First Time Buyers Questions

hazyjo

Realistico wrote: »

I dont doubt their contribution however I objected to the tone and arrogance!

Easy to give advice in hindsight, poster is a first time buyer.

Didn't see any tone or arrogance - this can be rather a 'harsh' board (shall we say), but if you think that was, maybe it's not the right section for you


Like I said, info given on these boards isn't just for OPs' threads - it's for future readers. Threads aren't deleted for that very reason - they may help someone else. You'll find 'hindsight' comments are often made for OPs' future info and for others.


Jx

kingstreet

Realistico,

I'm looking forward to your future contributions with real interest.

G_M answered the OP's questions and only gave a little attitude when the OP came back with frankly, what they all do...

From the rest of the thread.

In my experience, the conveyancing warehouses "recommended" by mortgage lenders tend to be very light on their fees at initial quote, but by the end of the process things like "acting for mortgage lender" and "completion of SDLT return" suddenly appear and are made to look like disbursements, when in fact they are extra fees not notified at the outset.

When I compare it to the local firm I've been recommending for twenty years, all of a sudden the local firm which charges one headline rate which covers everything suddenly looks cheaper.

G_M

Can't be bothered to reply directly to the criticism - I stand by the advice offered to the OP in my posts, and the more general information provided for other readers.

marksoton

Realistico wrote: »

I'd like to offer some constructive advice,

I highly doubt your capacity to do so....

Wellplayed

Realistico wrote: »

I'd like to offer some constructive advice, there is no need to go buy a book and waste money when we are on a Money Saving forum! If you want to ask any question no matter how insignificant ask away.

During Exchange, it will be stipulated when the 'Completion date' is and this contract is agreed by both the Seller and Buyer.

Sounds like Vendor made a suggestion they were flexible to entice you into the place you are buying. This is normal and now wants to rubber stamp the sale and moving at their convenience.

1. Go to your Mortgage Consultant, they should be FSA regulated and can easily verify your passport copy for you.
2. Send covering letter to Solicitor when you send your details back stating you dont have items listed but instead you are sending other things instead like Payslip that has your address, Mobile phone bill, Car ins etc
3. You only need your Deposit ready when you are about to Exchange however I wouldn't Exchange early for the sake of Seller dictating exchange date. I work under principle of about 1 month before Completion. If you had money in a ISA or Fund, you are losing potential interest.

Thank you so much, I haven't liquidated my shares or broken into my ISA yet.

Yes seller wants to exchange early, they have changed their tune as earlier they had suggested they were flexible but this could work out as it would allow me to save more money before I move in.

I went to nationwide but they were unable to sign it as their Mortgage broker wasn't allowed to due to their policy so I went to my local Solicitor who did it for £5!

I have as you suggested sent other documentation like Road TAX renewal, Mobile phone, payslips, old Polling card from EU Ref and a bunch of other useless things all with my name and address with a covering letter.

Solicitor will tell me in advance of any hidden charges but so far everything is going ok. mortgage valuation booked in for next week.

Wellplayed

G_M wrote: »

After you Complete, come back and tell us what other 'extras' you ended up paying the solictor, and whether it is still cheaper than the local quotes........

Regarding this point, this got me really concerned so I wrote to my appointed Solicitor. The invoice they sent me with the Stamp duty is accurate. I have paid for a package assuming everything goes to plan. The same could be said for a local Solicitor if we ran into the same problems.

I probably won't be jumping up and down if costs do indeed work out more expensive than the local quotes just so you can say "i told you so" :rotfl:

kingstreet

Wellplayed wrote: »

Regarding this point, this got me really concerned so I wrote to my appointed Solicitor. The invoice they sent me with the Stamp duty is accurate. I have paid for a package assuming everything goes to plan.

Acting for mortgage lender and completion of stamp duty return is included in the headline fee you've been quoted then?

Wellplayed

kingstreet wrote: »

Acting for mortgage lender and completion of stamp duty return is included in the headline fee you've been quoted then?

Yes, I compared all the different headlines and still worked out £300-£400 cheaper than 4 local Solicitors. Lets see what happens

Wellplayed

Ok things are progressing, the solicitor update i need some help with regarding an update they just sent me.

"Your searches have been submitted, however there are none back yet."

Can someone put this into plain english?

ap1985

Wellplayed wrote: »

Hi all, I am a first time buyer and I had an offer accepted for a flat with 10% equity.

I've used my Bank services to provide a Solicitor and Surveyor.

Vendor originally suggested they were very flexible with the move and could move out sooner however now they are asking to Exchange within 4 weeks and Complete in possible December or even sometime into 2017.

My question is, can Complete date be written into the Exchange agreement? If it can be written into the Exchange agreement can this date be amended by the seller?

Also I need help with 3 other issues that Solicitor which I have chased Solicitor for but haven't responded since asking them last week.
1. Solicitor requires me to provide 'Proof of Identity' a signed copy of either my Passport or Driving license to state a true likeness This can only be done by a Solicitor, Licensed Conveyancer, Charter Legal Executive or an Independent Financial Advisor who is regulated by the FSA. Any tips where to get this done as my budget is already tight.

2. Solicitor is also asking for Proof of Address from a Utility Bill, Council Tax, Council Rent Book, A Mortgage Statement. I don't have any of these as I'm 24 and living with my parents.

3. Deposit is in a Help to Buy ISA and shares purchased through Company Employee Share scheme. Do I need to liquidate all this and stick into one account before I exchange or can this be done before completion?

Sorry about all the questions but putting this into writing and getting this off my chest is better than constantly trying to worry about things I have no control over or experience in! I am very much on my own.

You can get certified copies of your ID done from a post office. Have a look online as to which post offices near yourself provide that service. I had mine done from there and it wasn't overly expensive.