The FTB club

Xinpei

Hi ally, welcome to the thread. If you don't mind some work and have the time/interest for it, then go for it. start with a 125K offer! who knows what you can get away with.. If house has been on market for some time, they may very well take the offer. I say you're looking at the right things - size of rooms and location rather than the actual decor. As long as it is structurally sound, some DIY work wont take too much. All the best and be cheeky with your offers!

ally81

Thanks Xinpei! I don't mind the hard work as it's not unlivable so we could feasibly stay in our cheap rented place a month to get it a little more habitable before moving in. The vendor is wanting to move to rented accommodation asap so we're in a good position! Getting tentatively excited.

HockeyDuo8083

Does anyone know roughly how long it takes for the survey to come back after your offer has been accepted.
In all the excitment yesterday I forgot to ask our solicitor!lol

hostman

HockeyDuo8083 wrote: »

Does anyone know roughly how long it takes for the survey to come back after your offer has been accepted.
In all the

excitment

yesterday I forgot to ask our solicitor!

lol

Our survey was completed within a week after our offer was accepted. We received the physical report the following week. If everyone does their job properly, it shouldn't take longer than two weeks.

before_hollywood

hi all i am a newbie on this thread but i'll tell some of my story if you want.

i'm 27 and originally thought of buying somewhere 3 years ago, i was accepted for a mortgage that was 5-odd times my annual salary for a small one and a bit bedroomed house- turned out it needed more work than i could afford and i walked away- i had no deposit at the time. i got the job i have now 2 and a half years ago and was earning a decent bit more, i'm looking at places now, got my eye on two places, round the corner from eachother, one has an asking price that with my deposit is 3 times my annual wage and another which is in better order that is 3 and a half times, but i will be trying to get a good reduction.

estate agents have been varying massively, one is ultra friendly- they have the cheaper house, but arent open on sundays which is my main day off which means my parents have to view somewhere (they know more than me) and if they decide it is a good idea, i go over on my day off and have a look. the other one has the most patronising office staff ever, my budget is too small and i am too picky (i turned down a viewing on one place cos i knew someone that lived on the street when someone got shot there), at least i got a viewing on a sunday though, some agents have nothing for my budget but i will keep going, i dont want to borrow more than about 3.5 times my wage, i've checked the rates up to about 10% interest and it isnt insane. i am considering getting a lodger as well and using the money for an overpayment fund

HockeyDuo8083

Thanks hostman, Solicitor just sent through home report survey and thinks this will be enough for lender as house is only 12 yrs old and is immaculate. Will have to see what MA says though, keeping fingers crossed!

Found out we paid £5k less than the value of property!YES!

edit: Before Hollywood: we were offered a £250K mortgage (OH is on a very high salary) but we thought this was crazy with the current economic climate. We had a £40K deposit and now only need a £98K mortgage.
I would say cut your cloth to meet your needs. There is no point saddling yourself with unecessary debt.

SwissLe

The bank valued your house at more than you paid for it? Something doesn't sit right there. Normally a valuer performing it would simply put the offer you placed on the property as that is an acceptable market value, especially in todays market!

HockeyDuo8083

SwissLe wrote: »

The bank valued your house at more than you paid for it? Something doesn't sit right there. Normally a valuer performing it would simply put the offer you placed on the property as that is an acceptable market value, especially in todays market!

Not sure if this is in ref to my post.It was on market on an offers over basis. Found out the Vendors wanted a quick sale so and we got in first. I am the purchaser not the seller! It wasn't my lender that valued it, this is the info on the survey we got through.


Also just found out survey has been accepted by our lender as well so have meeting with MA on 9th to organise next steps.

hostman

HockeyDuo8083 wrote: »

Not sure if this is in ref to my post.It was on market on an offers over basis. Found out the Vendors wanted a quick sale so and we got in first. I am the purchaser not the seller! It wasn't my lender that valued it, this is the info on the survey we got through.


Also just found out survey has been accepted by our lender as well so have meeting with MA on 9th to organise next steps.

Oh right, that silly Scottish system.

VKay

bit of a stressful day. Spoke to solicitor who says we must not pay for a survey to be done until we have received a certificate from vendor's solicitor to prove that when the house was partially rebuilt in 80s that it passed engineers inspevtion ( house was built in 40s from substandard concrete and was rebuilt in 80s along with rest of council houses on the road to bring them up to standard).

Vendors solicitor doesn't have this certificate! Unless we get one we really can't proceed. Damn. Bit annoyed that the solicitor told me this AFTER doing the land searches (£250). Will sit tight for a couple of weeks as I figure that even if WE pull out the vendor will have to produce this certificate for the next potential buyer and will never sell to us -or anyone else-until they sort this issue out! Feeling a bit down now...