First time buyer questions...

[Deleted User]

Thanks Dark Star, this is good advice! Even on eBay, just offering a little more than would be expected (i.e. £5.01) can give you the edge so I'm planning to use a similar strategy with buying a home!
MovingForwards, glad that solicitors don't charge for making formal offers. Based on your experience, it sounds like it can go several ways when making an offer. I suppose the first step for me would be to scope out a solicitor. Do you have an idea roughly of how much solicitor's fees are for the process? It's something I'll need to budget for. You're right about furniture, second hand sofas are easy to come by so I shouldn't be so attached to keeping things how they are in the house currently. Thank you for your valuable advice!

MovingForwards

It's down to the value of the property as to what you will pay a solicitor, tends to go up in groups like the building tax (LBTT).

I paid £1115 all in for a city type firm, as they were easy to get to from work. Others were wanting upto £500 more. I obtained 4 quotes, researched the firm's and received a recommendation for one of them (the most expensive even though they discounted the fees due to the referral). My home was a couple of grand more than your proposed figure, no help to buy or LISA bonus claimed as that is also chargeable by the solicitor but was about £50 if I did (think it's a fixed fee imposed on solicitors for dealing with H2B / LISA).

Another thing to be aware of is making sure the firm you opt for are on your mortgage lenders panel of solicitors as they act for you and your lender.

With my last rental it only had white goods, I got all the furniture, curtains etc for about £630, new bed and mattress was the bulk of the money. BHF were great and I looked to see what Argos curtains were in the sale, later on I picked up a full-size freezer. All of it moved to my flat by a local removal company for £200, I moved counties. Since then I've picked up a fridge as the washing machine and fitted oven / hob came with the flat. For furniture and white goods I spent less that £1k, with some being brand new. Although I've since upgraded my sofa and arm chair, the previously loved ones served their purpose.

Main thing is get your home and finishings will follow.

David2710

Deleted_User said:

Hello all,
I am in quite the unexpected situation! I started renting a new house last month. However, a house came on the market this week that is in the area I love (a village in Scotland) and very reasonably priced (£68,000). I am considering putting in an offer, but also aware that the house has received a lot of attention (7 viewings in 2 days) and someone has already put in an offer for £71k (which was declined as the house had only just gone on the market). I am considering offering £75k. My questions are:
- Is this a reasonable amount for the property, or should I go slightly higher?
- Is it possible to make certain stipulations, such as certain items of furniture I'd like to keep?
- Is it also possible to suggest something that might give me the edge over other offers, i.e. in this case, the seller has not yet found a property to buy in the area they wish to move to. The estate agent mentioned something re: going into temporary accommodation. If I suggested that they could stay in the house for, say, 4 months rather than seeking temp accommodation, is that a good idea?
Very new to this so your help is appreciated! 

Let me get this straight. A buyer offered £3k over the asking price and it was rejected? Doesn't make sense and sounds a bit fishy to me. It could be a ruse to force you into making a snap decision. Unless you think it's worth £75k I would err on the side of caution. Offer the full advertised price and request the property is taken off the market. Take it from their but I must warn you this is the oldest trick in the book.  

MovingForwards

David2710 said:

Deleted_User said:

Hello all,
I am in quite the unexpected situation! I started renting a new house last month. However, a house came on the market this week that is in the area I love (a village in Scotland) and very reasonably priced (£68,000). I am considering putting in an offer, but also aware that the house has received a lot of attention (7 viewings in 2 days) and someone has already put in an offer for £71k (which was declined as the house had only just gone on the market). I am considering offering £75k. My questions are:
- Is this a reasonable amount for the property, or should I go slightly higher?
- Is it possible to make certain stipulations, such as certain items of furniture I'd like to keep?
- Is it also possible to suggest something that might give me the edge over other offers, i.e. in this case, the seller has not yet found a property to buy in the area they wish to move to. The estate agent mentioned something re: going into temporary accommodation. If I suggested that they could stay in the house for, say, 4 months rather than seeking temp accommodation, is that a good idea?
Very new to this so your help is appreciated! 

Let me get this straight. A buyer offered £3k over the asking price and it was rejected? Doesn't make sense and sounds a bit fishy to me. It could be a ruse to force you into making a snap decision. Unless you think it's worth £75k I would err on the side of caution. Offer the full advertised price and request the property is taken off the market. Take it from their but I must warn you this is the oldest trick in the book.  

Things are done differently in Scotland compared to England and Wales.

[Deleted User]

MovingForwards said:

It's down to the value of the property as to what you will pay a solicitor, tends to go up in groups like the building tax (LBTT).

I paid £1115 all in for a city type firm, as they were easy to get to from work. Others were wanting upto £500 more. I obtained 4 quotes, researched the firm's and received a recommendation for one of them (the most expensive even though they discounted the fees due to the referral). My home was a couple of grand more than your proposed figure, no help to buy or LISA bonus claimed as that is also chargeable by the solicitor but was about £50 if I did (think it's a fixed fee imposed on solicitors for dealing with H2B / LISA).

Another thing to be aware of is making sure the firm you opt for are on your mortgage lenders panel of solicitors as they act for you and your lender.

With my last rental it only had white goods, I got all the furniture, curtains etc for about £630, new bed and mattress was the bulk of the money. BHF were great and I looked to see what Argos curtains were in the sale, later on I picked up a full-size freezer. All of it moved to my flat by a local removal company for £200, I moved counties. Since then I've picked up a fridge as the washing machine and fitted oven / hob came with the flat. For furniture and white goods I spent less that £1k, with some being brand new. Although I've since upgraded my sofa and arm chair, the previously loved ones served their purpose.

Main thing is get your home and finishings will follow.

Thank you MovingForwards! Your knowledge is really helpful. I've just been quoted £910 by a solicitor in the area. This includes legal fee, Vat, Register title, register mortgage.

Do you think this is pretty reasonable/ standard? Certainly less than you paid but as you say, it's probably aligned with the property price. Really good to know what you spent on furniture and fittings, helps me budget! You're right, all that can come later on. I've been told by the estate agents that it is likely that a closing date will be set for the property, due to the amount of interest they've had. 

[Deleted User]

Hi David,
Yes, you're correct about the situation. I think, as MovingsForwards mentioned, things are done very differently in Scotland, I'm just starting to appreciate the extent to which the process differs as I think I'm more familiar with the English way of doing things. Actually, I expect the price it will go for might be substantially higher than the valuation of £68k. I'm thinking of offering around £76k but don't know if that's wise/ reasonable if it goes to a closing date.

MovingForwards

Your quote sounds ok, but get another couple so you can compare it. Don't instruct them based on price, but confidence in them, reviews etc.

I'm also used to English conveyancing / terms and told my solicitor that, didn't stop him only doing Scottish terms 🤭

Please speak with your solicitor, when you pick one, about the offer as they will guide you through the whole thing.

[Deleted User]

Thank you! I have actually decided to go with a different solicitor - a bit more expensive, but I have more faith in him. Seems measured, knowledgeable about the area etc. He is suggesting no more than a 10% increase on the valuation, but I think that's a little too reserved considering the estate agent has said there's so much interest and it'll be going to a closing date. We'll see. I could end up either losing a few hundred pounds or buying a house!

MovingForwards

He works for so, so if you have the extra money then you can tell him how much you want your offer to be when he submits it.