First time buyer in need of advice

trenchwars

Hi,

I'm buying my first home and I have a few questions.

The sale price is £129k. The property is a terrace, ex council. I think it was built in the 70s but I need to confirm this.

I need to find a solicitor. The estate agent (Your Move) have quoted me £415 + VAT + the cost of any searches. The £415 is refunded if the deal falls through. Does this seem reasonable or should I look elsewhere. I would prefer to use a local firm rather than a telephone/internet based firm.

I had originally planned to have a survey done, but the mortgage broker suggested that this would be unnecessary as the lender would perform a valuation and the property was not old enough to warrant a full structural survey. Any thoughts/comments.

CloudCuckooLand

Don't pay more than £125k - you'll avoid the 1% stamp duty.

Perosnally I'd avoid EA recommended solicitors. They may get introduction fees. And at the back of my mind would be the concern that they want to turnover business together rather than do a good job.

Ask family, friends, and work colleagues for a solictor recommendation in the locality.

Not essential to do a full survey, unless its been extended, old etc. There is an option between mortgage valuation and full structural survey, the Homebuyers Survey.

Description of the differences here; http://www.mypropertyguide.co.uk/articles/display/10030/what-type-of-survey-should-i-have.htm

Hailstorm

Hi,

With regard to solicitors the best thing is to get a recommendation. If you have any family or friends that have bought recently ask them who they used and if they would recommend them.

There is a potential conflict of interest in using the estate agent's solicitor. If issues come up that warrant further invesitgation you would like them to be investigated wouldn't you? With an estate agent's solicitor there may be other pressures on them to push the sale through rather then investigate the issues.

You should get a survey done. If the house does have problems you would like to fund out before you bought it. Last year when I bought I had a full structural survey carried out on a house built in the mid 80s. I will admit it could be debatable whether on that age you should go for a full strucural or a homebuyer report but you want more then just a valuation. Does the mortgage broker work for the estate agent by any chance?

trenchwars

CloudCuckooLand wrote: »

Don't pay more than £125k - you'll avoid the 1% stamp duty.

Sorry I meant that £129k was the offer that I had accepted.

trenchwars

Hailstorm wrote: »

Does the mortgage broker work for the estate agent by any chance?

He contacted me via one of the other estate agents that I was registered with, but not the one that was selling the house that I am buying.

Richard_Webster

Before accepting any conveyancing estimate, make sure you know what is and isn't included - because there could be lots of extras - either ones that you will have to pay for (but which in your innocence you might not have accounted for) such as further searches, Land Registry Fees, Bank Transfer Fee, and SDLT - but also spurious extras such as:

* completing the SDLT form,
* acting for the lender,
* postages & telephones,
*"professional indemnity fee",
*"archive fee",
* fee for completing in less than 21 days from exchange...

Quite apart from issues of independence mentioned by others, don't assume that the figure the estate agent has given you is accurate. If you are even thinking of using his pet conveyancer/solicitor (and I wouldn't) then insist on getting a full written estimate with any terms and conditions that could include extras like those mentioned above.

timmyt

Avoid anything to do with a national estate agent, especially their high referral fee paying solicitors factories.

YOu should always ensure you get a 'solicitor' or senior conveyancer for your fee. Bet your neighbour would, so keep up. They are the widest trained professional in what is a legal deal. Or go cheap get a headset clerk and corners will be cut.

I call my clients up to 7pm at night, email back on my home time and at weekends, instantly most times as I hate an inbox. That you wont get from headset clerks...who will usually have to speak to someone who knows the answer to your questions about the papers.

Always have a survey, you are paying thousands. Any repairs are yours to fun, so make sure now. A lenders valuation is soley for the lenders benefit, and is very basic. If the house is 70s then the estate agents shuld have trading standrads go in and speak to them if they are saying a survey need not be done. Nuts!!!!!! They do not want you to pick up anything wrong and pull out.

Another tactic that national estate agents use...good grief.

Use a 'solicitor' firm, local and get a survey.

Happy to provide more advice if you need it. As a FTB someone should be looking after you.

The problem also with national estate agents is that they dont think that you will need an estate agent one day, and will you use the ones you are now haing to go through........and if not, will you tell 10 people to aoid them and so on....crazy business model they adopt, but it is the sheer numbers of unsuspecting people they pull in with overpirced valuations that tempt you sellers, and their 'free' HIPs...er not!

trenchwars

timmyt wrote: »

Always have a survey, you are paying thousands. Any repairs are yours to fun, so make sure now. A lenders valuation is soley for the lenders benefit, and is very basic. If the house is 70s then the estate agents shuld have trading standrads go in and speak to them if they are saying a survey need not be done. Nuts!!!!!! They do not want you to pick up anything wrong and pull out.

Another tactic that national estate agents use...good grief.

Actually it was a mortgage broker who advised me not to get a survey, but I suppose he wouldn't want me to pull out either as then he won't get his commission.

G_M

When comparing quotes from solicitors theck what's included as Richard said above. And read here..

The survey to choose (from basic valuation through to full survey) depends on several factors:
* age of property (the older the more need for fuller inspection)
* your confidence (many things like whether roof tiles are sound can be see easily.... if you know to look and take the time)
* whether you plan any changes eg knocking rooms together/extending
* how cautious you are

A brand new/near new house, you plan to move straight into.. lender's valuation may be enough.
150 year old house you plan to gut/renovate..... get a full structural survey
And in between.....

timmyt

always have a survey is the starting point, you'd have a car checked out that you were buying, so a house.......

good luck OP

trenchwars

A surveyor I spoke to mentioned something about system built houses - what are they? The house I am planning to buy is brick built with cavity walls so does that mean it is not system built?