Buying My First House

Adezoo

Hello everyone, I just wanted to know a bit of the process behind buying your first home. I’ve viewed a house and sent an offer! I am only waiting to hear back and I’ve already found a solicitor to help with the purchase. No mortgage is needed but what are the time scales (estimated)? Thanks in advance

rexmedorum

have aread of this:
https://www.moneysavingexpert.com/mortgages/mortgage-guide/

MaryNB

Adezoo said:

Hello everyone, I just wanted to know a bit of the process behind buying your first home. I’ve viewed a house and sent an offer! I am only waiting to hear back and I’ve already found a solicitor to help with the purchase. No mortgage is needed but what are the time scales (estimated)? Thanks in advance

On average it takes about 3 months for a purchase to go through. Not getting a mortgage won't have too much of an impact, conveyancing and searches take longer. Does your seller have to find an onward purchase (and their seller and their seller etc)? If a chain has to form it could take quite a while.

TripleH

As above.

Is the house freehold? There are issues around leasehold that may not impact on you now but could when you come to sell.

What survey will you get done on the property? With a mortgage you have some protection in so far as you have the lender checking the house you are looking to buy is not unsaleable or vastly over inflated.

I would advise to try and turn around any queries you have as quickly as possible.

Also you need a point of no return where you have to cut your losses and walk away if it all becomes a mess. Sorry to be negative but you could find yourself stuck in a chain going nowhere with inert sellers. As the bottom of a chain you may be expected to have to be the flexible one as well.

Also, get recommendations for a local conveyancer, the online ones maybe cheaper but you will get what you pay for.

Regardless of the above, good luck with your purchase.

gwynlas

Whether you are paying cash or buying with a mortgage it is advisable to have a full structural survey combined with a valuation to check that the house is worth what you have been asked to pay in the condition it appears to be in. The exception to this would be if you were purchasing a brand new build from a reputable developer with a 10 year guarantee. You have not told us if the house requires any renovation and whether or not this is taken account of in the purchase price. You do not need luck with your purchase but sound professional advice as it is likely to be the largest one off investment you will ever make.