First Time Buyer feeling overwhelmed!

Competsoph

Hi all, my first official post though I’ve been following and reading for quite a while!

I’m a FTB and just looking for some generic and then specific advice (which I may need another thread for!).
Firstly I’ve been looking for a house since the beginning of the year, finally come to the conclusion what I want I will not get for the price I wanted. I’m happy to make some compromises and also consider going higher (within my budget) but probably looking towards the top of that now.. I’m planning to buy alone as me and my OH haven’t been together very long, I also have a significant deposit and savings and better credit score than him. I also wanted to do this alone prior to meeting him. We’ve discussed and he is happy to essentially split everything but not be on the mortgage.

My main concerns are:
1. I’m finding it very difficult and overwhelming just searching for property. The few I’ve found which I like seem to be snapped up even before I can get a viewing, even though I’m often ringing on the same day they go live! This has really hit me hard, I didn’t expect this to be so challenging! Are there any tips on other than the standard set up online searchers/notifications sent to email etc
2. Now I feel like I may have found somewhere but due to lockdown things are on hold. Another worry is offering. I’ve read on here and been told to keep things purely impersonal. Offer what I think the property is worth minus a bit and then work up towards the asking price. But what is too little and will this result in the vendor becoming very annoyed and slamming the door in my face if I consider bidding higher?
3. No one knows what will happen with the market but I intend on buying a property to stay in longer term, maybe 10 years. Should I consider this when offering, although this could mean I lose the property?
4. Will I be able to write into the contract about my partner paying half in case of any split in the future and would this result in extra solicitors fees? We would be considering adding him to the mortgage at a later date but buying together right now just doesn’t seem feasible.
5. Should I be taking all this to heart? I sometimes feel I am being sensible and considering all options. At other times I am in tears trying to cope with the disappointment. Is this rollacoster part of the process of do I need to get a grip? 🙈

If you got this far, thanks for reading all my nonsense and hoping you have some words of wisdom! TIA 😂😀

boxer234

Hello I am no expert having only bought and sold one house but my thoughts are; 

Buying a house is quite stressful so take a deep breath and try not to worry to much. 

We were offered £20,000 under the asking price we said no but I was not at all offended or upset they came back with a higher offer no problem. 

It is safer to buy if you are planning to stay put.  This is a difficult time but no one knows what will happen.  Is your job secure? Do you have a good mortgage deal? 

Your boyfriend moving in causes issues (I’m just divorced so slightly jaded) if he pays half the mortgage it can give him rights, this can also upset the mortgage lender as it can be seen as a vested interest.  If he does live with you I personally would be asking him to pay for things like food not towards the mortgage.  (I could be wrong I’m not an expert) 

GregSK

I’m just coming towards completing on my first purchase so certainly empathise with a lot of what you’ve said.

1. Although a little tricky given the timing, it’s key to speak to a lot of the local estate agents in the area(s) of interest and ensure they have your details and requirements. You’ll usually be able to get details of properties before they hit the market and organise an early viewing (perhaps virtual atm).

2. Ultimately you’re right - if it’s a long term property then offer what you’re happy to pay, taking into account sales on the street/nearby of similar properties. Don’t worry about low balling and feeling bad. They’ll say yes or no and you shouldn’t have a door close on conversations due to a low offer alone. Always add a bit of context to your offer where you can - if work needs doing etc.

3. Once again, if it’s long term I wouldn’t worry too much. Hopefully it’ll help you have some success with your lower offers in negotiations, so I’d see it as a positive.

4. Not sure on the specifics on this, but I do know it comes up a couple of times in different bits of paperwork about if you’ll have someone of age living in the property who isn’t on the mortgage.

5. Although easier said than done - don’t get emotionally attached to any of the properties, certainly not early on. It can all fall apart even at the very late stages. For us, we continued to read up on others experiences and learn more about the process so you can stay realistic and patient and avoid the downs of the process as there can be many, but the more you know the better positioned you are to swerve those that are avoidable.

