First time buyer - baby on the way

AMILLIONDOLLARS

Take the flat. You should not waste your money on the survey. From the looks of things, if it did come in under survey, they won't be willing to drop the price, and you'd have to make up the difference. Also, don't forget the survey may highlight necessary repairs to the property, would you be able to fund these if they were not willing to drop the price. Sometime a BS/Bank can put a retension on amount being borrowed. This means that they will not release all the funds to you until the repairs are carried out. Have you left enough in the tank to cover these possiblities?

AMD

MrChips

Thanks - can I just clarify what you mean? So if the survey says the place is only worth £490k, the Bank will use this figure to base its LTV ratios on, but that won't necessarily have any weight with the vendors who will stick with their asking price?

Blimey - I don't think I could face that all over again!

Once we see the flat again tonight, that will hopefully get us back in the mood for renting

olly300

MrChips wrote: »

Thanks - can I just clarify what you mean? So if the survey says the place is only worth £490k, the Bank will use this figure to base its LTV ratios on, but that won't necessarily have any weight with the vendors who will stick with their asking price?

If the surveyor says the place is worth 490K then do not pay more for it.

You are buying in a falling market so don't negotiate on it.

Also that's the value you will get a mortgage on.

olly300

Just like to add you should have a solicitor in mind already.

If you had the solicitor would not have let you even entertain the idea of paying 5K for fixtures and fittings when you are so close to a stamp duty band. The solicitor unless they were crooked would have refused to represent you and would have reported you all to HMRC.

AMILLIONDOLLARS

MrChips wrote: »

Thanks - can I just clarify what you mean? So if the survey says the place is only worth £490k, the Bank will use this figure to base its LTV ratios on, but that won't necessarily have any weight with the vendors who will stick with their asking price? CORRECT if they are not budging on price now, you may have difficulty getting them to agree to sell to you at the surveyed price. That's why I said earlier you should make them aware that any offer you make will be subject to survey.

Blimey - I don't think I could face that all over again!

Once we see the flat again tonight, that will hopefully get us back in the mood for renting

Good luck, didn't you say two others have already pulled out of this mess!!

AMD

MrChips

olly300 wrote: »

Just like to add you should have a solicitor in mind already.

If you had the solicitor would not have let you even entertain the idea of paying 5K for fixtures and fittings when you are so close to a stamp duty band. The solicitor unless they were crooked would have refused to represent you and would have reported you all to HMRC.

Sounds like a good idea but I have no idea about the best way of securing one. Google my local area? Recommendations from friends and family?

AMILLIONDOLLARS

Google the Law Society, contact their information dept, they should have a list of solicitors in your area. Do not use one recommended by the EA for god sake!!!

AMD

MrChips

AMILLIONDOLLARS wrote: »

Google the Law Society, contact their information dept, they should have a list of solicitors in your area. Do not use one recommended by the EA for god sake!!!

AMD

LOL, I can just imagine what they would tell me I could get away with! Now that you mention it, the agent did tell me yesterday that she had run all these schemes past her own solicitor and he said it would be fine. "HMRC are only interested in looking at transactions around the £530k to £550k level in any case". I assume this is bullsh1t?

MrChips

Oh, and am I better off looking for a solicitor in my current area, or near the house I am trying to buy?

AMILLIONDOLLARS

Whatever will be convenient for you. You may have to rush over there to the sign a document, or if there is a last minute query, or you may want to hurry them along. Also, please shop around on price, get the best of three quotes.

AMD