First time buyers

A.am19

Hi all.

Me and my partner are looking to buy a property for the first time.

Is anyone able to explain to me all costs i need to pay for eg. Conveyancing and sureyors etc. Also, is someone able to explain the process to buying a home. From when we contact the estate agents and put an offer forward, what happens from then on?..

Also, the house we want to buy is on the market for £130,000 but we want to put an offer forward for £120,000. Is this reasonable?

It is a 3 bed quasi semi house. Kitchen and bathroom are dated so may need new but did have a new boiler 1 year ago.

All advice welcome.

dalehitchy

A.am19 wrote: »

Hi all.

Me and my partner are looking to buy a property for the first time.

Is anyone able to explain to me all costs i need to pay for eg. Conveyancing and sureyors etc. Also, is someone able to explain the process to buying a home. From when we contact the estate agents and put an offer forward, what happens from then on?..

Also, the house we want to buy is on the market for £130,000 but we want to put an offer forward for £120,000. Is this reasonable?

It is a 3 bed quasi semi house. Kitchen and bathroom are dated so may need new but did have a new boiler 1 year ago.

All advice welcome.

Going through the process now as a first time buyer myself

Went to mortgage broker
Found out how much we can borrow
Got agreement in principle
Found a house
Put an offer in and got accepted
Confirmed with mortgage broker to go ahead with the bank
Booked in surveyor for home buyers report and valuation
Chose solicitor whilst waiting for surveyor report
Read survey report and happy to go ahead
Happy for solicitor to start their checks

- current waiting for the contracts to be written and exchanged

My costs

Mortgage broker - £195
Valuation fee - £270
Surveyor fee - £230 (used same company who did valuation so it cheaper)
Solicitors fee - £930 ( on 94k freehold house)

re14796

130K for a three bedroom?

dalehitchy

re14796 wrote: »

130K for a three bedroom?

Doesnt sound unreasonable and depends where you are. I'm in the process of buying a 94k 3 bedroom end terrace

A.am19

Yes house prices are fairly expensive where we are looking unfortunately

lincroft1710

In some parts of the country you can buy 3 beds for £75K, obviously not the best houses and not in the best areas.

A.am19

Aw thank you so much.

We have a mortgage in principle with one bank but we have an appointment with a mortgage broker tomorrow so widen the search.

Youve been so helpful! Good luck with your house

ACG

One of the questions I get asked a lot is what are the costs involved with buying a house, so you can ask your broker these sorts of questions.

I made a post on the costs of house buying here.

I would say if you budget around:
£800 for legal fees,
£300 for the valuation,
£xxx for the broker - presumably you already know their fees.
and you should not be too far out.

juniordoc

Do you know how long the house you're going to offer on has been on the market? Many start with opening offers of 10% under asking price if the property has not been recently marketed or price reduced.

Fosterdog

It really can be a case of how long is a piece of string. We completed on our first house in September and we paid:

Mortgage broker £0 (he is a fee free whole of market broker and also good family friend)
Survey £0 we chose not not have one done as we already know the houses well
Valuation £0 it was provided free by the mortgage provider
Solicitor £750 the going rate in the area I'm in.

Add to that our broker got us a mortgage deal with £500 cash back, plus an extra £250 cash back as we were both already account holders with them so we broke even at £0 costs. We were very lucky with the deal we got though and is obviously not the norm.

G_M

It's a complex process, whith lots of steps which will be new to you, and terminology which may not be immediately understood.

No one here can go through every step, every costs, and every permutation.

And to avoid you posting endless questions as they arise (or worse, after they've arisen), I sggest you get a book on house buying. You library will nend you one for free eg

https://www.amazon.co.uk/buying-house-dummies/s?ie=UTF8&page=1&rh=i%3Aaps%2Ck%3Abuying%20a%20house%20for%20dummies

https://www.amazon.co.uk/d/Books/Buying-Your-First-House-UK-2016-tax/1522929061/ref=sr_1_2?ie=UTF8&qid=1488127467&sr=8-2&keywords=buying+a+house