Need Advise: First Time Buyer - a total newbie, confused and wanting to buy a property

davidmcn

Bucki said:

davidmcn said:

Bucki said:

steve866 said:

Do you know how many hours your wife is likely to be working and what the salary will be?  It might be worth waiting until she’s been employed for a few months then you should be able to borrow a lot more.

Have your parents got any concerns what the anti money laundering checks could uncover in relation to their property sale? Why did they keep it in cash?

My parent's sold a property a home abroad which was not declared.

What do you mean by "not declared"?

they never declared in UK that they have a land/property abroad.

My question is; does the solicitor ask why my parents never declared the property in UK?

To whom do you think they had to declare it, and why? Your solicitor wouldn't be investigating any past tax evasion by your parents if that's what you're talking about, just checking that the source of the funds is genuinely theirs (and not from e.g. a criminal source).

[Deleted User]

Bucki said:

steve866 said:

Do you know how many hours your wife is likely to be working and what the salary will be?  It might be worth waiting until she’s been employed for a few months then you should be able to borrow a lot more.

Have your parents got any concerns what the anti money laundering checks could uncover in relation to their property sale? Why did they keep it in cash?

My parent's sold a property a home abroad which was not declared.

What would solicitor uncover in this case for example?

Everybody is 'shouting' that I cannot afford it anyway.

Well, I believe I could manage it well because I would get a second job for sure.

The problem is getting bank to borrow the money.

I am also confused to why the Surveyor is needed to be paid once the house is paid?

Is the surveyor not needed to be done before purchase to verify if repair needed or value property?

A second job isn't going to bolster your income enough to get a mortgage large enough to buy this property.  As for your friend "gifting" you money that is unlikely to fly since lenders only accept gifted deposits from certain people such as parents.

Engage a mortgage broker, there are several who post on the Mortgages and Endowments board which is really where your thread belongs, to get a realistic idea of how much you can borrow.

[Deleted User]

Bucki said:

davidmcn said:

Bucki said:

steve866 said:

Do you know how many hours your wife is likely to be working and what the salary will be?  It might be worth waiting until she’s been employed for a few months then you should be able to borrow a lot more.

Have your parents got any concerns what the anti money laundering checks could uncover in relation to their property sale? Why did they keep it in cash?

My parent's sold a property a home abroad which was not declared.

What do you mean by "not declared"?

they never declared in UK that they have a land/property abroad.

My question is; does the solicitor ask why my parents never declared the property in UK?

The property/land was sold and there is a Notary Letter to confirm, the money is in the bank abroad.

It be gifted to me on this case.

If some of the money was from ill-gotten gains such as tax evasion then the solicitor would be interested because it wouldn't pass money laundering regulations.  If on the other other hand the money is all legitimate then there will be no issue as long as your parents can prove the source of the funds.

Sunsaru

Bucki said:

Sunsaru said:

Bucki said:

steve866 said:

Do you know how many hours your wife is likely to be working and what the salary will be?  It might be worth waiting until she’s been employed for a few months then you should be able to borrow a lot more.

Have your parents got any concerns what the anti money laundering checks could uncover in relation to their property sale? Why did they keep it in cash?

1) My parent's sold a property a home abroad which was not declared.

What would solicitor uncover in this case for example?

2) Everybody is 'shouting' that I cannot afford it anyway.

Well, I believe I could manage it well because I would get a second job for sure.

The problem is getting bank to borrow the money.

I am also confused to why the Surveyor is needed to be paid once the house is paid?

3) Is the surveyor not needed to be done before purchase to verify if repair needed or value property?

1) The solicitor just needs to know that the money is legit. Whether it has been declared or not is not his/her problem.

2) As others have said, just because you think you can afford it doesn't mean the banks will. You do not stand a chance of getting the £240k with your current salary with your current circumstances. You may be able to once have the second job for 3 to 6 months.

3) That is correct. You pay the surveyor to do the survey before you buy the house.

Gook Luck

Oh my God! That means I am too late on this case?

Is this mandatory or am I missing something out on it?

