Charlene's FTB - Diary 2007

CharleneUK

I have calmed down now! It's all very stressful and I guess this is just the beginning!! We handed in the form to the council today and the lady had a right go at me for not instructing a solicitor! But I told her, I interpreted the letter they sent differently and I thought I was to do nothing, but put an offer in, and once it's accepted, they will decide whether they can pay out for it, or not. What's the point in instructing a solicitor, arranging a mortgage, then the council can turn around and say no!?

So anyway! More questions if you don't mind.

What are the next steps? When you instruct a solicitor, do the charges start rolling in? At what point do you do this? I have reconsidered mortgage options and we are going for interest only and paying the remainder into a high interest account, then paying that lump sum at the end of each year.

Our mortgage broker is very good, flexible and above all, PATIENT!!

I think I need to go back and read page one of this thread, as I know some of these questions will have been answered already.

I think, in the grand scheme of things, the property isn't bad, and in 3 years we can sell, we probably won't for maybe 5 years, who knows? The more I dissect it, I feel we made the right move. Only time will tell.

On another note, I am livid with the EA!! I called him twice today as we wanted to go around again with my mum and dh's friend who deals with building work etc, and the EA didn't return either of my calls! What's all that about? He was ringing my phone non stop before! I hope this isn't a sign of things to come

Tiger_greeneyes

EA's are a law unto themselves sometimes. It's probably a good idea to call the office and arrange the viewing through whoever answers - you don't have to deal with the same person all the time, thankfully.

Once your offer has been accepted and the property is off the market, then it's about time to instruct your solicitor. You'll probably be asked for money for searches as they have to be paid for when they're applied for, but the rest of the fees are usually paid on completion. Solicitors like to have the money in their account before they complete.

I don't know what the council was whining about, they're bound to cause the biggest delays in this purchase - councils always do!

If you don't have a solicitor, I can recommend mine, I've used her a number of times and always been able to contact her at the drop of a hat. I've never met her though, it's always been done via phone and email.

You're finally on your way

meanmachine_2

Interesting thread that I've only just spotted.

I feel I've travelled 3 months in 10 minutes!

To the OP, good luck. Remember, EAs are a different breed entirely. Be thankful that you don't have to deal with them all the time!

Just a few details, though, that worry me:

1) You stated at one point you could only borrow 160K-odd. Are you able to borrow what you need for a 200K+ property?

2) The mortgage you mentioned is one of those dreaded "step" mortgages. They lock you into a nasty rate for years after the initial tempter.

That LloydsTSB one is also now more expensive.

Also, just be aware that interest rates could well be going up this month. Just make sure you factor rate rises into your calculations.

3) Does the vendor know where your deposit is coming from? I don't know anything about this council offer, so I'm not sure what hoops you have to go through to get it, but that might put me off if I were the seller.

Anyway, do keep us informed of your trials and tribulations.

CharleneUK

Tiger_greeneyes have sent you a PM, thanks for your response!

Mean machine, great post, thank you! We're actually staying away from the stepped rates, we've got a AIP with Abbey at 5.34 for the amount we needed, and they have free valuation and £250 cashback as well. The problem was, nationwide would not multiple our income for the amount we needed, so we went with Abbey instead.

You made a very good point about the vendor knowing about the council scheme. My impression is that she really is in no hurry to move, and that she doesn't really want to go, but because her health is getting worse, she needs to move to be closer to her family. I'm hoping she won't want to move too soon as we'd rather complete nearer to July/August time when the kids are off and we can get stuff sorted.

I need to go around and get other opinions from other people *my mum and dh's friend* but the EA is really annoying me at the mo, will ring tomorrow and arrange with someone else.

CharleneUK

Just to update everyone. I'm feeling much more upbeat and am imagining the kids running around in their very first garden!! I'm so scared something is going to go wrong!!

In other news, the council have not received the property information, despite me handing it in person on Friday, so I'm annoyed as the lovely gentlemen stated as soon as they receive it, they pretty much yay or nay it the same day, so as soon as this is done, we can process our mortgage application and instruct our solicitors to carry out the searches etc!! I just want everything moving now.

