Buying off a family member/First time buyers

andymoran9

Hello,

My girlfriend and I have been kindly offered the house we currently rent off her parents. We are definitely interested in the purchase but as first time buyers we don't have much of an idea of how to go about it. We are having the house valued soon, and we are booking in to speak with mortgage advisors imminently. However I know building surveys/condition reports/homebuyers need undertaking…when does this need to be done? Also any advice on anything else we should be doing in the mean time? we are looking at paying the full price for the house as it would be on the market so there is no concern surrounding 'a cheap house price', however we need guidance. When do we look to get solicitors involved and are there any hidden costs we need to be prepared for?

Any advice would be great.

Andy

amnblog

Once you know what is it worth you need to agree a price and consider:

Deposit
Stamp duty (tax)
Mortgage (are you eligible? Cost? Options?)
Valuations and surveys
Solicitors
Insurance

There is plenty of information about all of these areas online - much of that information is nonsense.

If you engage a good mortgage broker they will take you through the whole process and you won't encounter misinformation.