Competsoph

@GregSK @boxer234

Thank you both for kind words and advice. It is comforting to hear I’m not the only one who finds this difficult! 

To add some context: 
I have a very secure job, NHS frontline. 

Good mortgage offer though I have had a very slight increase to my wage this financial year which I’m unsure if this would make much of a difference. I have got back in touch with my mortgage adviser as I received two slightly different quotes on my paperwork.
i am looking at £150k max with 10% deposit. I could go slightly higher but would prefer not too as I will need to furnish as currently private rent. 
i have gone through my personal finances and feel I would be able to afford to live should I either be alone or he not be able to contribute at all. (I’ve tried to review approx energy bills/consider all the associated costs but these are vague at the best of times!)

Thanks again 😅🤝

greatcrested

Competsoph said:

........ I’m planning to buy alone as me and my OH haven’t been together very long,...... We’ve discussed and he is happy to essentially split everything but not be on the mortgage.

My main concerns are:
1. I’m finding it very difficult and overwhelming just searching for property. The few I’ve found which I like seem to be snapped up even before I can get a viewing, even though I’m often ringing on the same day they go live! This has really hit me hard, I didn’t expect this to be so challenging! Are there any tips on other than the standard set up online searchers/notifications sent to email etc
2. Now I feel like I may have found somewhere but due to lockdown things are on hold. Another worry is offering. I’ve read on here and been told to keep things purely impersonal. Offer what I think the property is worth minus a bit and then work up towards the asking price. But what is too little and will this result in the vendor becoming very annoyed and slamming the door in my face if I consider bidding higher?
3. No one knows what will happen with the market but I intend on buying a property to stay in longer term, maybe 10 years. Should I consider this when offering, although this could mean I lose the property?
4. Will I be able to write into the contract about my partner paying half in case of any split in the future and would this result in extra solicitors fees? We would be considering adding him to the mortgage at a later date but buying together right now just doesn’t seem feasible.
5. Should I be taking all this to heart? I sometimes feel I am being sensible and considering all options. At other times I am in tears trying to cope with the disappointment. Is this rollacoster part of the process of do I need to get a grip? 🙈

It's a big decision and commitment, so learn how it works. Get a book on buying property!

https://www.waterstones.com/book/house-buying-selling-and-conveyancing/joseph-bradshaw/georgia-bedworth/9781906971809

https://www.waterstones.com/book/buying-a-home-on-a-budget-for-dummies-uk/melanie-bien/9780764570353

1) Only other thing you can do is get friendly with agents in the area

2) Yes if you offer ridiculously below the asking price the vendor will likely not just reject, but consider you not serious (so ignore subsequent offers). Be realistic.

3) if you are considering a long term home, then the money is less important than getting the right property. It's people who are buying short term, or as investment, who put the money as the top priority. Over 10 +year, a few thousand +/- on the price becomes irrelevant so long as it's the home you want.

4) If you own the property in your sole name, with a sole mortgage, tere's no need to have a contract with him. He will not own the property- you will. But do not let him make capital contributions eg to the mortgage, or topay for the extension you build at the back. He can pay rent and share bills.

5) yes the rollacoster is part of the process! It's stresfull. Be patient it takes time. As you go forward, learn as much about the process as possible so you don't get overwhelmed by issues that arise (hence the books!)

sjc93

Hi and welcome!!!

Also, thank you for ALL of your hard work being frontline NHS. Hope you're keeping safe throughout all of this!

I'm currently at the other end of the scale of buying process - me and my partner are FTB's and I am a colossal worrier, so found my way onto this forum and it has kept me sane throughout the whole process.

1. The trick with the properties is to register with the estate agents, and specifically if you're saying that you have an AIP/DIP ready to go - they'll bump you up the list and contact you before they put the properties onto the public (rightmove, onthemarket etc) to see if you want to view them - it's a tough world but also think that everything happens for a reason; I fell in love with TWO properties before finding the one we are purchasing now (which I love more than the two I fell in love with originally!) so if the house is meant to be, it'll happen!
   
