My Journey as a First Time Buyer!

Saver-Rob · 16 August 2009 at 7:41PM

We had some very bad news unfortunately. If people remember, we are buying my girlfriend's Nan's house. Well the owner of the bungalow she was buying became ill and it was withdrawn from the market. Due to the fact we got a fairly good rate on the mortgage and knowing that rates would go up if we were to buy the house further down the line, she has agreed to let us purchase it and her move in with her daughter until she finds somewhere.

So we are all set to hopefully exchange tomorrow and complete around Sep 11 (an ominous date, I know).

I've got a fair bit done in the garden/shed/greenhouse now but lots more to do. A spider the size of my hand slowed progress a little today - but it wont be bothering us again. :eek:

I will update tomorrow with whether we have completed or there are any other delays. Now we are just buying and there is no further chain, we think everything is in place to exchange immediately. :think:

Squish_21 · 16 August 2009 at 8:21PM

Rob,

If you want to keep your deposit safe, do as I did ,and when you buy get a 'Tennants in Common' (i think it was called that if not something similar) basically it said when we sell if theres any profit in the house I get it up to the value of the deposit i put in as bf only put a v.small amount in.

Saver-Rob · 16 August 2009 at 8:22PM

Well we didnt put equal amounts in but they werent vasly different. There is no issue with deposit or money now.

Saver-Rob · 20 August 2009 at 10:56AM

We Exchanged Contracts yesterday at long last and are very pleased it's finally happened! It has taken literally months to get this far due to solicitors requiring spoon-feeding at every contact with them. We have a Completion Date of Setptember 11.

Due to us having access to the house when we want already (buying from a relative) it wont be quite as big a day as it would for most people as a fair bit of our stuff is there already, but it will be nice to know its finally ours.

I dont want to speak too soon but for all those people wondering if now is the time to buy - I'd say what I said all along, it depends if you find the right place at the right price. We definately did and wouldnt change anything.

Conel · 20 August 2009 at 11:57AM

Hi,

Can I jump in and say congrats on exchanging. Myself and my partner are just at the very beginning of our FTB process and threads like this are very useful.

Can I ask, the survey is currently being arranged but we don't know when? I paid for it on Monday, money debited Tuesday and we received a letter on Wednesday asking us to sign a form and send it back before we can be told the results.... do I call someone to find out when it is being done or will I receive a letter?

Thanks

Saver-Rob · 20 August 2009 at 12:02PM

Thanks for your post. I cant really help. Our mortgage company (Britannia) arranged our homebuyers survey. It wouldnt hurt to call them and find out a date. The only reason we knew when it was taking place is because we knew the vendor and obviously they had to confirm a date with her that was convenient.

Conel · 20 August 2009 at 12:03PM

Saver-Rob wrote: »

Thanks for your post. I cant really help. Our mortgage company (Britannia) arranged our homebuyers survey. It wouldnt hurt to call them and find out a date. The only reason we knew when it was taking place is because we knew the vendor and obviously they had to confirm a date with her that was convenient.

Ah I see.

I am sure it is soon, just am very impatient

Saver-Rob · 11 September 2009 at 12:49PM

Just a very quick post to say we have completed today and are now officially home owners!

I have just paid my first bill - TV Licence!!!

Now better get back to moving!