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First Time Buyer Help
Wildcatarmy
Posts: 29 Forumite
Hi, first post so please be gentle.
I am a FTB, buying a repossesion in cash (inheritance). I have instructed solicitors to beging proceedings to hopefully move asap.
1) I have declined to have the environmental, mining and flood searches as I didnt see the point in all honesty. (Is this ok or daft considering its another £150 ?).
2) Solicitor asked if was having a survey done, I said no as I didnt need the valuation as I was happy with what I was paying and no mortgage. They said no, a survey as in structural ? Errr, never really looked at that, so do I need to go down the home buyers report route or buildings survey ? And what should I be looking at paying for it. house is priced at 69k.
Really worried that Im gonna spend all this money on all these searches and then someone gazumps us at the last minute too !!
Oh well, suppose thats the repossesion buying life for you.
I am a FTB, buying a repossesion in cash (inheritance). I have instructed solicitors to beging proceedings to hopefully move asap.
1) I have declined to have the environmental, mining and flood searches as I didnt see the point in all honesty. (Is this ok or daft considering its another £150 ?).
2) Solicitor asked if was having a survey done, I said no as I didnt need the valuation as I was happy with what I was paying and no mortgage. They said no, a survey as in structural ? Errr, never really looked at that, so do I need to go down the home buyers report route or buildings survey ? And what should I be looking at paying for it. house is priced at 69k.
Really worried that Im gonna spend all this money on all these searches and then someone gazumps us at the last minute too !!
Oh well, suppose thats the repossesion buying life for you.
0
Comments
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1) Daft. When you come to sell, most people will need a mortgage, so they will be required to have the searches by their lender and will discover any nasties...which could make the place worthless.
2) How old is it? If over 40/50 years, full survey, costs up to £1k. Depending on obvious condition etc. For the same reasons. One day you may need to sell it, and if it is not in good nick, you will get knocked down on price, or not be able to sell at all.
Why is it a repossession? It may be unsellable for a reason...
Get a friend/family member who is experienced in property to sit down and talk things through with you. Listen to the solicitor carefully. Explain your naivety. Ask for extra hand-holding.
For someone so inexperienced, why choose the most complicated form of purchase? If it was 90% Lender's money, by all means take a flyer. When it is 100% your own money, you MUST understand what you risk getting into.
It would be criminal to waste the inheritance; being handed a chunk of someone important's life savings, without considering the emotional attachment, should cause you to exercise caution, not the reverse.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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