FTB - Need Help!

Jaguar_Skills

Hello everyone.

I am a FTB, although my gf who is buying with me isnt. However I think we need a lot of advice about the whole process.

The first relates to viewings. What should we be asking at a viewing? Is there any ultimate no no's?

My other question relates to what the process is? Is the first thing you do put in an offer then go and apply for a mortgage then do the solicitors stuff etc? If someone could lay out the process that would be most appreciated.

My final question (sorry!) relates to costs. At what point do fees become payable? Is it on completion? I only ask as my girlfriend is currently saving about £3500 a month therefore if it takes 3 months for the fees to be taken we can push ourselves on an offer a bit more?

Please help, I will be very grateful!

Mocha61

I would say feel free to ask anything you like at viewings, after all it could make the difference to you buying or not. Have you got your mortgage in principal yet, if no i would find out how much they are prepared to lend you. Have a look at solicitors in your are that you might want to use, and find out if your lender has them on their list, some lenders wont use every solicitor. Its handy to have a local solicitor so you can pop in with any documents etc. regarding costs most solicitors ask for a payment upfront for searches this is around £300 deposits are paid on exchange of contracts and other fees such as Estate Agents and stamp duty and solicitors paid after completion. My daughter is currently purchasing a house and this is what shes been doing. Hope this helps a bit.

Jenny007

Take a look at this thread:
https://forums.moneysavingexpert.com/discussion/4935553

Very useful for timescales and when money needs to be paid.

nubbins

Jaguar_Skills wrote: »

Hello everyone.

I am a FTB, although my gf who is buying with me isnt. However I think we need a lot of advice about the whole process.

The first relates to viewings. What should we be asking at a viewing? Is there any ultimate no no's?

My other question relates to what the process is? Is the first thing you do put in an offer then go and apply for a mortgage then do the solicitors stuff etc? If someone could lay out the process that would be most appreciated.

My final question (sorry!) relates to costs. At what point do fees become payable? Is it on completion? I only ask as my girlfriend is currently saving about £3500 a month therefore if it takes 3 months for the fees to be taken we can push ourselves on an offer a bit more?

Please help, I will be very grateful!

Its all in the link below Jaguar, I understand this is a forum to ask questions but you need to do some reading and research yourself. Get yourself 100% clued up on the process so its not all a wishy washy blur that you dont really understand. Also research the sold prices in the area for any property you are going to view before you do the viewing, if the last one to sell in a street was say August 2014 and is a similar price but better condition then all good, if it needs renovating then you would expect it to be lower. There are so many variables but research can really help you out.
Dont be too keen and give away too much financial information, be polite and business like but sell the positive points of your position, i.e FTB, flexible, no chain or whatever.

If you find something you like try to hold off paying anything out until the chain is complete, you can start lining up a solicitor (preferably no completion no fee) and mortgage now without any cost. An EA may want to see proof of deposit, mortgage details and solicitor details.

Have a read below, especially point 13.

Good luck

http://www.moneysavingexpert.com/mortgages/house-buying-guide

Jaguar_Skills

Mocha61 wrote: »

I would say feel free to ask anything you like at viewings, after all it could make the difference to you buying or not. Have you got your mortgage in principal yet, if no i would find out how much they are prepared to lend you. Have a look at solicitors in your are that you might want to use, and find out if your lender has them on their list, some lenders wont use every solicitor. Its handy to have a local solicitor so you can pop in with any documents etc. regarding costs most solicitors ask for a payment upfront for searches this is around £300 deposits are paid on exchange of contracts and other fees such as Estate Agents and stamp duty and solicitors paid after completion. My daughter is currently purchasing a house and this is what shes been doing. Hope this helps a bit.

Hi Mocha,

We have been told we can borrow 270k so we know the figures we are working to. My girlfriend is self employed and only has one years accounts so only one lender. We do have around 70k deposit though so things looking ok.

I am good friends with a partner solicitor in a law firm so that will all be done quickly and for free.

nubbins

Mocha61 wrote: »

Its handy to have a local solicitor so you can pop in with any documents etc.

Sorry Mocha but I disagree with this point, these days I do not think it makes any difference. I have completed several purchases over the last few years and never once met the solicitor and they have all gone reasonably well . My experience is that the local solicitors can be double the price than looking around the UK. As long as you have a scanner, email and computer its all good. I think my last purchase the only original doc they wanted was the signed contract.

Regards

Mocha61

nubbins wrote: »

Sorry Mocha but I disagree with this point, these days I do not think it makes any difference. I have completed several purchases over the last few years and never once met the solicitor and they have all gone reasonably well . My experience is that the local solicitors can be double the price than looking around the UK. As long as you have a scanner, email and computer its all good. I think my last purchase the only original doc they wanted was the signed contract.

Regards

Im glad you found your solicitor was ok, this comment was based on our experience only, last house move was a nightmare solicitor was not local, they didnt return calls etc. this time its local solicitor and its been far better, sometimes they want original documents so far easier to pop in with them rather than post. But i guess every solicitor is different.

Jaguar_Skills

My solicitor is my golf partner and will do everything for free so not an issue here. I needed more advice ont he other stuff