Private house sales????

penguinpenguin

Hello

Just mainly want to know the costs and process with a private house sale, were thinking of buying through family, and just wanting to know the costs etc?

Will we be able to get a mortgage the same as everyone else? Also what are the fee's when buying a house other than legal fee's?

Also is there anything to be wary about when doing a private sale?

And how long does the process usually take?

Thanks!

jackyann

can't help with all of your questions, but definitely advise you to get an independent survey.

holly_hobby

• Private purchase is fine - so no you don't need to go through an estate agent to purchase a property.
• Fees (apart from legal as you have quoted) are possible product fee (reservation/admin), and a survey fee (which will be a basic survey, unless you require a homebuyer, or full structual)
• Mortgage - best bet is to pay a visit to a whole of market mge broker - whom will not only guide you and source the most appropriate lender and mortgage product to your circumstances, but should also support you throughout the whole application process.
• cons are that the surveyor may not value the property at the agreed figure - so it may be a bit akward trying to negotiate with a family member

Hope this helps get the ball rolling ...

Holly

GMS

As has been said, buying from outside of an estate agents is fine.

Are you buying the property at full market value or are you getting any kind of discount? Who is the family member?

Process can take anything from a month onwards. Depends on the lender and how complicated the conveyancing is.