Cash buying a house - advice please

Bozzer

Hi there

i was wondering if anyone could give us a bit of a heads up on this one.

i am a first time buyer and also a cash buyer to my landlord for the house im currently renting.

My understanding is that the whole thing should be really straight forward as there arent any outside financial bodies to deal with but obviously, being a first time buyer I'm rather nervous of the whole process!

What i dont know is how much i'm saving my landlord/the seller by buying in cash...and whether theres a bit more bargaining power i can summon before the deal is closed.

Any ideas?

Thanks

GDB2222

You are not saving them anything. However, you are a very welcome buyer (very, very welcome!) for two reasons:

First, as an all-cash buyer there is nothing to go wrong, ie you are not dependent on selling your own place or getting a mortgage.

Second, it is actually very difficult for a landlord to sell a tenanted place. His best bet is actually to get it empty before he starts showing it. Then he has an empty property, bringing in no income, and he is liable for Council Tax. There may also be problems over his insurance.

So, you are in a very strong bargaining position, indeed.

You should, ofc, have a survey done before buying.

Bozzer

yeah - we're getting the survey done next week...it's all hugely exciting!

i just read around about other finance related costs if i got a mortgage - but those costs would be for me, the buyer....right?

i'll wait and see if anything comes up in the survey.

thanks so much for your help
:)