We're viewing for a 3rd time tomorrow. Do you think it would be cheeky to measure up a few things while we're there? Just want to know roughly what can fit where etc? I know everything is not set in stone yet, but thought it would be a good idea. We can also ask the final question we need for quotes on building and contents insurance etc, and the questions we missed out on earlier.

So that's where we are at at the moment!

Tiger_greeneyes

It's gaining momentum on it's own isn't it!

When you get your survey report back, you'll have the information on there for getting buildings insurance quotes. You'll need to know the floor area. One thing you can do is go to the online insurance quote engines - you'll get loads of quotes to choose from. You'll need to insure the house from exchange of contracts. That's very important to remember It's worth getting a quote through Abbey too - they'll charge you £30 if you're insured through a company they don't collaborate with.

As for measuring up, when you make the appointment, ask the EA if they can check the vendor is ok with that. As she's elderly, she may be a bit nervous. Vendors are always fine with measuring up

You're really on top of this house buying lark aren't you

CharleneUK

Thanks for that TG, I'm getting there.

I've been on at the council all day and finally got a concrete YES so will get the mortgage application sorted tomorrow, although with getting the survey booked etc, although I still have yet to decide on that score.

The lady said there are some bits and pieces they have sent with the letter which I must go through with my solicitor so that I understand the consequence of selling before 3 years and also how the money will be received and to whom. Once I'm satisfied, I need to sign and return it, and the solicitors have to do the same. So it's all happening!!

Spoke to EA today about arranging 3rd viewing as didn't get to go yesterday, he said whenever I'm ready, so tomorrow is my day off and I aim to get lots done in that time.

Tiger_greeneyes

It's all turning out well isn't it!

You seem much more relaxed too - it's stressful but it's your first purchase, you'll be able to look back in a year's time and smile about it rather than getting palpitations

Thank you for keeping us informed

CharleneUK

Just an update and some advice please.

Have received official letter through from council, and also have received solicitors paperwork through and was concerned that they were asking for £200 upfront, but after talking with TG I realise this is normal practice!! I've read through the paperwork several times and called for extra clarification and am happy at the moment.

Now then, My mum and aunt would like to view the property now, and to be honest, I want them to see it too! I doubt very much it will sway us either way as I have already seen myself living there and the kids running around, but I don't think it hurts to get a second opinion.

However, I don't want the vendor thinking I'm unsure about things, so am nervous about booking it (Not that the EA has bothered calling back after chasing him TWICE today!!)

Another thing I wanted to ask is if the vendor had done additional searches e.g. drains, could I buy this off her, and if so, what would be a reasonable price to offer?

Finally, the mortgage and building survey should be booked in the next week or so, I'm thinking to instruct the various searches after this date, is this what people do, generally speaking?

One more thing!! Once you've exchanged, obviously everyone can relax, I'm assuming there is no set time where you have to complete by?

If all things run without a hitch (says she who has encountered about 4 hitches already this week!) Do you think August is unrealistic for exchange/completion?

Tiger_greeneyes

Hi Charlene!

Another thing I wanted to ask is if the vendor had done additional searches e.g. drains, could I buy this off her, and if so, what would be a reasonable price to offer?

I can't think of any reason why the vendor would have had any searches done. Any guarantees etc (I'm thinking about the drains, now, as you mentioned it!!) would be given to her solicitor to pass onto yours as part of the conveyancing - and ultimately they'll become yours. Your solicitor will send you a copy of the important bits in the interim. It's worth making sure any guarantees can be transferred into your name. Your solicitor should do this as a matter of course.

Finally, the mortgage and building survey should be booked in the next week or so, I'm thinking to instruct the various searches after this date, is this what people do, generally speaking?

Once you're ready to exchange, you need to discuss completion dates with the vendor. Once you've got a completion date you're both happy with, then you can exchange - you must adhere to the completion date though.