FTB - is it too early to view?

calleyw

li21rv wrote:

Thanks for the advice again.

However, I'm not sure I agree with your comments about wasting vendors time etc. I’m sorry that’s how you feel, and it obviously seems to have happened to you. Knowing about conveyancing in the legal sense I know it can take months for completion to actually occur, and if I do find "the house" I could probably beg steal and borrow the first month or two's mortgage repayments. To be fair I doubt I would see any properties until Mid January now anyway as I have exams at the beginning of Jan and with Xmas and New Year would feel bit harsh visiting someones home at such a hectic time of the year anyway.

Just because I said I don't want to move in until June / July doesn't mean exchange can't take place sooner if everyone is in the position to do that. The average time to completion is approx 8 weeks, if there is a chain involved it can be much longer (my parents house took 7 months).



Li21rv xx

No, I agree with that you can complete long before and move in at your leisure.

But there is a world of difference to say I am looking now but don't want to complete until Jun/July of next year. To saying that I am looking now and want to buy and complete ASAP. I have read that average completion is 12 weeks not 8. So would be about march time if you found somewhere now.

No, I have not had my time wasted. We had one person pull out after an offer but that is par for the course. And different to looking at houses because you are thinking about buying next year sometime. You may not agree but to me it is wasting the vendors time if you are not seriously looking and ready to go.

Put yourself in the vendors shoes that you having drop everything to make sure the property is in tip top condition for a viewing. To find out the viewer is in no position to buy but will be in a 3 months time. I think you will be very hurt and upset that someone is messing you about. Because I know I would be. And you find that some vendors insist that the finance is in place and ready to go before they view a property.

You say that you have your mortgage in princple as you are starting a job in september (unless I read that bit totally wrong)but I am being nosey but what lender is going to let you take out a mortgage with out you having started the job yet. Are you sure that they will let you do that. As most lenders like you to have been in a job for a min of 6 months. If not a letter saying that is a permanet job. They will consider it. Also I thought rightly or wrongly that most mortgage offers only had a 3 months life span as they did when we got a mortgage in princple last year. You must have a very good mortgage broker or bank/building society.

I wish you all the best in the search for a your home and hope you find something that you like.

Yours

Calley

Dora_the_Explorer_5

Li21rv, if I were in your shoes I'd start doing my barefoot research as soon as I could, bearing in mind xmas hols and exams.
You'll have no idea which vendors will be offended by you taking an early look and which ones might be grateful for some good feedback. I've never considered banning anyone from viewing a property I've had on the market and have always asked for feedback, and most times got some useful information. Property purchase is a jungle and it's everyone for themselves. Good luck, hope this helps.

bunking_off

Personally I think it would be madness to do anything beyond "desk research" (internet property websites) at this time. I don't want to be too much of a damp squid, but I struggle to see what you'll achieve.

If you find a place that you really like, then 90% probability is that you'll just end up in the heartbreaking situation of really wanting it but not being able to proceed because the vendor won't wait for such a long period. Of course, there may be a chance that there's a vendor out there who'll accept an exchange now for completion months out. However, there won't be many people who will do that - e.g. if they're buying a new build, they won't have certainty about moving in date until just before it's completed so won't be in a position to exchange contracts (unless they'd move into rented accommodation).

And would you really be in a position to exchange? I know you've got a mortgage approval in principle, but are your lenders prepared to go further than that on the back of a job that doesn't start for another 9 months - guess it depends what the proportion of the loan is secured by your parents. Because of the sums of money involved, it pays to plan for the worst case situation : I hope it doesn't happen, but you do need to consider the scenarios. Working for a large company, I know that when hard times bite the first thing that gets canned is graduate recruitment, and certainly in our place that has included withdrawing offers of employment already made. Of course, your offer might be cast-iron certain, but if there's even a smidgin of a chance of the new job not materialising, have you considered what you'd do if you were committed to spending £X00K on a property you no longer need?

I guess the one exception I'd make is if you are talking about a new build. In this situation, you may be able to buy off-plan, the timelines you're talking about are not unrealistic in this case, and at this time of year you should be able to screw some good deals out of them.

gentlepurr

hi again!

having updated myself on the thread, i have 2 say dora is spot on. you never know what you may see, and as for upsetting vendors, anyone through the door is a potential buyer if they like something enough.

good luck. xx

Ian_W

Li,
Not quite sure I understand this:

however if I leave it until March when all the buy to let monsters are around I wouldn't be able to afford their property anyway because I will no doubt be outbid

Don't know whether you think the BTL monsters always come out in March, or you've heard there'll be a lot more because of the pensions proposals - if it's the latter, forget it, GB canned the idea you could put a BTL [or 2] in your SIPPs pension last week.

