House Buying for Non-UK First time Buyer

lalala1512

Hello lovely people,

I’m a non-UK,EU citizen looking to purchase my first house in the Berkshire Area. I have only viewed 6 houses but kinda have my favourite now and would really like to proceed. I have spent days trying to read house buying guides but still have many confusions so would really like some clarifications.

1. The asking price of the house is 338k. It was reduced on 1/11 from the initial 350k (if I remember correctly). It has been put up on Rightmove since I started actively looking which was September but I’m not sure the exact date. I also viewed three other houses within the same area of that house and the prices vary with one at 325k (Offers in region of, chain free), one at 350k (chain free) but has been up for quite a while and one that has just been reduced to 355k (chain free). All the houses have basically the same floor plan 3 bedrooms and 1 upstair bathroom but the house I’m interested in has a very very tiny garden. Furthermore, the house I’m interested in will definitely be part of a chain and the agent told me the seller is “actively looking but has not found anything suitable” and the house belongs to a family with kids so I think it will take a long time for them to find anything. Therefore, I intend to offer roughly 5% below AP at 325k and willing to raise it a bit to possibly 335k if it can make the sale go quicker. Should I offer lower (to below 10%) or is this ready reasonable and feasible to speed up the process? I expect to complete everything by May the latest, is this achievable considering the town I’m in is very near to London and on the crossrail link (so market should be quick)?

2. I am fortunate enough to have the whole sum gifted to me from my parents. We have all the paperwork ready to transfer the money from my parents’ account in my home country to my UK current account. However, I understand that the buying process can be long so my parents don’t want to send the money to me too early because they can still earn interest on it back home. I asked an agent and he said I would only need to have the deposit ready (I have it already now in my UK account) and show proof of the remaining money being available to me. So is a letter of intention from my parents and their Overseas bank account enough? Or would they need to send the whole sum to me now and I just keep it there until exchange of contracts?

3. I’m afraid I’m not in a strong position to get my offer accepted being a non-UK citizen needing to get the money from abroad. But would the fact that I’m a cash and first-time buyer outweigh this? I’m also very worried about the buying process in the UK especially with the gazumping and gazundering thingy. Considering the seller is a family and she is only “actively looking”, should I play safe and try to stick with a chain-free to avoid disappointment?

Sorry forthe wall of texts. Any advice is greatly appreciated :j

Cakeguts

What don't you like about the chain free? Is it because it hasn't got any furniture in it? The chain free will be a lot less hassle.

lalala1512

Thank you for your reply!

It’s just the style of the 338k is more to my taste and I wouldn’t need to change anything and it has more of a homely feel to me. The chain free 355k is very nice but it would be a darker (and longer) walk at night and I don’t drive. The chain free 350k is next door to the 355k but have the bathroom downstair instead of upstair. The chain free 325k, I just don’t feel it and it would need some minor updating and I can’t really take up any projects.

Cakeguts

lalala1512 wrote: »

Thank you for your reply!

It’s just the style of the 338k is more to my taste and I wouldn’t need to change anything and it has more of a homely feel to me. The chain free 355k is very nice but it would be a darker (and longer) walk at night and I don’t drive. The chain free 350k is next door to the 355k but have the bathroom downstair instead of upstair. The chain free 325k, I just don’t feel it and it would need some minor updating and I can’t really take up any projects.

When they move out of the one to your taste you will almost certainly have to redecorate and change the carpets. This is because when they move pictures on the wall there will be a mark where they have been and the carpets will have patterns of wear on them where there furniture has been which could quite easily been in a different place to your furniture and they will show up when you live there.


It is a very bad idea to buy a house based on the decorations of how it looks now. The house may have a homely feel to it because it is being lived in. It won't feel the same when you live there.

AdrianC

lalala1512 wrote: »

Should I offer lower (to below 10%) or is this ready reasonable and feasible to speed up the process?

None of us are the vendor (I don't think...) and none of us are psychic. I suspect the main factor that'll affect the vendor's attitude is the affordability of what they're trying to buy, and how quickly they want everything to go through on that.

I expect to complete everything by May the latest

If the vendor finds the place they want to buy, and there's not too much mucking about with an upward chain, then it should be.

2. I am fortunate enough to have the whole sum gifted to me from my parents.
...
So is a letter of intention from my parents and their Overseas bank account enough? Or would they need to send the whole sum to me now and I just keep it there until exchange of contracts?

Get a solicitor lined up, and ask them what will satisfy them for the money-laundering and know-your-client checks. They're the people who need to be happy that the source of the money is legit.

3. I’m afraid I’m not in a strong position to get my offer accepted being a non-UK citizen needing to get the money from abroad. But would the fact that I’m a cash and first-time buyer outweigh this? I’m also very worried about the buying process in the UK especially with the gazumping and gazundering thingy. Considering the seller is a family and she is only “actively looking”, should I play safe and try to stick with a chain-free to avoid disappointment?

You're over-thinking.
You have the money, and you're not reliant on a mortgage. Good.
You don't have a downward chain. Good.
Your solicitor needs to ensure that the money is traceable and legitimate - that's no different to any other buyer.
End of.

lalala1512

Thanks,

But I forgot to at that my next best favaourite is the 355k and I highly doubt that I can offer anything below 330k. So price is another factor

wjchoihk

you are in the strongest position. EU bank account should not be a problem.
Your weak point is falling in love with the property. Start from 10 percent low and see. And keep looking alternatives.

BrassicWoman

Are your parents prepared to show how they got the money so it’s clear you aren’t money laundering?

lalala1512

BrassicWoman wrote: »

Are your parents prepared to show how they got the money so it’s clear you aren’t money laundering?

Yes, as I said we have all the paperwork ready and would have no problem proving the money is from a legitimate source.