Buying my First Property

vincentt

Hey Guys,

I am about to buy my first home and wanted to know if the lovely people herewould guide me through the process and make any suggestions. I have neverbought a house before but I know what needs to be done etc.

To give some back ground, the property is a 2-bed house, 579 sq.ft andcurrently prices at £195,000.

I have viewed the house before and feel that work needs to be done e.g.replastering the walls, upgrade bathroom/kitchen, window handles are not verygood.

The house is currently occupied, it was taken off the market, but it has notbeen put back on. I have asked the agent why the property is back on and willupdate here when I find out.

I have put in an offer of £190,000 which is what I think it is worth, theywere previously asking for £210,000 but did not get much interest and I thinkthe last person who was buying managed to get it for £195,000.

I have a 25% deposit for the property and had a mortgage certificate for therest. I will to borrow about £150,000 from Santander.

I am currently building a model into excel to model my cashflows (happy toshare / get it reviewed by anyone who is interested).

So the advice I need now is: I have put in an offer of £190,000 am awaitingthe response from the agent.

I will update when I can.

Thanks,

Vincent

penguingirl

I'm not really sure what advice you want? You're currently in the waiting game so there's not much we can help with there! But I guess it's useful to think about what your options are.

How much can you afford to go upto? How much is the property worth to you? They're not the same, so have a think.

Also you say you have offered 190k and have a 25% deposit but would need to borrow 150k. Your numbers don't quite add up- for a 190k property you would only be able to borrow £142.5k (75% LTV). How much deposit do you have? You will need 47.5k deposit for that offer, plus money for survey, conveyancing, moving, mortgage arrangement fee, stamp duty (1%) and probably other things I have forgotten about!

vincentt

Thanks for the reply.
I see what you mean. i mean when they return with an offer saying they won't budge. what should i do.

also when i am looking to do works on the house etc.

vincentt

So i called up the agent, i asked to know what the reason for the sale falling through the first time and not to submit my offer to the seller yet.

vincentt

Hi all,

The house that I am going to make an offer on is:[http://www.robinson-jackson.com/property-details/3-bedroom-House-for-sale/Shawbrooke-Road-SE9/ELT110436]

What do you guys think for this? Anything I should look out for?

One of the limitations that I noticed was that if I were to try and extentthe house then it would be difficult.

Also I have never lived in a terraced house so what kind of problems arethere with terraced houses?

The rooms seem to be quite well sized, usually have 2 ok sized rooms and abox room, this one seems to be ok!

They currently have an offer of 215k, I am thinking about going justslightly higher, but I am not sure if the other person will put a higher price.



Thanks for having a look!