FTB - What do I need to get?

KS1977

Hi there,
As a FTB I am aware that I obviously need to get a mortgage. This is in hand. I have realised that this isn't the only thing I need to get though. My main question is when buying a house, what other things do I need to ensure I get?...For example, If /when the house is purchased, I will obviously need to get home insurance. Could you help me as to suggesting what else I would need/ expenses. Help would be greatly appreciated.

Thank you:)

princessamy86

You'll need a solicitor or licensed conveyancer-prices vary but have a search of the forum as there's some very good advice available.

You will need to set aside some money to pay for a survey, at the very least you will need a valuation survey for your mortgage which will normally be around £250. A more detailed survey will cost you more: www.rics.org to find a surveyor who will give you a quote.

You will need buildings insurance, and it is likely that your mortgage will be conditional on this being in place. You may also need (as a condition of the mortgage) life insurance and/or critical illness cover. Are you using a mortgage advisor? He or she can advise on what you will need mortgage wise, but don't just accept their quote as the best one available.

You will probably also want to take out contents insurance-have a look on price comparison sites, many insurers offer buildings and contents as a package.

Will your purchase be subject to stamp duty? If it is make sure you have set aside money to pay this.

Can't think of any more right now but will add them if I do!

KS1977

Thank you very much for your post princessammy86. It is very helpful. I didn't realise how many things you needed for this house buying lark! I will start looking into this. I have spoken with a mortgage advisor and the surveying thing is in with the cost of the mortgage. I do not have to pay stamp duty as it is under the amount for that, so that's less thing to worry about.

Thanks again.

princessamy86

For your survey: Ask what level is included with the mortgage. If it is standard valuation, that's fine but you may want a more detailed report. You need to compare the price of having a separate surveyor go and do a homebuyers report or full structural, or just tacking it onto the mortgage valuation. Most EAs will be happy to point you in the direction of what you need to be doing, but always double check what they tell you-I'm a nice one but not all of them are!

KS1977

Yes I am aware that some are rather 'bendy' with the truth lol. My situation at the moment is somewhat vague as I have put in an offer on a house, which was refused. I was going to ring back with another offer, only to be told a couple who were looking round the house before me, (who had also put in an offer, but couldn't proceed as they couldn't sell their house) had been accepted. The EA told me that but as this is a small village, I have heard otherwise. Would that be the EA's way of getting me to up my offer further? I did tell the EA I wasn't prepared to go as high as this offer put in by the buyers who couldn't sell their house, but now have after I showed an interest?!

Glad to see there are some nice ones out there like yourself. :-)

princessamy86

Some EAs may play games like that, BUT for the actual difference in commission (and you said you were under stamp duty), it's a few hundred at best, so actually it's fairly uncommon. It's possible the other couple offered higher and that's what the vendor wants, with the higher offer making the fact that the other couple are in a chain more palatable. I would go back to the EA and re submit your first offer (was it your highest offer or would you be prepared to increase?). Did they confirm it in writing?

KS1977

The vendor want someone in a position to proceed, with no chain. This couple are trying to sell their house. (So i was told by the vendor), so it all seems rather odd but there we go. I would be willing to up the offer, but am a bit apprehensive to ring back, as I have heard conflicting stories. The vendor told us he had bought a house in the next village and it was all ready for him to move into it on the condition of selling his house. My OH was told the vendor was looking at a house this wk end near to a friend of his (as they know eachother)....so yet again, these factors seems rather different to what the vendor was telling us.

Anyway, I don't need to bore you with the details sorry :-). Thank you for your input.