Buying 1st Flat in Glasgow! Any advice?

CREESLOUGH

Hiya just about to dip my toe into the housing market in Glasgow and buy my first flat. Has anyone any advice especially on conveyance, finding a good solicitor and explaining what i haved to do. I have to find a FA to see how much I can borrow. Also work out the buying process as it seems to be offers over in Glasgow to buy property. Thanks in advance for any replies :T

R00STER00

Conveyancing Direct are an online firm who I have used to do a remortgage and they were great. Cheapest by some distance and all went smoothly.

http://www.conveyancingdirect.co.uk

CREESLOUGH

Did you buy in Scotland as I think the rules maybe different to England & Wales?

jennifernil

Hi there. We live in Glasgow and bought a flat for our daughter 2 years ago. What area are you looking in? I would look at what mortgages are available using the internet then approach a few lenders. As a FTB there should be some good offers around. You really don't need to see a financial advisor unless you are in an unusual situation income-wise.If you get a GSPC property list there is a list of solicitors in it. Chose one either in the area in which you wish to buy, or close to where you work or live now if that would be more convenient.
Before you start serious looking get a mortgage agreed in principle so you know how much you have. Offers over prices have fallen back slightly in the last year. Depending on how long a property has been on the market, you can expect to pay between 10 and 25% over, so take 25% off what you can afford and look in that price bracket. Some properties are offered at a fixed price. If you find one at the right price you can make an offer subject to survey and if they accept it will be held for you for a couple of days. If the survey is not satisfactory then you can still withdraw.

Find out what legal fees and surveys will cost and remember to allow for that too.
If you have any particular questions I will see if I can answer them.

CREESLOUGH

Hiya looking into the south of Glasgow Croftfoot or Kings Park. Thank you jennifernil for the helpful advice.

jennifernil

Lot of ex council stuff in this area. Mainly "cottage flats" and fairly reasonably priced with some decent room sizes. Offers over £80-£100000 for 3 beds. Main problem is kitchens are usually very small (2x2m). Quite a lot of tenement flats too. Room sizes there are better but some layouts can be a bit strange. Bear in mind the resale possibilities. If it is going cheap then there is ALWAYS a good reason. Some tenements have second bedroom opening off lounge, which is not ideal. Generally a very active market in those areas.
Lassie that used to share with our daughter wanted a place there but it was too pricey for her, she ended up buying in Cardonald.

CREESLOUGH

What is the average price of conveyancy & solicitor costs? One of my friends said it could be as much as £750.

jennifernil

Some solicitors will give you a fixed price, others will charge a percentage, so it is worth asking before you choose one. It will also depend on how straightforward the purchase is. Most are pretty simple. We paid £750 + VAT and charges ( these are government charges) on a £159000 purchase price , and of course there is stamp duty if you pay over £120000, which I would not think you would be doing.
Some mortgages carry an arrangement fee, see you get all the costs explained. Do you have a deposit? The amount the lender will give you will go on the valuation, not the price you are paying,and sometimes there can be several thousands difference. If you need a "high loan to value " mortgage some lenders will charge an additional fee. The more deposit you have the better. Aim for at least 5%. plus enough for the legal stuff. And a bit over for all the stuff like light fittings and curtains.

CREESLOUGH

Hiya looking to put 5% down on roughly £85,000. Still to sort out my mortgage. I have been visiting bank websites to see if anyone is offering any good deals for FTBs.

jennifernil

Have you looked at the sites mentioned on here, can't remember them all, they will give you some ideas. I had a look at Charcoal as we need a remortgage in 6 months time. There seemed to be several good deals available. Do you have enough income to borrow £80000? Be careful not to overstretch yourself. Look at the repayments and see if they are affordable. I take it you are renting at present, so you will have a good idea of what you can afford to be paying out.

For a maximum of £85000 you will not get a lot in that area. How many bedrooms do you want? You will be fine if you want only one, two might well be possible. Suggest you start looking in the offers over £70000 region and see how you get on. Do you know the area well? Some parts are better than others, but it is not an area I know well myself. Have fun looking!!!

irnbru_2

CREESLOUGH wrote:

Hiya looking into the south of Glasgow Croftfoot or Kings Park.

Don't know how long you've been searching but with the OO system it's useful to know what previous properties were offered at and then sold for. See if you can get access to previous GSPC editions and use one of the house price sites to get the final selling price.