The FTB club

nementai

I'm starting the believe that we might actually get the house we're moving on at the moment.
The Vendor's tenants have moved out, and she's asked if we want the fridge freezer - free!
Think she must be an actual nice person, unlike the last vendors we dealt with.
Stick with it, all those of you who are suffering - somehting great will come along very soon!

Xinpei

AlecE wrote: »

........ has just had new double glazing (just had as in that they were still fitting it when I went for the first viewing), carpets and new paint throughout.
Alec

welcome Alec, have you been to see the house a second time? Was the double glazing completed already? I am rather skeptical now about half finished jobs because my vendor said he would finish the floor in the en suite but never did. So don't make the same mistake as we did - make sure it is done or even put it in writing that your offer is subject to that. Your mortgage sounds like a cracking deal - I am assuming you had a large-ish deposit? Good luck on your purchase, almost time to get excited!

ally81

We've had our offer accepted, have a good mortgage deal (3.99% for a couple of years), survey being done this week - everything's going to plan and all I can think about is shades of white paint (must....wait...til we move...!)

HockeyDuo8083 wrote: »

Hi Ally,

I think it depends on the sellers situation and your own. You do not want a sale that drags on for too long though but definitly get a date at the beginning which both parties agree too and that gives you a timetable and a focus to get things done/aim for. GOOD LUCK!

Just found out that the current tenants have a two month notice period although when we spoke to them at the viewing they said it was a month. In terms of negotiating the ownership handover, how much say do we get? We don't want to be stuck paying an extra month's rent....

jinglespringles

patch3228 wrote: »

Hi Jingles,

I don't believe there are formal rules to stop the EA from doing this, which is why I never used the in-branch FA.

The EA even tried guilt tripping me into using their FA by saying "we work so long hours that this additional commission makes the late evenings all worthwhile...etc etc"

The general consensus re: EA from a Thread I started when I was at your stage in the buying process:

Don't Trust

Thanks for the reply

I spoke to my FA this morning about what has gone on and she as advised me to phone the EA manager.
She seems to be in the same mind as me and that they are tring to get more money. However her main concern was sometimes its not always the highest bidder who gets the house, somethimes it down to whoever can complete the quickest with little hassle. If the EA has told the bank that our deposit is coming from homechoice, they may not take are offer seriously!

Have phoned the EA office i am dealing with and got re-directed to their head office, who took all my details and what the problem was and promised they would have a word with the manager at the office! Just gota wait for the phone call back!!

Jingles

nementai

ally81 wrote: »

Just found out that the current tenants have a two month notice period although when we spoke to them at the viewing they said it was a month. In terms of negotiating the ownership handover, how much say do we get? We don't want to be stuck paying an extra month's rent....

Talk to the EA about it.
We were in the same situation and when I rang up to check what the plan was, I was told that they'd already been given notice (it happened as soon as we had our survey done). I found out today (2.5 weeks later) they've already moved out!
For the sake of moving everything along, the Vendor may give notice now, and the tenants may move sooner than 2 months.
I'd open the conversation up now though, and push for vacant posession in x weeks (maybe take guidance from your solicitor on how soon this can be). If the vendors are committed I expect they'll be obliging.
You've demonstrated your committal with the survey etc. it's their turn now!

eta: if the tenants are saying 1 month, they're probably not that clued up about their rights, which might work in your benefit!
Legally (I believe) after the inital 6 months, the tenants have to give 1 month notice, but the LL2 months. They're thinking of their own requirements when they say 1 month, almost certainly. So they may be out sooner than you think!

Towelie

Salutations moneysavers!

First off I’d like to say a colossal thank you to everyone who posts on these forums or has contributed to the main site. I’m generally pretty rubbish with money so to all posters (and particularly AndrewSmith who wrote the ‘Housebuying - Moneysaving Tips’ and ‘First Time Buyers Guide To Mortgages’) whose knowledge I’ve used:
THANK YOU!

I was hoping that people will read this and give me a bit of feedback on where I’m going wrong, things I should be considering and where I can save a few more pennies!

So here’s my situation: I’m 24, on a low income (15k p.a.) and am looking to buy my first house (on my Tod). I’ve sorted an agreement in principle with Halifax after following the mortgage guide Martin did with London and Country, decided to go with them as they’ll lend me 90% of the price as opposed to 85% at most other providers (although I do have to change my current account from Alliance and Leicester to Halifax to get more than 85% ltv). Have a deposit saved up of 15k and I’m looking at prices around 70k. I live in Teesside which by virtue of being a bit of a tip by and large has some reasonable places at this price. I’ve decided to try and keep back as much of my deposit as possible, probably using £7500 as a deposit and the rest to cover the various one-off costs and a bit of decoration/repair when I move in somewhere. Friends and colleagues have said you want to start off with as small a debt as possible however on my wage I won’t have much left each month to make improvements so I think I need to do any work up front and get the place in a state I’m happy with. I’ve looked at my monthly budget and also how I would be able to cope with rate changes and am happy I can cope up to a 10% rate, probably more if I gave up some luxuries. As far as the one-off costs go I’ve budgeted for the deposit, the arrangement and product fees, the valuation/survey and solicitors conveyancing. Other than my monthly bills I’ve only really considered buildings and contents insurance. I was also wondering if everyone uses the insurance which covers you for sick leave etc (sorry can’t remember its name!) as I work in local government which has a pretty good rate of sick pay, and if there’s any other costs I missed. I’ve got one place in mind, hopefully going for a second viewing this weekend with my mum and stepdad, all going well I hope to put an offer on this but have a couple of others in mind too in case this first one doesn’t work out.