   
2. It's really up to you on what you want to offer for the property... We knew our house would be snapped up within days as it had came back onto the market following the last sale going through - we offered asking price straight away, and said we wanted it off the market straight away as one of our conditions. Within about five minutes of offering, it was accepted; but if you see this as a longterm property (10+ yrs) then the price shouldn't ULTIMATELY (common sense given) be the breaker. But there is nothing wrong with being cheeky and going in lower and building up!
   
   
3.  If you're thinking long term, then I wouldn't be too concerned about the value of the property - and I'd certainly say your job is definitely permanent and not going anywhere! (and hopefully you get a few raises!!)
   
   
4. I believe if you're applying for a mortgage in your name only then the property will solely be in your name. If you were going for a joint mortgage, then there are different types of 'shared' ownership of the property (ie, 50/50 normal split) or there is another thing called 'tenant's in common', where one of you owns a larger share of the property. I'm not too sure of the specifics, but it's something to look into if you are wary if you want to go down that route.
   
   
5. It most definitely is a rollercoaster and possibly one of the most stressful things ever - but I keep having to tell myself that once I reach the finish line and I'm in my property on the first night, it'll all be worth it.

If you need any other advice then feel free to PM me for a chat - happy to talk anything through with you and share my experiences I've had so far! 

Missy79

Good luck, I feel your pain!
With regards to 4) I'm in a similar position, buying alone but intending to have the boyfriend move in. I was honest about this when asked by the bank (Halifax) and they've just requested (during the meeting with them and subsequently via my solicitor) that he sign a witnessed document stating that he will have no interest in the property. Hope this helps.

Competsoph

@Missy79 thats very helpful to know, thank you. Was this done at thw appointment or on documentation sent home to you?
He would be interested in joining the mortgage in the future. I think i need to rediscuss this with the bank.

Good luck to you! 

steampowered

Remember that we are in a global pandemic. There are going to be less properties on the market than usual. There is really no rush to buy immediately. Perhaps a realistic goal might be to find a property over the next 12 months. 

Treat house hunting as an education process. The more time you spend searching, the more you will know what you are looking for and what the market looks like - giving you the best chance of securing a long term property at a good price.

You just have to accept that not every property will be for you. Not every property will be as good in real life as it is in the pictures on zoopla. Not every offer you put in will get accepted. All part of the game I'm afraid.

If your partner is going to be paying half the mortgage, he might have a claim to a share of the property. I think that's only fair. Perhaps you should consider getting the solicitor to draw up an agreement confirming the situation to avoid a dispute if you ever break up.

Missy79

Was this done at thw appointment or on documentation sent home to you? 

@Competsoph I applied directly with the bank and was told at that point that he'd need to sign it, they asked as part of the application whether anyone else would be living there. The form duly came through from the solicitor once I had the mortgage offer, simple one page form declaring that he has no interest in the property. 
I intend to pay the mortgage myself along with any property improvements and share other bills.
Sounds like your situation may get more complicated later.

Competsoph

Hi all,

Really appreciate your responses. I have discussed this with the bank this afternoon and as the initial period of it being just my name on the mortgage is only likely to be short, we will just require the solicitor to include that my OH has no occupational interest in the property. In simple terms, he will pay me rent. After, likely a couple of years, we will then reassess and consider adding him which will obviously give him rights to the property as he is officially contributing. The mortgage advisor told me this is quite common so not an issue. I feel relieved after having the conversation and also feel reassured from everyone’s responses about this being a slow journey.
I am just keen to find somewhere to begin paying as i intend to complete payments in less than 25 years. The hold up from lockdown is just adding to the frustration!

Many thanks to everyone commenting and stay safe, stay home 😊 👌🏽