Buying apartment outright...

6397

Hi!

I've always worked hard so even though I'll only be 20 (19 ATM), in 4-5 months I'll have enough money to buy my first property outright. I'm only buying an apartment for my boyfriend & I, so I'll be buying it outright. I've read tonnes of blogs/guides for first time buyers, house-buying tips, etc. and although some of the stuff helps, it's hard to find stuff about buying outright (especially as a first time buyer!).

I assume most people who are able to buy outright already have experience with buying property, and I feel really stupid asking, but what will the steps be to me buying a place, and what will I skip by not needing a mortgage?

G_M

Theprocess is exactly the same except you don't need to apply for a mortgage.

Best advice is to borrow a book (it's free) from your local library on house-buying.

barbiedoll

I can't comment on the property-buying, it's been years since I bought my house.

However, don't let your boyfriend pay rent or get his name on the deeds. You may find that you lose your money even more quickly than you earned it!

6397

G_M wrote: »

Theprocess is exactly the same except you don't need to apply for a mortgage.

Best advice is to borrow a book (it's free) from your local library on house-buying.

LOL, so patronising

goodwithsaving

You're buying a house for YOU. Not for you and your boyfriend. Be sensible, your name only.

6397

barbiedoll wrote: »

I can't comment on the property-buying, it's been years since I bought my house.

However, don't let your boyfriend pay rent or get his name on the deeds. You may find that you lose your money even more quickly than you earned it!

Yeah, his name definitely won't be on the deeds or anything. I trust him, but also I'm a businesswoman so always a little cautious when it comes to anything related to money/property :A

6397

goodwithsaving wrote: »

You're buying a house for YOU. Not for you and your boyfriend. Be sensible, your name only.

Yeah I know

G_M

6397 wrote: »

LOL, so patronising

That's me - Le Patron.

But the advice is good.

Doozergirl

I'd recommend buying a house with a mortgage over buying a flat outright.

There are sommany opportunities to be fleeced out of money when you buy leasehold. Freehold all the way, wherever there is a choice

ThePants999

I'm sorry if you thought G_M's advice was patronising, but the process of buying a property is (a) quite involved and (b) thoroughly documented already, so it's not appropriate for you to ask us to write it all out again when you could read an existing guide or book that would do a much better job anyway. Forums are for exchange of opinion, or seeking advice on something out of the ordinary.

I'm a little confused because you said you'd read loads of guides etc already. They should have made clear the full process - the fact you can skip a bit of it (the mortgage) isn't a complicated circumstance.

3card

Hi

I too purchased an apartment 'outright' a few months ago but mine was for investment purposes but obviously everything else throughout the buying process should be the same.
My apartment was a newish one (built in 2008) so i didnt feel the need for a survey of any kind. A survey friend told me that unless any faults were obvious there shouldnt be a need for one to be carried out (i know others will disagree)

At the same time as i was buying this one my brother in law was buying a 50 odd years old apartment and he decided to have a survey done and as a result he had an electrical check done and the electrician told him it required a full re-wire which he is planning to carry out between tenants.

Obviously with a mortgage the surveys would be standard the lender would insist on some kind of survey.

You solicitor will require proof of how you achieved your monies with sources but apart from that the process is pretty much the same as if you are buying with a mortgage.

I forgot add. I was fortunate to buy a property with an existing tenant and i was able to approach the tenants of numerous occasions to ask any questions with regards to faults, problems, etc. which was an advantage

HTH