Jul 17, 4:41 PM
    • 41,077 Posts
    • 47,211 Thanks
    G_M
    • #4
    • 8th Jul 17, 4:41 PM
    • #4
    • 8th Jul 17, 4:41 PM
    Use google or visit your local library. LOTS of books to step you through the process eg

    https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_3?s=books&ie=UTF8&qid=1499526339&sr=1-3&keywords=house+buying

    Asking a forum to replicate the content of an entire book is unrealistic. you need todo some research for yourself.

    We'll be happy to assist with specific issues.
    • Cheeky_Monkey
    • By Cheeky_Monkey 8th Jul 17, 4:49 PM
    • 1,304 Posts
    • 2,481 Thanks
    Cheeky_Monkey
    • #5
    • 8th Jul 17, 4:49 PM
    • #5
    • 8th Jul 17, 4:49 PM
    Just to be clear, I think you mean that it will be the first time you will actually be paying for a house rather than been given one for free.

    As far as the EA and vendor/s are concerned, you will of course not be a FTB as your purchase is dependent on the sale of your current house.
    Last edited by Cheeky_Monkey; 08-07-2017 at 4:52 PM.
    • Kimpop
    • By Kimpop 8th Jul 17, 5:07 PM
    • 6 Posts
    • 1 Thanks
    Kimpop
    • #6
    • 8th Jul 17, 5:07 PM
    • #6
    • 8th Jul 17, 5:07 PM
    Thank you G_M. I will do more research. I just meant as a quick timeline.
    Such as put an offer in, see solicitor or lender next? I wasn't sure which order the steps are done in.
    Thank you
    • hazyjo
    • By hazyjo 9th Jul 17, 12:42 AM
    • 9,523 Posts
    • 12,012 Thanks
    hazyjo
    • #7
    • 9th Jul 17, 12:42 AM
    • #7
    • 9th Jul 17, 12:42 AM
    1. Find a buyer.
    2. Offer on a property.

    The rest are very basically: Instruct solicitor. Arrange mortgage - they will arrange for a valuation, and possibly the survey if you're having one.

    There's no definite order - some people are reluctant to spend money on solicitors/searches until they have the survey back, others want to get the mortgage sorted first in case it's a no. I go for more of a scattergun approach and get all the balls rolling at once.

    You may or may not wish to use a broker. Don't use one linked to the EA, you want an independent all of market one. I have not felt the need to use one, but I do check various calculators online and have been very happy with my current lender.

    This is all presuming you're not in Scotland!

    It takes around 12 weeks from offer to completion.

    Oh, and I wouldn't pack anything until after exchange. Anyone all pull out before that. You don't want half your belongings in storage (especially if the space belongs to someone doing you a favour!).

    As above - have a good look on the net/through a book.

    Good luck.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Hedgehog99
    • By Hedgehog99 9th Jul 17, 6:34 PM
    • 1,319 Posts
    • 2,747 Thanks
    Hedgehog99
    • #8
    • 9th Jul 17, 6:34 PM
    • #8
    • 9th Jul 17, 6:34 PM
    Thank you hedegehog99 😊 That's made it clearer for me 😊
    I'm not sure about any part of the process and have been reading bits and pieces online to try to help.
    I'm not sure at what point I speak to a solicitor? Do I arrange a survey before putting in an offer... this is a whole new world to me!!
    Originally posted by Kimpop
    You should research solicitors now so you know which one you will want to use. To give you a quote, they'll want to know if you're buying lease or freehold and the prices of the properties you're selling & buying. When you accept an offer and when you have an offer accepted, the EAs will want to know who your solicitor is.

    You can make your offer subject to survey, so, if the survey flushes out any costly gremlins, you can reduce your offer - but, of course, the vendor is under no obligation to accept & could tell you to get lost. Just try to make sure you have a thorough look (and sniff - smell any damp?) when you view and if they don't want to show you something, you have to wonder why. E.g. one EA claimed not to have the keys for the nice-looking conservatory & he was cross when my Dad found them on the floor - because the conservatory was completely wonky and none of the windows opened.

    Beyond the minimum disclosure necessary for them to take you seriously, do not discuss your finances with the EA or their recommended FAs or solicitors. They might offer you £500 off your legal fees etc, but the loss of privacy is never worth it. FAs will tell the EA when you can afford to offer more (even if you've said that's your final offer etc) and the solicitor will not be working entirely in your best interests because they'll be receiving an introduction fee.

    Get your EPC done on your current property privately - don't use the EA's referral because again you will pay more. Look up who's done EPCs in your area recently, get quotes and use them. I saved £25 that way.
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