Anyone want to be my house-buying buddy?

sharon1982

Woo congrats!

sharon1982

Hi pollyhelen,

Don't worry - I was the same! Also a FTB, about to complete tomorrow!

Re offers, it really depends on your area. What is the market like? Have you seen many comparable places?

For example, I know many areas around the country are a buyer's market, and therefore houses are going way below asking price. However, where I live (Surrey), we seem to be in a bubble where everything is still quite high. My boyfriend and I had been looking for a year and there wasn't a huge number of decent places in our price range, and when something good came up, it went very quickly.

The house we have bought was on for £225k and was so much better than anything else we had seen (and some of the places we had seen had been very nice.) We debated for a long time whether to go in at £215k or £217/8k, knowing we would pay full asking if it came to it (I know many people on this forum would be horrified at that! )

However when it came down to it, we decided to just go straight to it and offer £220k and we ended up paying £222,500. We don't regret it at all and feel we have still got a bargain! But that isn't the case in all the areas.

So I haven't really got an answer for you, as it does depend on your area. But maybe don't go up in 5s - maybe go for £174 or £176k? Also, look on mouseprice.com or a similar site for what it sold for previously, and look for similar sold prices in the area.

Hope that helps and good luck!

pollyhelen wrote: »

well hello all,

we are suddenly lurching into house buying so I have been lurking around on the boards the last few days, and found that some people think i'm an idiot because i know nothing but you all seem very helpful and supportive here so i thought I would add on and see how we go. Loads of helpful advice so far in this thread, have learnt lots.

So here is the situation.

Deposit of 30-35k just about sorted, but all over the place so we are gathering it to one bank account.
seen a house we think is great, it is going for 190k we put an offer in today for 170k which was rejected as we thought. Apparently he is looking for more like 180k so we are trying to decide whether to put in for 175k or 178k - should we take baby steps or just go for something we think he will accept and be done with it?
we have had some good chats with mortgage people who have advised us to get an offer in and then come back - we both earn currently but are basing our sums on just one income just in case of redundancy or babies (both likely, guess which is preferable!!)
we also have a solicitor lined up.

all a bit nerve racking - and we have no idea how to play this bidding game! any help would be very gratefully appreciated!!!!

thanks, and welldone those of you who are sorted, cross fingers for the rest!!

sharon1982

Woohoo! Just got the call from our solicitor that all the money has gone through and we can pick up the keys. YAY!

pollyhelen

hi sharon, thanks so much for that you helped steady my nerves a lot. We are not sure we will go up to 190k which is the full asking price but would be delighted around 180k and a bit of leeway above. we have done a lot of comparison with other bits of the area and it is clearly a good price - because it is 1970 built not a pretty terrace, but it suits us well and we are dead pleased with the location.

anyway enough waffling. we have gone for 177k in the end. just submitted it so waiting to hear... cross fingers cross fingers... arg!

Tony_R

Hopefully exchange should happen today. The sellers have practically sorted their issue and should be ready later today.

I had to phone the insurance company again today to get them to refax the cover note to my solicitor as he had lost the original.

Nearly there, I hope.

Blondiebird

I've got the contract in my greasy paw... hopefully exchanging tomorrow with completion next Thursday - woooohoooo!:j

bubsy82

Hey
Any chance you guys that have completed now could update your timescales?

My timescale at the mo is:
16/6 accepted our offer no chain on either side sellers want a quick sale
17/6 FA sorted solicitors
23/6 sent case booklet and signed forms back to solicitors
28/6 searches cheque cleared so im guessing searches have started?
30/6 heard from the FA and we should have a mortgage agreement by the end of the day and valuation by the end of the week....

Im so eager to get this all done and completed, this will be our first home so we are very excited.

Em xxx

becca0417

Congrats sharon. xx

pollyhelen

they accepted - we went up to £180k in the end inc the freezer and washing machine!!! YAY!!!!!

our timeline is as follows:
30/6 offer accepted

BabyBoots

Update to my timeline

20/04 - Offer accepted.
26/04 - Vendor had her offer accepted on the place she wants to move to
03/05 - Various mortgage appointments to get best deal
04/05 - Viewing to check boiler/security questions for house insurance etc
05/05 - Solicitor instructed
07/05 - Final mortgage application made - direct debit for payments filled out.
10/05 - Mortgage Application accepted - told this verbally. Told to expect call from mortgage valuer in next three days.
10/05 - Paid solicitor for searches
14/05 - Mortgage valuer rings asking for payment, says valuation will be done in three working days
14/05 - Fixtures and fittings list received from my solicitor
17/05 - Rang round for survey quotes and chose surveyor
18/05 - Mortgage valuation carried out.
21/05 - Full mortgage offer paperwork received
22/05 - Documentation of mortgage valuation received - valued as per offer, so ready to go instruct surveyor
01/06 - Survey performed - met surveyor on site to discuss results and be shown relevant items. Repair required. Surveyor explained issue to vendor. Vendor agreed to have repair done.
08/06 Final report received from solicitor - results of searches etc and contract to sign. Wasn't available to read this until 11/06.
14/06 Queried contradictory points in seller property information form with solicitor
18/06 Repair completed
22/06 Surveyor inspected repair and gave it the all clear.
23/06 Correct property information form details received via my solicitor
24/06 All contracts etc signed and given to solicitor. CHAPS transfer of 10% deposit made. Chasing exchange date.
25/06 10% Deposit tfr received by solicitor. Chasing more for exchange date before end of month.
28/06 Contracts exchanged. Completion date set of 16/07.
29/06 Final bill from solicitor for completion monies - stamp duty, search fees, solicitor fees and remaining deposit and stamp duty land tax form received to return to solicitor.

So it's taken a little over two months to get from offer accepted to exchange in a pretty straightforward transaction, where the vendor was happy to move out to stay with friends, so no-one else is impacting our completion date. It will be nearly 3 months from offer accepted to completion.