House Buying - Moneysaving Tips

Doozergirl

Sev wrote: »

Please help! We are in the process of applying for a mortgage to self build. I have been in contact with Buildstore who have offered us , in principal, a mortgage with Accord, but are we doing the right thing? We do not know who else to ask, and we are worried about the cost of the build going over budget too. We are lucky to have been given land, which we have obtained outline planning consent on. Can u offer us any advice?

You've been given the land? I would jump at the opportunity to build my own home. You will almost certainly save money.

How do you plan to build it? Via a contractor or subbies? It's important to set a budget for everything and stick to it. No doubt you will go over :rolleyes: but don't get carried away with expensive products and shop around for everything!

Some ways of building are cheaper than others, so research well. Block and render will be cheaper than an oak frame, no doubt!

Sev_3

Thanks for reply and advice.

Yes, the land is owned by my husbands family.

We are thinking of using a local company for the build, and geting someone else to do the foundations.

We have a very tight budget, but really need an extra room/sensory room for our autistic daughter.It is going to be hard to get what we want without going over budget and we dont have a huge contingency fund.
Do Buildstore have a good reputation? What other brokers could we ask?

Also, my husband is a cancer survivor, and so how do we get life insurance for the mortgage? At the moment we have applied for a joint mortgage, but is this a neccessary requirement?

propertyegypt

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SallyD

Looked at a re-possessed house up for £164,950, just under two years old - records show sold in September 2006 for £197,995 on an estate that is nearing completion. Similar brand new are £170k + (claim to have knocked up to £10,000 lately of their prices) What kind of reduction could I be looking for off the price - I am keen to go for it. Your thoughts would be welcomed.

beckyandjack

Hi Sally

There's a couple of things to remember with repossesions. Firstly the seller isn't emotionally involved so you won't insult them with any offer, and they should remain professional. Secondly, even though you know how much the house was bought for you dont know what sort of deposit was put down so the bank may have a much lower figure than you think to start with. They always want a quick sale and with the current market any offer will be looked at. Why not start at £125,000 they can only say no!! (i know someone that got a house 'worth' £120,000 for £95,000 recently.)

Jack

SallyD

Jack, I am told the house was bought by a young couple and the girl took off after six months,leaving the chap struggling hence the re-possession. I would really like to go for it so, will put in a low offer to start with. 125k sound really good to me, they can only say NO. I would have expected them maybe to have put down 10% at a push? so reckon at the end of the day might not be looking at too much a drop.....who knows. It ticks all the boxes, re location etc., I would be elated if they accept £150!

beegee123

I have just made a 90% offer on a property, which was turned down. I am a first time buyer, with a hefty deposit and I can get a mortgage. The house is empty and has been for 6 months and needs a considerable amount of work doing (re-wiring/new boiler - and cosmetic) - and a survey will undoubtedly turn up more costly nasties. Should I walk away, or up the offer? my maximum price is only 5k more than I've originally offered but in the current market conditions I don't want to get burned.

Frugaldom

Are lawyers/solicitors free to charge whatever they want for conveyancing? Whilst looking for quotes, I have been given £320, £500 and £750, all plus outlays + VAT and all for the same 'job'. I had been hoping to find a fixed rate package but most of the ones I find online are English, which is no good when buying in Scotland, as all the laws are different.

Any helpful advice gratefully received, as moneysaving is a MUST here. Thanks

Edited in: I am guessing that lawyers are a bit like vets - they know their own costs and aren't subject to legislation governing what they can or can't charge. Within 2 hours of searching and a few phone calls, the quotes coming in are half the original ones of this morning. The main difference is that I am now able to tell each that I have other quotes.

claire1978_2

I hope im posting in the right place

Does anyone have advice about buying a property that has been repossessed?

The property has been empty since december 2007, on the market shortly after that, asking price is around 120,000, however it needs a lot of work, (im arranging to visit with a builder to estimate costs)

i would like to make an offer considerably below the asking price, any advice appreciated.

Frugaldom

Claire, if you know the postcode of the repossessed house, find out what the last owners paid for it and then try to work your way towards how much they possibly owe. As far as I was aware, the agent selling has it in their best interests to cover the debt and earn a fee. I use www.nethouseprices.com or www.upmystreet.co.uk as it's free of charge and they also email you updates whenever new properties appear on the register. Knowing what the seller paid for a house and then finding out what work has been done since goes a long way to working out what's a reasonable offer. You could also use the free calculator on www.Nationwide.co.uk to get an estimate of current valuation once you know when and for how much the property sold. I've tried this for a couple of properties and found it surprisingly accurate - so much so that I'm beggining to wonder if this is how the 'surveyors' and valuers are pricing property. Good luck with your househunting/buying