FtB woes!!

G01001100

Morning all! Thank you for your comments!!! Some were very very helpful but everyone definitely gave us more insight into buying a house! And sorry for not being clear within my post...

ASAP is a vague term! Sorry!! The vendor said to us that if he had to move in with family he will, so my ASAP meant more (when all the solicitor stuff and everything else that can be done between us exclusively is done) if he would honour breaking the chain? Does it seem unreasonable to bring up what the vendor themselves said with the offer??

We've never lived in an oil heated house before so I think we were apprehensive about the idea of moving, wanting a shower and finding the oil tank completely empty... then waiting for days or another week for a delivery! And potentially buying in Winter at premium prices?! I would just like some reassurance that that scenario wouldn't play out! If we mention right in the beginning that we'll buy what's left of the oil, would the vendor more likely refill their tank at pre-winter prices as they would have done if they weren't selling?!

I'm glad there was one condition that seemed sensible and reasonable, thank you!! We will ask for the house to be 'off-market'/STC when their checks on us goes through then!

In terms of other things in preparation... we have a mortgage broker who seems very on it and always answers our queries with lots of detail, we have a solicitor friend to act as our 'inside man' for the conveyancing process at the law firm we'll use when the time is right (we've got a quote) and we've looked at L3 survey quotes as well... but definitely not booked anything yet! The same goes with all the insurances i.e. mortgage, indemnity and buildings insurance... have we forgotten any??

I'll remember to ask for the most recent boiler report! If they don't have one from at least 12-18 months ago, would it be reasonable to ask for them to get a service? If they say no then we'll get an OFTEC inspection...

And one more thing!!! I've read somewhere (I think on MoneySavingExpert) that if you go with your surveyor they could tell you more than what's in their report of the house! Is that a bit strange? Maybe the vendor would think it's weird but it's worth doing??

Sorry for waffling on!! The thread should be called 'FtB insecurities'! We're fully prepared for the vendor to say no to everything and we're prepared to walk away... We just want to make sure we're doing everything we can for the biggest purchase in our lives in a not so good economy! If there's anything else, we appreciate all the advice!!! Thank you so much for everyone's time! 

YoungBlueEyes

Just re the surveyor part - when I first bought a house on my own I didn't go with the surveyor (I don't think it's the done thing, is it?) but I rang him after I got his report to talk about a few things, and he spoke more freely than he wrote, itms. I'd definitely recommend doing that  

Surrey_EA

BobT36 said:

TBG01 said:

BobT36 said:

dimbo61 said:

So Your ready ?
AIP
DIP 
Deposit in the bank
Solicitors appointed and ready to do searches ?
Checks done on you ! Passport etc
Surveyor ready 

Last time I bought a house we made the offer on Monday 9am and had survey done on Thursday 

Mortgage companies tell FTBs VERY strictly to not engage solicitors or surveyors until you have the OK to do so from them, (probably when they've done THEIR evaluation and approved the mortgage etc). 

Well that simply isn't true and why would it seemingly only apply to a FTB?

I didn't say ONLY to FTBs, just that's certainly (or at least what some) say. 
I don't think they're PREVENTING you going ahead, (as in would punish you if did so), but when discussing a MIP and getting some advice, they were absolutely clear not to do ANYTHING following acceptance of offer, until they (the mortgage company) had got back to us. 

Sounded to me that the process was offer (accepted), apply for mortgage, wait for mortgage company to do their valuation & checks etc, when mortgage company gives the go-ahead, engage solicitor / surveyors etc. 

I don't know whether this is a recent thing or not, but that's absolutely what we were told by the adviser. 

If you are extremely risk averse, or have a genuine fear you will be turned down for a mortgage then maybe do it this way. 

