First time buyer

renfirsttimebuy

If i was to do that I would have to pay a months rent and mortage.....

MovingForwards

renfirsttimebuy said:

If i was to do that I would have to pay a months rent and mortage.....

You have to give notice as per your agreement, unless your LL agrees in writing to something else. (I've already paid my rent for next month even though I'm going partway)

Have you double checked your mortgage T&C's regarding the first payment? 
Mine details what happens if I complete after my agreed payment date and
if it completes on my agreed payment date; (I agreed 1st of each month). 

I know some do it so the interest is pro rata and taken a few weeks after completion,
others do it pro rata and a month in advance on your first payment date.

It's all down to your completion date, having time to set up the direct debit and when you agreed the payments would be made.

Slithery

renfirsttimebuy said:

If i was to do that I would have to pay a months rent and mortage.....

Correct. You should have already budgeted for this.
It could be up to 2 months rent depending on the dates.

han_nah95_2

We received our contract yesterday all signed and back through their door this morning. I also waved goodbye to 10% of the deposit so scared to see my bank account empty soon. 
@renfirsttimebuy how you getting on? x 

MovingForwards

@han_nah95_2 seeing the money go was the hardest part, mine was 15% !

@renfirsttimebuy drops in every few days, so hopefully today will be her visit.

renfirsttimebuy

Congratulations!!! @han_nah95_2 how exciting!!! EEEKKKK!!! I know what you mean about the deposit. I was telling my husband the same thing. 
How does exchange work? Can you tell me in detail (I like to be ready)
When has your completion been set for? 


My solictor called to say they are aiming for Thursday for exchange. Let's see!!! You never know with these things! 

renfirsttimebuy

@15% is brilliant @MovingForwards Unfortantely I was a proper clueless  first time buyer. I had 10% only to realise there are so many fees which I did not know about....So instead of waiting I decided it's more important to be on the property ladder so decided to use my 10% for fees as well so no longer have 10%!!!

MovingForwards

@renfirsttimebuy is isn't an exciting process!

The solicitor double checks their file to make sure everything is done, replied to, funds are in etc. 

Then calls you to make sure you want to exchange and double checks when you want to complete. Also says about making sure the property is insured. (You may need to send a copy of the policy to them)

Then calls the otherside confirms the purchase cost and whatever is included in the price, says they are ready to exchange, agree the date for completion, thanks for the call and sends the deposit over. (They would have already agreed what day they will speak with each other and approx time).

Calls you to say exchanged, when date of completion is.

Requests funds from lender, if not already received.

You then dance around your current place and realise how much you need to pack!

han_nah95_2

i'm a clueless first buyer too....right at the beginning dad said you can budget but something will always pop up that someone will have forgotten to tell you haha 
Thank goodness for technology, trying to read that contract last night was mind boggling, but we got there! 
Currently waiting for the solicitor to get back to me...i start work at 7:30 and forget most people don't start until 9 haha 

renfirsttimebuy

Lol loved the way you put it. It is so helpful!!!!  So do I need to do my building insurance now? Or wait? 

Secondly, how does completion work (in detail please add the running around part too!!!) Thanks!