First time buyer - advice please!

Ivrytwr3

Hi all, first time buyer and first time poster!!

OK the background,

My wife and i have purchased my wife's parents home. The property is valued at £100K and we purchased for £91.5k and the mortgage is for 85k (3 bedroom semi).

As i am in the forces we are intending to let the property until i retire in 10 years and then either sell or live in the property (depending on our circumstances).

The mortgage is with Alliance and Leicester 5 year fixed months 1 - 62 £484 (@4.54%) and remainder 238 months £513 (@5.25)

Fees charged are:

Telegraphic Transfer fee of £30 (what is this???)
Higher lending charge as we are only putting down a 5% deposit = £1228 (added to mortgage)
Evaluation and admin £245
Product fee £495

1. Anybody see any problems with this mortgage or have we got an ok deal?

2. Is there any advantages we have from buying from the in-laws?

3. And lastly Convyancing fees, i have been quoted from 3 different solicitors between £700 and £900 for their services, does this sound correct? (Any recommendations for a good solicitor either on-line or in the Lincs area?)

Thanks for reading, i feel physically sick and am so worried about this first time buy!! :eek:

buglawton

I am with the A&L and what I like is once I was out of the Redemption commitment, was allowed to move to a cheaper A&L deal as offered to newcomers for an all in fee of about £250. Almost no paperwork. But consider having independent Buildings Insurance to save money.

As for the Solicitor; I have used a friend's service, she is a solicitor who does conveyancing from her home based office but has a locum to cover absences. All the mates I recommended her to (they were everywhere not just local and also bought flats) have been happy, not just with price, the thoroughness of the service.

Am I allowed to mention her link here? Oh well it's http://www.dale-lace.com/

John_M_Business

Hi there

I have had to look round at mortgages twice in the last couple of years, and I have always returned to the Nationwide. Their discounted rates with no penalties after two years, and no 'hike' in rate are ideal.

Give them a call before you jump.

The only advantage you'll get from the in-laws is (hopefully) some flexibility on completion and perhaps even a hand when you move. Although the other way you could have done it is for them to give the property to you as inheritance and for you to return to them a standing order of £400 odd a month... but I guess they need the cash to buy their next place??

Finally, conveyancing quotes sound a little on the high side for what should be a simple transaction... perhaps you and your In Laws could use the same solicitor and split costs (this could get it down to under £500 each).

Ivrytwr3

Am I allowed to mention her link here? Oh well it's http://www.dale-lace.com/

Will drop her a line, thanks!

perhaps you and your In Laws could use the same solicitor and split costs (this could get it down to under £500 each).

I was unsure whether we could use the same solicitor, but if we can than sounds like a very good idea!!