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Buying a house without a mortgage
Sougia_Bay
Posts: 1 Newbie
After some negotiation on price we have placed an offer on a house. We won't need to raise a mortgage to buy this property.
A solicitor has been appointed to undertake the conveyancing. An equivalent of a RICS level 3 survey report has been carried out. However, the report does not include a valuation so we have arranged for this to be done separately. We nearly overlooked this. If we had needed a mortgage there would have been a lender's valuation which would have indicated if we were paying over the market price. We've done a fair amount of our own investigations locally, but are buying in a rural area that we are not familiar with.
As cash buyers, is there anything else we may have overlooked or need to consider?
A solicitor has been appointed to undertake the conveyancing. An equivalent of a RICS level 3 survey report has been carried out. However, the report does not include a valuation so we have arranged for this to be done separately. We nearly overlooked this. If we had needed a mortgage there would have been a lender's valuation which would have indicated if we were paying over the market price. We've done a fair amount of our own investigations locally, but are buying in a rural area that we are not familiar with.
As cash buyers, is there anything else we may have overlooked or need to consider?
0
Comments
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Do you fully understan the house-buying process? Your post suggests not.
as it's a multi-hundred-thousand pound purchase, why not borrow (free) one of the many books at your library which will explain the entire process?
eg
https://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377?SubscriptionId=AKIAILSHYYTFIVPWUY6Q&!!!!!duckduckgo-ffsb-uk-21&linkCode=xm2&camp=2025&creative=165953&creativeASIN=0091935377
https://www.amazon.co.uk/How-Buy-House-Kirstie-Allsopp/dp/14447906330 -
Sougia_Bay wrote: »After some negotiation on price we have placed an offer on a house. We won't need to raise a mortgage to buy this property.
A solicitor has been appointed to undertake the conveyancing. An equivalent of a RICS level 3 survey report has been carried out. However, the report does not include a valuation so we have arranged for this to be done separately. We nearly overlooked this. If we had needed a mortgage there would have been a lender's valuation which would have indicated if we were paying over the market price. We've done a fair amount of our own investigations locally, but are buying in a rural area that we are not familiar with.
As cash buyers, is there anything else we may have overlooked or need to consider?
Surely you've just set the market price by making an offer?0 -
If you are buying in a very rural place, find out what kind of drains there are, and if it's a septic tank/cesspit, consider getting a report on condition and compliance with the revised rules.0
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Nothing in particular comes to mind. Your solicitor will do the same degree of due diligence that they would do if a mortgage were involved - but you will have the added option of taking a view on things which a lender probably wouldn't.0
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