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FTB - What to do?

Hi me and OH are FTB

Unfamiliar with the process and feeling taken advantage of a little in situations. We have got the mortgage advisor under control as we had a broker to make sure we were getting the best deal. :o

The conveyancing is in the process of being sorted out, just need to choose which solicitor to go with.

Im just wondering what happens about all the insurances, as i know the advisor is asking questions about them, is she going to "assume" once again that we are going through her?

Also, is there anything else we should be thinking about?

Many Thanks
:love:Engaged 01/01/10 :love:
Wedding funds (target £8k by Summer 2012)
2010 Jan: Feb: Mar: Apr: May: Jun: Jul: Aug: Sep: Oct: Nov: Dec:

GC Jan 120 / 28.73

Comments

  • LisaLou1982
    LisaLou1982 Posts: 1,264 Forumite
    Chutzpah Haggler
    You will have access to the following insurances:

    Life/Critical Illness (usually, but not always cheaper to have the 2 combined than buy seperately)
    Buildings Insurance
    Contents Insurance
    Mortgage Protection
    Redundancy Cover

    and probably a whole host of other stuff that is available

    If you are buying with a mortgage then you will have to have buildings insurance. All of the others are optional.

    Obviously there is no magic ball - noone knows what is round the corner or what will affect you. I took buildings/contents/life/critical illness and mortgage protection. I didnt bother with redundancy cover. It is always worth checking what each of these insurances will protect you against as well. For example, a lot of companies wont pay out on redundancy cover if you take voluntary redundancy. Likewise, critical illness will only pay out on some things, not others. Life will obviously pay out if you die.

    With a solicitor, ask your EA who they recommend. If they use local firms, ask for anyone else they have dealings with. I used to work for a large firm who had their own conveyancers but also used to make clients aware of who i thought was good locally. In terms of a solicitor, i would always recommend using someone who a friend/relative has used before and had a good experience with whereever possible.

    You will need to think about what sort of survey you want. Your mortgage broker should go through this with you. Basic mortgage valuation, homebuyers survey or full buildings survey. In my opinion, Homebuyers is a waste of time in lots of cases as the 22page survey doesnt actually brong to light many problems, it simply advises you that you will need to get a gas/electrical/damp/roofer etc to check the various things in the property. Therefore there will be no liability to the surveyor if you dont get these things checked out. However, if you dont have any friends/family with the knowledge of these things then it might be a good option for you. Depends on how much you know about buildings and the potential cost of putting anything right where necessary.

    As for the insurances, id have a look on the net and see what quotes you can get and then see what your broker can offer. They cant always get the best deals in the market place - brokers are paid a commission on every product they sell. However, some great deals with certain companies are only available direct and therefore your broker wouldnt be getting paid for recommending them to you.

    Hope that helps a little x
    £2 Savers Club #156! :)
    Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
  • Donk_2
    Donk_2 Posts: 71 Forumite
    Thanks, thats great!

    My dad has recommended us a solicitor, its about mid range in the quotes (£770 for a 98k property)

    My dad is also a bricklayer and knows lots of people in various trades, so would you think we are OK to go with the basic survey?

    I'll ask the mortgage advisor about the insurances but make sure i go away and compare before I set anything in place!

    It really is a stressful process, just making sure were paying the right amounts and getting the right services!
    :love:Engaged 01/01/10 :love:
    Wedding funds (target £8k by Summer 2012)
    2010 Jan: Feb: Mar: Apr: May: Jun: Jul: Aug: Sep: Oct: Nov: Dec:

    GC Jan 120 / 28.73
  • LisaLou1982
    LisaLou1982 Posts: 1,264 Forumite
    Chutzpah Haggler
    No problem at all!

    It completely depends on how comfortable you feel regarding the house as to what survey you go for. Maybe take your dad round to the property and ask his opinion? Go with whatever your gut instinct tells you

    Good luck with it all xx
    £2 Savers Club #156! :)
    Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
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