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First Time Buyer - Reposession/Mortage/Fees
dickibobboy
Posts: 1,061 Forumite
Good Evening
Sorry if this sounds more complicated than it needs to be!
I'm looking at possibly attempting to buy my first property that is a repossession. Crazy I know but hopefully it all goes all to plan. I understand the implications of the period of where my offer is made 'public' and someone could put in a higher one in the set time.
I have been speaking to some mortgage advice /financial advice people regarding what to do. One has looked into Mortgages to offer and given me information on solicitor fees that total not much over £1000 but do offer a 'no move no fee' offer.
A 'no move no fee' offer seems quite positive as there may be a chance me not getting the property at all but I see from the small print that costs may be involved still even if I don't, I’m just not sure what (I understand they can't work for free/have paid out for searches etc..).
The second person I have spoken to (very local to me) I could also go through for everything informed me the fee's for solicitors would be around £500ish (which I have heard is reasonable around here). If I was to go through with and be 'out bid' I would still have these costs to pay.
There is quite a big difference in the costings from both, one offers the no win part also but is almost double the costs (this isn't because of the no win, that’s just what their fees were).
The local guy to me is well respected and done financial advice for the family for years. He did tell me it is worth asking the estate agents if there is any advantage in going through them for everything. Even though it shouldn't happen they can sometimes be more preferential towards someone using them for the solicitors as they gain more money in the end.
Sorry for the long post, I’m very new to this and quite unsure what to do! Close family / friends have not had a new purchase in quite a long time and never a repossession property to top it off.
Any advice would be appreciated.
Thanks.
Sorry if this sounds more complicated than it needs to be!
I'm looking at possibly attempting to buy my first property that is a repossession. Crazy I know but hopefully it all goes all to plan. I understand the implications of the period of where my offer is made 'public' and someone could put in a higher one in the set time.
I have been speaking to some mortgage advice /financial advice people regarding what to do. One has looked into Mortgages to offer and given me information on solicitor fees that total not much over £1000 but do offer a 'no move no fee' offer.
A 'no move no fee' offer seems quite positive as there may be a chance me not getting the property at all but I see from the small print that costs may be involved still even if I don't, I’m just not sure what (I understand they can't work for free/have paid out for searches etc..).
The second person I have spoken to (very local to me) I could also go through for everything informed me the fee's for solicitors would be around £500ish (which I have heard is reasonable around here). If I was to go through with and be 'out bid' I would still have these costs to pay.
There is quite a big difference in the costings from both, one offers the no win part also but is almost double the costs (this isn't because of the no win, that’s just what their fees were).
The local guy to me is well respected and done financial advice for the family for years. He did tell me it is worth asking the estate agents if there is any advantage in going through them for everything. Even though it shouldn't happen they can sometimes be more preferential towards someone using them for the solicitors as they gain more money in the end.
Sorry for the long post, I’m very new to this and quite unsure what to do! Close family / friends have not had a new purchase in quite a long time and never a repossession property to top it off.
Any advice would be appreciated.
Thanks.
Things that are free in life are great, well most of the time :beer:
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