What was mentioned earlier was there would be more competion in the Spring, that's true it is when people think about moving. But that also means more choice of properties as most of those wanting to buy [FTB's,BTL's even BLT's excepted] will also have a property to sell. Also lots of props go off the market in winter only to re-emerge in fresh magnolia the next Spring.

BoL whatever you decide.

li21rv

Hi again everyone!

Basically this question all arose, because the Bank Manager who sorted out my mortgage suggested i look now, and not leave it until the busier periods in March etc.

Yeah Ian i do know about the Sipps, it's just where i'm looking a lot of people buy to make money out of rent cos it's ridiculous prices etc i.e £1200 for 2 bed flat a month rent!

Ok few questions to answer: The mortgage is initially valid for 3 months yes, but the Bank said it would not be a problem to re-issue one in another 3 months if i have not found a property by then. The Bank Manager is who suggested that if i find the right property not to wait around and see it slip away basically, and they are willing to advance the mortgage before my employment. My dad is going to be a joint mortgagor (thus not have a charge on their home) - and they would be prepared to advance the amount i am after on the basis of his earnings alone - so there's no problems there. It's simply that i don't finish my post grad until end of June.

As for cuts, the firm i am joining has just announced a merger, and Graduates are an essential part of the firm as trainees, they only recruit one a year. So hopefully there is also no problems there.

Can't remember if there were any other questions. I think i will look at the "plots" and look (which i do everyday at the moment) on rightmove over xmas and new year and start again in Jan.

Another question that some of you may be able to help me with:
Should i go for a completely "done-up" property, i.e no need for work to bathroom or kitchen as they are my main concern, or get a property that needs a bit of work over time? Only problem is i have no savings, being a student and having fees of £8,000 for this year of uni i won't have any available cash to do things up straight away or not for a while at least.....any suggestions? Obviously i'd love something that looks stunning inside etc....but i wouldn't mind doing it up myself over time...??

Thanks again, i do appreciate all this help!

It seems to be a scary market out there though!

xx

Doozergirl

Don't judge a book by it's cover... A house that looks stunning may well be a complete wreck. I made a couple of mistakes on my first buy and made offers on a couple of flats that on second viewing, were all mouth and no trousers! Lots of viewings will help you sort the wheat from the chaff.

If you're young and uninterested (or rubbish) in DIY, then maybe new build would be right for you. There will be snagging, but it will covered by a guarantee and you won't have to do the work yourself. We virtually rebuilt our house a couple of years ago and it just passed a full structural survey with flying colours, but I have admittedly had to cope with leaky pipes, a radiator that fell off the wall and other things, but my buyers won't have that now and will have very little to do for the next few years...what I'm saying is that not many houses will be completely trouble free.

Big point here; when you say 'Bank Manager', I hope you don't mean that literally? A high street bank is the least likely place to find the cheapest mortgage deal for your circumstances. You must speak to an unbiased and independent mortgage broker, PLEASE

...or you shall be banished from MSE forever! :rudolf:

Dora_the_Explorer_5

Looks like you have the financial side of things tied up, so the next obvious step is to find a property! Property sales take an average of 3 months to complete from first view to collecting the keys to the door so if you plan to be in around June you will need to have found a property to buy in March/April. Looks like you need to start viewing from the beginning of January, doesn't it.
Viewing a range of properties from new build to serious refurbishments will give you an idea of what you would have to cope with and what you could cope with. Of course, other considerations are things like the size of the gardens and how much time you could give to maintaining them.
Start looking as soon as possible, you have nothing to lose.

eileenfromplaistow

I have 3 daughters.
Numbers 1 and 2 are doing an MSc, so I can appreciate how tied up you are going to be with your studies.
Number3 is a lowly-paid apprentice stonemason(yeah, I am proud of her) who we have offered to help with a house purchase.
You'd think she would have found somewhere the next day? Wrong.She doesn't have the time to go and see properties at the weekend. And all of us know that, down at the bottom of the market, once you have looked at and rejected all the houses currently for sale, new ones only dribble onto the market.
My point - Start looking in January/February to get a feel for what's available in your price bracket and what you do and do not like about properties. (I bet your family home is a palace compared to what you wil see!). Make yourself known to estate agents, reconcile yourself early on to a downstairs bathroom if that is the norm, and take someone with you to view. (I think that's the bit stopping number3 daughter -we are at opposite ends of the M62)
Good Luck