First time buyer questions

sebtomato

Hi,

I am planning to buy my first flat, and I have some basic questions:

1) To make an offer, do I need a solicitor, or can I just tell the estate agent

2) If I make an offer and it is accepted, how can I make sure the property is no longer advertised?

3) How long does it take to arrange a mortgage with my current bank? Do I need a mortgage in place to make an offer, or just an agreement in principles?

4) If the property to buy was empty, what would be a realistic time to complete the transaction and move in?

5) How can I get a commitment from the seller about the date for making the flat available? What would be the penalties if missed?

6) How can I ensure that the property is in the same condition as when visited (particularly if rented previously)

Thanks,
Seb

Milliewilly

1. To make an offer do it through the Estate Agent.
2. Tell the Agents thats a condition of your offer
3. If straightforward about 4 weeks from start to finish. An agreement in principle is not worth much in my opinion.
4. If the sellers solicitor is fast then it wil be you who's the slowest part of the chain needing a mortgage.
5. Get your solicitor to agree exchange and completion dates once you know how you mortgage is going and the survey has been carried out.
6. There will be a fixtures and fittings form for curtains, carpets, some appliances etc. You can't guarantee the place will be the same as viewed but it should be. If its not then thats something you would have to look at with your solicitor re claiming costs back.

Yorkie1

I should point out at the start that my answers are gleaned from reading others' posts and not from recent experience of the full house purchasing process!

1. No need for a solicitor; make sure the offer is subject to contract and survey - not sure whether others would advise putting the offer in writing rather than just verbally but I would do so.

2. I think you can also make it a condition of your offer that all marketing ceases immediately - though whether the seller / EA agree is up to them.

3. I think it would be advisable to have an agreement in principle before making an offer, but I'm not sure whether it's actually possible to have a formal mortgage offer available before you've found the property, a bit like chicken and egg. But others will correct me if wrong.

4. You will hear stories of it being done in days but I think 6-8 or 8-10 weeks is often cited as average. As there is frequently paperwork from third parties, this can be unpredictable. And if it's leasehold that you're buying, that I think can create additional matters to be checked.

5. You only get the commitment for completion and its date at the point of exchange. Prior to exchange, there are no penalties for withdrawing from the sale or delaying anything. After exchange, the penalties are severe financially.

6. I'll await others' advice on this one.

Good luck. I assume you're hoping to find somewhere and be completed before the expiry of your s.21 notice on your existing flat? My hunch is that might be a little tight.

sebtomato

Yorkie1 wrote: »

Good luck. I assume you're hoping to find somewhere and be completed before the expiry of your s.21 notice on your existing flat? My hunch is that might be a little tight.

Thanks, this is indeed correct! My landlord has given me notice to leave by end of February, so it is very tight if he does not extend my lease. If the gap is only a couple of months, I guess I can find a short term flat to rent. Else, I will need to rent something else, with I guess a minimum lease of 6 months...

Milliewilly

sebtomato wrote: »

Thanks, this is indeed correct! My landlord has given me notice to leave by end of February, so it is very tight if he does not extend my lease. If the gap is only a couple of months, I guess I can find a short term flat to rent. Else, I will need to rent something else, with I guess a minimum lease of 6 months...

Its possible to do the mechanics of the sale in 2 months easily. The problem is you risk rushing into buying somewhere and make an expensive mistake.

Fire_Fox

I always put offers into writing, clearly stating the strength of my position (no chain/ finances in place) and the conditions of the offer (property off market/ subject to survey/ timescale). I also use the opportunity to ask any questions about the property - you should have plenty with a leashold flat. Offering in writing ensures that there are no misunderstandings, gets the ball rolling with queries and sets the scene with you as a serious buyer who understands the process.

Leasehold apartments can take forever to complete - my last purchase was a year, and I was a cash buyer of an empty flat! We pulled out of another purchase after six months: in both cases the other sides solicitors had major problems and were stalling for time. Management companies are notoriously slow to answer queries about planned repairs and service charges, so you need to start the ball rolling with a solicitor right away, then chase your solicitor and their estate agent weekly. Don't be fobbed off with the professionals saying they can't do any more following up if you want to move swiftly.

sebtomato

Fire_Fox wrote: »

I always put offers into writing, clearly stating the strength of my position (no chain/ finances in place) and the conditions of the offer (property off market/ subject to survey/ timescale). I also use the opportunity to ask any questions about the property - you should have plenty with a leashold flat. Offering in writing ensures that there are no misunderstandings, gets the ball rolling with queries and sets the scene with you as a serious buyer who understands the process.

Thank you. Would you have a template or example I could use?

Seb