Besides, how would this work? I put an offer on, then pay solicitor fee, then pay surveyor and if surveyor says "is not worth 240k" then what then? Do Ioose all the fees .... ?

I need to get understanding how all this works, I am new to all this.

Need to be aware for any other properties anyway.

Most Solicitors charge on completion so you don't have to pay them straight away. You do have to pay the surveyor though and yes you can lose that if things go down the toilet. For example, when I was looking for a house I went for 4 different properties and did a survey on each on. In total i spent over £2k. It is what it is.

Do remember, you do not have to start paying for things until you have an offer accepted, you instruct solicitors and book a survey. You're not at that stage yet so do not worry.

The first thing you need to do is speak to a mortgage advisor and they will tell you what is realistic and what is not.
 

FTB_Help

Like many others have said, the bank will only lend you MAX 4.5x your salary.

You simply will not be in a place to buy at the price you're looking at.

You also say you have a friend who owns businesses and want them to gift you money, but have they said that?

You are putting your friend in a difficult situation by asking them for cash, even if its a loan.

Please don't assume your friend will loan you such a large lump sum of money, it can really sour your relationship.

For now, can you keep on renting and just keep saving.

AdrianC

FTB_Help said:

For now, can you keep on renting and just keep saving.

The OP isn't renting. They're living with parents, with a child on the way.

[Deleted User]

OP, I understand the dilemma of being so attached to the idea of a house and wanting to get it in any way possible. However, I do think that the improbability of getting this house based on your circumstances and the striving for it is causing you undue stress. I'd love a detached manor in the countryside, but I simply can't afford this so it's not a consideration.

Stressing out over how you can possibly get the money to make you eligible for such a house is surely a sign that it's not a good idea. Especially given your circumstances, it would be a much simpler process if you were to let this one go and focus on properties that were more affordable and that don't result in you scrambling to find money to afford it. It's a roof over your head, in a location that suits you, but there will be others. Good luck!

Bucki

Dear All,

Thanks for the comments, feedback and suggestions.

Indeed, it is and would be a perfect property to live there forever and have enough space for future.

One incoming wage is a struggle to convince the banks to loan such a huge amount.

The thought not being able to afford this, is driving me insane.

I have really done best to save the amount I have.

Just hypethetically thinking, if I only had have saved a total 100k then I would probably had a chance.

It be hard to find a property of such kind and close to my eldary parents.

I never have felt so stressed and sad at times...

I am sressed to 'why i couldt saved more' and it would not be a problem now.

We have a viewing for a property at 190K and will see if that changes my feelings.

as they say "if it is not meant to be yours, it will never be".

Thanks for your advise and suggestions.

I will try to get hold of a Broker to give me a clear picture of what I can borrow and afford.

Redwino222

I think that is wise.

It is important to have realistic expectations.  There is absolutely no point wasting time fixating on a house that is beyond your means.  

You shouldn’t be viewing houses Until you have seen a mortgage advisor for a realistic estimate of what you can borrow. 

Your income is relatively low, so you need to be realistic about what that amount will be.

I really do recommend you pop on to the mortgages page and ask a quick question under there I’m a mortgage broker ask me anything thread.  You will get a really quick response and great advice.

MaryNB

I'm not sure if it has been mentioned but before you go to your broker get a copy of you and your wife's credit reports. Have a good look at them and give a copy to your broker.

Experian - use MSE credit club for free access
Equifax - use clearscore for free access

TransUnion - use credit karma for free acces 

You can also request a free copy of your credit report from each credit rating agency. Look for "statutory credit report" It'll just be a pdf with all the data. 

Don't pay for access. Don't pay for any score boosting service. Your score is irrelevant. Lenders won't see it and will have their own internal scoring system.  History is important. Check reports from all three agencies. A lender can look at any or all of them. 

Check your data for any missed payments, defaults, incorrect info etc. If you and your wife are not on the electoral roll get on it asap. You can register to vote if you are a British, Irish, or commonwealth citizen for all elections or an EU citizen for just local elections. If you are in Scotland or Wales I think there's wider eligibility.