Comments/suggestions/withering criticism all welcome cheers!

Also has anyone had any experience of putting some sort of clause in their offer so that if services (ie electric, gas, water) don’t work the seller will pay to fix these? Is this even possible? Thanks very much in advance, this is bloody hard on your own!

Cheers, Andy (Towelie).

patch3228

Towelie wrote: »

Have a deposit saved up of 15k and I’m looking at prices around 70k. I live in Teesside which by virtue of being a bit of a tip by and large has some reasonable places at this price. I’ve decided to try and keep back as much of my deposit as possible, probably using £7500 as a deposit and the rest to cover the various one-off costs and a bit of decoration/repair when I move in somewhere.

Well done Towelie for saving the £15K!

What's the difference in interest rates between the 85% and 90% LTV?

I agree you may be stretched on an 85% with ~10K deposit and £5K to cover everything else...should the inevitable happen (boiler breaks down etc)

Even with the 90% LTV I think there may be unforeseen costs that could push you to the limit...if it's a house you are buying then could you get a friend/ lodger to rent out one of the rooms?

Not sure about the clause, but my guess is the seller will not be liable..

Other costs could include:

- Removals
- Having to pay for your current rent AND the first mortgage payment (which could be over 1 months worth due to the time of the month when you complete)
- White goods/ furniture
- Contingency funds should you lose your job (assuming you don't take out some kind of mortgage payment insurance thingy)

Xinpei

Hi towelie, I'm in teesside too its not EXACTLY a tip lol. One of the other things that caught us a little unawares was that within the first month of moving in, we actually had to pay 2 months mortgage payment. This should have been explained by the solicitor to ourselves but it was all done in a BIG hurry so we could have missed out on that bit.

On the insurance side, buildings and contents are probably the most important. Considering you have a government job (and being 24), you probably don't have to worry about losing your job for some time. Having no dependents and good sick pay, ASU cover (Accident, sickness and unemployment) may not be very applicable to yourself. My humble opinions only so do speak to an FA about it.

good luck with your house hunting. where are u looking btw? Stockton or a little beyond?

Towelie

Thanks very much for the feedback patch and Xinpei.

It was a struggle saving the cash first off (and my social life suffered a bit too!) but glad it's out of the way now and I can finally get on with finding somewhere. As far as the difference in interest rates is concerned it's not too big, I seem to remember that Halifax were only marginally different if at all over the 2 different ltv rates, but to be honest it's a while since I looked so I'll have another glance at that tonight cheers.

Planned for all my white goods and most furniture already, I'm getting some cast-offs from friends and relatives (just an excuse for the well-off ones to buy newer stuff I reckon!) to cover what I don't already have, although I'm sure I'll have forgotten something when I move in!

Unfortunately patch the one I'm seriously considering is a one-bed bungalow so renting out extra space wouldn't be an option, however I might well look at this if I go for a slightly larger place. I'm going to view a few more in the next week as the EA for the bungalow are taking the michael trying to get hold of the back door keys to show me out back!

I work in central Stockton for the Borough Council so needs to be within travelling distance Xinpei, most that I've viewed are in Billingham or the naughtier end of Norton and Ragworth/Roseworth many of which I've ruled out from knowing some of the people who live there! I've lived in Norton (on Crooksbarn) all my life (100% smoggy!) so don't even know Middlesbrough very well, I'm only looking at areas I know are OK for now. Can't afford Fairfield, Hartburn, posh end of Norton, Wynyard, Ingleby Barwick, Yarm or Eaglescliffe and the villages like Sadberge or even Redmarshall and Stillington are too far away so they're out, I am keeping my eye on a couple on Norton Glebe though. It's not so bad I know, but having ICI on our doorstep decreases value I think! It gets to the point when I see relatives elsewhere in the country I miss our noxious fumes and the fresh air destroys my appetite!

Where (without posting your full address!) did you end up in the end?

jimbugalee

Hi all,
I must confess I didn't read all of the 20 pages of posts so hope I'm ok to hop straight in.
My boyfriend and I had our offer accepted on a house back in February and thought we would be moving in in about 4 weeks time..... no such luck!
Everything on our side was sorted mortgage, solicitors, papers signed etc but we have been waiting ever since for a discharge notice from the government to sign the property over to it (it is ex Housing Association/Health Authority). It's been really frustrating as although we don't mind waiting we never actually got a date and doubt we will until the week before! Fingers crossed for discharge notice back tomorrow/Thurs and hope to move in next week WHO HOOO.

I have to stay in my rented flat until the end of June but the house needs a lot of work so it's not really liveable until then.

I feel really lucky in that we didn't really plan to buy a house and haven't really had any problems with the money side of it (we're certainly not rich!). We're both really careful with our money and have no debts. We managed enough for the deposit and got a good mortgage (well, the best you can get with only 10%) for 3 years. The mortgage is easily affordable so we have some extra money to do the house up. I think as the beginning post said it's nice to have some excitement about the housing market and being able to buy a house at this time. I know it's not the same for everyone but we haven't taken this for granted and have just done everything we can to make sure we can afford it.

I'm really excited!