Balancing not just the budget

doingitanyway

You are sounding so organised. I wish I had approached my mortgage the way you are doing

EssexHebridean

RosaBernicia wrote: »

Sunday shuffle time... am beginning to think I need some dancers for this, like MT's Wednesday girls!

Two weeks to payday and all's well. I'm going to have to cancel a planned trip this month - must remember to specifically say that to the friend I was going to visit - but it's OK as she hasn't got clear days when she's free and I need both the money and time to be sorting the house move.

I've emailed two mortgage brokers for advice this evening - one local one recommended although apparently not formally linked to the estate agent, and a national one that MSE say usually come out in the top ten. I'm also going to email one who my parents know, primarily to keep them happy. We'll see what they come up with. I have enough money put aside to pay for a full survey up front and remembered that there will be an extra few hundred towards the legals or house from the HTB ISA when that is used, plus my rent deposit should be returned which can hopefully go towards stamp duty. I've spent part of this afternoon reading the mortgage boards to educate myself a little.

Trying not to get totally overexcited about moving but hoping it all works out.


Rosa xx

Will you have the rent deposit back prior to completion on the purchase? Your solicitor is likely to want that money in with everything else with the "Balance to complete" ahead of the actual completion date, bear in mind. If they are happy to go ahead without it, you have 28 days for them to submit AND PAY the SDLT to avoid penalties. Some mortgage companies actually insist that the solicitor gets the Stamp Duty money in upfront.

Make sure you factor in Life Insurance to your budget - as you're buying alone your mortgage company will demand it. Also bear in mind that on the day you exchange contracts, you'll need to put a buildings Insurance policy in place - so that's something you can start shopping around for ahead of time.

kerri_gt

EssexHebridean wrote: »

. Also bear in mind that on the day you exchange contracts, you'll need to put a buildings Insurance policy in place - so that's something you can start shopping around for ahead of time.

If you already have Contents insurance the easiness thing I found was to add Buildings Insurance to that for the remaining duration of the policy year (I was quite lucky as I did this in May and our policy expired in Aug so it wasn't a long time). It then meant I could renew both buildings and contents at the same time going forward and with everything else that goes with buying a house, it was the most straightforward thing for me.

RosaBernicia

EssexHebridean wrote: »

Will you have the rent deposit back prior to completion on the purchase? Your solicitor is likely to want that money in with everything else with the "Balance to complete" ahead of the actual completion date, bear in mind. If they are happy to go ahead without it, you have 28 days for them to submit AND PAY the SDLT to avoid penalties. Some mortgage companies actually insist that the solicitor gets the Stamp Duty money in upfront.

Make sure you factor in Life Insurance to your budget - as you're buying alone your mortgage company will demand it. Also bear in mind that on the day you exchange contracts, you'll need to put a buildings Insurance policy in place - so that's something you can start shopping around for ahead of time.

Thanks EH :A

I doubt I will have the rent deposit back in time for moving day but I'd read that stamp duty is only due 30 days after moving in and I could pay it myself instead of via the solicitor - although that won't work if the mortgage company insist on upfront so thank you for the warning!

I have no dependents and therefore nobody to benefit from life insurance, so I assumed I didn't need this? Family would get my death in service benefit from my employer if the worst happened, but at present there is nobody who I currently support or who expects financial support from me in future so if I don't have to pay this I'd rather put the money to other use. I am of course looking for mortgage protection or income protection, but that's to pay the mortgage if I am still here and unable to for some reason.


Rosa xx

RosaBernicia

kerri_gt wrote: »

If you already have Contents insurance the easiness thing I found was to add Buildings Insurance to that for the remaining duration of the policy year (I was quite lucky as I did this in May and our policy expired in Aug so it wasn't a long time). It then meant I could renew both buildings and contents at the same time going forward and with everything else that goes with buying a house, it was the most straightforward thing for me.

Thanks Kerri :A

That's a great idea - I think my contents policy runs til April, so that would give me time to sort it out. Also the current one is with the pink ladies company, who were brilliant when I had to claim on the car insurance, so I'd be happy to stick with them.


Rosa xx

kerri_gt

Btw, we also were requested to pay out stamp duty up front - I'd already factored it into the funds and as FTB there wasn't any discussion / need for us to discuss about needing to pay it out of the sale of our house or after completion so I just paid it as soon as the bill came in. Deff worth checking up on.

Do you have a Conveyancer in mind to use? I could happily recommend who we used as an idea when you're looking.

RosaBernicia

kerri_gt wrote: »

Btw, we also were requested to pay out stamp duty up front - I'd already factored it into the funds and as FTB there wasn't any discussion / need for us to discuss about needing to pay it out of the sale of our house or after completion so I just paid it as soon as the bill came in. Deff worth checking up on.

Do you have a Conveyancer in mind to use? I could happily recommend who we used as an idea when you're looking.

Thanks Kerri, please do PM me as a recommendation would be good. I've got an outline quote from the national broker I spoke to and the agent is going to get me a quote for a local solicitor they recommend (they apparently have no formal business arrangement but find this one reliable from their point of view) so I will see how that compares as well.

I'm already cutting all costs as far as possible for this month and next, and I could empty the buffer fund if necessary so that can all go towards fees.


Rosa xx

RosaBernicia

doingitanyway wrote: »

You are sounding so organised. I wish I had approached my mortgage the way you are doing

DIA, it's all thanks to this site and forum :A:T:A , without it I don't know where I'd be.

I don't feel very organised as ideally I would have all the fees money and some extra for furnishing already put aside (I suspect this is a total MSE mindwash compared to when I first arrived... :rotfl:). But as I seem to have found the right place at a good price there is no sense missing out on it by waiting.

Interestingly I had a call today from one of the agents I signed up with. I cancelled a couple of viewings I had agreed to, as they were in a fairly uninteresting area and right at the top of my budget, and now they are saying the vendors want to move quickly so it sounds like they are suggesting the price would drop. However, I still don't want to live there especially not compared to the new place I've found so told them I will only call them if something changes (crosses fingers and touches wood it doesn't). I wonder if they are short of buyers atm. I did worry about all the uncertainties at present, but there's never going to be an ideal time to buy, the place I've picked is a really good spot and unlikely to drop much if things do go wrong, and anyway the alternative is continuing to pay rent, so *shrugs*!


Rosa xx

RosaBernicia

Feeling much more motivated to get myself organised now that there's a new place in sight. It's lovely to feel that all the things I brought from the house will now get properly used instead of being crammed into storage waiting on something changing.

I'm also feeling rather virtuous as I have FINALLY sorted my summer clothes and shoes into boxes, and managed to get them into one underbed box of shoes and one of clothes. I've made myself put all the winter clothes out so that they can't be ignored, and if they don't get worn this time they can be 3bayed. I've chucked a few summer things in the CS bag that aren't worth keeping to sell next summer. Also managed to do washing, clean a corner of the kitchen and make some lists and phone reminders!

Tomorrow is paperwork time... _pale_


Rosa xx

MuffinTops

Hello Rosa,
How exciting that you have a specific place in mind now. Can I just say that cashback sites are also your friend when it comes to insurance policies etc. I always do an independent search for a price and then I see if the best quote company is through a cashback site and then I go through them to get another quote, or to go on and log back into the site I got the quote from and buy that way. It's a little bit of a faff but always pays well, so I'm happy to do it.

Well done on packing up your summer wardrobe and only having out what you need. I really need to get on and do that.

Boo to paperwork time today!

Ooh, yes, I agree you need a Sunday Shuffle thing. I get my dancing girls from http://www.pic4ever.com/

You just need to copy the forum url and paste that in your message.

MTxx