First Time Buyer. Help!!!

morten44

Hi everyone
I am from Norway and finding the UK System quite difficult to understand.
However I do understand the basic.
My Problem is that i am affraid to burn off a big part of my savings (£8000) on survey, solicitors etc and then end up 4 weeks down the road that they dont want to sell or have sold to other person.
I am looking for a 95% mortgage, price 90-100.000 and 5000 in deposit.
Is there anything i can do to secure that when i see a place and say that I want it, then they can not sell it to anyone else?
What is my safest option to not loose money in this process?
I have heared that i should not go for re-possessed propertiels as they often ends up going to higher bidder.is that correct.

Hoping on some advice

Thanks
Morten

JoeK_3

Morten, you need to conduct research on the UK house buying system.

You should get yourself a good reputable whole of market Mortgage Broker or an Independent Financial Adviser (IFA) that offers mortgage advice.

Your questions are not easy to answer as you have not stated your income or residency.

JoeK

herbiesjp

The only thing that you can do once your offer has been accepted is stipulate that the property is taken off the market immediately - a lot of estate agents will do this subject to getting the valuation booked for the proeprty within a given timescales, i.e. 7-10 days

So the only suggestion to make sure the property is yours, is to make sure you can work quickly - so you will have a mortgage agreed in principle before you make any offers, so that way you can then submit a full application very quickly

Also you would need to get the soliciotrs to move very quickly for you from day1 - there are some firms that offer no completion no fee deals, so if the deal falls through, you have not wasted any money on legal fees

However depending how long the chain is, you cannot plan for everything. So if something happens further up the chain, it could have an impact on the whole house buying process for all concerned.

Survey fee has to be paid upfront, however mortgage arrangement fees can be added to the loan, so another way of safeguarding yourself against one fee is to add this on to the loan. Once the mortgage has completed, you can fee make an overpayment if you want to reduce the mortgage amount by the value of the paid that was added

I think you should have a word also with a fee free whole of market adviser, again saving you some fees.

HTH