FTB Advice Needed Please

MoominMama

Hello,
I'm buying and selling for the first time on my own, my late husband dealt with the purchase of the house I'm in and selling.

I don't know anyone else who has bought and sold a house to be able to ask for advice and I feel I'm way out of my depth and I'm scared stiff tbh, but then I'm one of life's worriers.

I'm buying a Victorian terrace house without a mortgage and the people buying my house won't have a mortgage either.

I shall have to use the proceeds of my sale to buy the house and pay all legal fees, estate agent fees, moving costs etc. I don't have any money upfront. The solicitor I have found is fine with being paid like that.

I would like to have a survey of the house done as I can't look around a house and work out what needs doing, I haven't a clue, should I go for the homebuyers survey or pay £160 more and have the full buildings survey done?

I keep reading on here about people needing deposits, I won't have a deposit though as I will be using the proceeds of sale to purchase my house, I'm assuming other people have done this before, do I still need a deposit???

Any other advice anyone can give will be greatly received, my head is spinning at the moment!

ognum

If you are buying a Victorian terrace I would certainly advise getting a full structural survey, it will be worth the money, you don't want to buy this house and find damp or subsidence!

The buyers of your home will pay their deposit to you, this will be used as the deposit for your next home providing they are all exchanged on the same day.

Good luck!

arbrighton

Are you sure full survey is only £60 more?? Ours was about twice the price of the HBR, on a Victorian property (and surveyors said they wouldn't do an HBR on a property of that age, only a full survey)

MoominMama

Sorry, typo, should be £160 more!

Is it still worth getting rather than the homebuyer? My instincts say yes.....

MoominMama

Also, I have no idea if the quotes I'm getting are good value or not, I have nothing to compare them to and no-one to ask, so far I've had:

A local, independent solicitor who works from home and can do the work quickly quote me a total of £1470

Removal firm (I do the packing) £595

Buildings Survey £430

Maybe the part of the country you're in has some effect on the price, I'm in SE

I've spent 2 days online Googling everything and I've got quotes until they are coming out of my ears!

G_M

Best thing you can do is visit your local library.

Borrow (free) a book on house buying/selling. It will tell you ALL you need to know and you can refer to it over the coming months.


http://www.amazon.co.uk/Buying-House-Step-step-Guide/dp/1857032926

http://www.amazon.co.uk/Sell-House-Which-Essential-Guides/dp/1844900568

cattie

Yes, structural or buildings survey as it sometimes known as is always best for a Victorian property & well worth the extra outlay.

You will have to pay for the survey up front, but solicitor & ea are usually paid on completion, although most solicitors do ask for a deposit before starting work for you.

House selling & buying seems very daunting at first & it is very stressful, but hopefully within the next 2-3 months it will all be over & you can settle into your new home & breathe a sigh of relief. And I'm sure your husband will be very proud of you for coping with it all alone.

MoominMama

Thank you.

Yes, I'll have to borrow the money for the survey off someone and pay them back when the house sells.

Is 2-3 months the usual time it takes? There's me, not having a clue thinking it would be more like 2-3 weeks!

cattie

Yes, 3 months or 12 weeks is the average time from offer to completion, though it can be quicker in situations where there is no chain & solicitors etc. put their minds to it to fast track it all through.