But it's certainly a way to drag the buying process out and ensure it takes much longer than may otherwise have been the case.

propertyrental

some comments in bold

G01001100 said:

ASAP is a vague term! Sorry!! The vendor said to us that if he had to move in with family he will, so my ASAP meant more (when all the solicitor stuff and everything else that can be done between us exclusively is done) if he would honour breaking the chain? Does it seem unreasonable to bring up what the vendor themselves said with the offer??don't count on this. Often said, often minds changed when push comes to shove, esp if family realise they don't know how long the arrangement will last!

We've never lived in an oil heated house before so I think we were apprehensive about the idea of moving, wanting a shower and finding the oil tank completely empty... very VERY unlikely.then waiting for days or another week for a delivery! And potentially buying in Winter at premium prices?! I would just like some reassurance that that scenario wouldn't play out! If we mention right in the beginning that we'll buy what's left of the oil, would the vendor more likely refill their tank at pre-winter prices as they would have done if they weren't selling?! The summer/winter price difference is pretty much a myth. Ukraine, world supplies, £ Vs $ exchange rates have far more impact on uk oil prices. Get quotes a few days before you exchange and line up supplier just in case. (unless you're talking Xma/New Year week when prices do jump!) Read the forum board link below!

I'm glad there was one condition that seemed sensible and reasonable, thank you!! We will ask for the house to be 'off-market'/STC when their checks on us goes through then! When I sold recently (about to Exchange) I agreed to go STC only once buyer started moving eg survey paid for and solicitor instructed. Tlll then I had no evidence of commitment

In terms of other things in preparation... we have a mortgage broker who seems very on it and always answers our queries with lots of detail, we have a solicitor friend to act as our 'inside man' for the conveyancing process at the law firm we'll use when the time is right (we've got a quote) and we've looked at L3 survey quotes as well... but definitely not booked anything yet! The same goes with all the insurances i.e. mortgage, indemnity and buildings insurance... have we forgotten any??If you have dependants, consider critical illness and /or life insurance? But no rush and as always, shop around for insurance.

I'll remember to ask for the most recent boiler report! If they don't have one from at least 12-18 months ago, would it be reasonable to ask for them to get a service? If they say no then we'll get an OFTEC inspection...
Some buyers might agree, but basically it's like the survey - you want to check the house, you pay for survey/inspections. And of course if you use their engineer he has no contract with you if anything goes wrong later, whereas your engineer is responsible to you.

And one more thing!!! I've read somewhere (I think on MoneySavingExpert) that if you go with your surveyor they could tell you more than what's in their report of the house! Is that a bit strange? Maybe the vendor would think it's weird but it's worth doing??
Surveyors will often elaborate verbally on what they've written (except the bog-standard cheap ones) and a chat on anything untoward can be helpful. Before instructing them, ask if they'll chat to you afterwards.
Or are you referring to your surveyor Vs the bank lender's 'Valuation? If you upgrade the bank's valuation to a survey there is sometimes a risk they spot/report something that might worry the lender but not worry you.
If you use an independent surveyor, the lender won't see the survey.

Sorry for waffling on!! The thread should be called 'FtB insecurities'! We're fully prepared for the vendor to say no to everything and we're prepared to walk away..No need to walk away. Make judgements and decide what's important and what's not!. We just want to make sure we're doing everything we can for the biggest purchase in our lives in a not so good economy! If there's anything else, we appreciate all the advice!!! Thank you so much for everyone's time! 

https://forums.moneysavingexpert.com/categories/lpg-heating-oil-solid-other-fuels

NameUnavailable

G01001100 said:

Morning all! Thank you for your comments!!! Some were very very helpful but everyone definitely gave us more insight into buying a house! And sorry for not being clear within my post...

ASAP is a vague term! Sorry!! The vendor said to us that if he had to move in with family he will, so my ASAP meant more (when all the solicitor stuff and everything else that can be done between us exclusively is done) if he would honour breaking the chain? Does it seem unreasonable to bring up what the vendor themselves said with the offer??

People often say this but when it comes to the crunch decide to stay put until they can move to the next place - the reality is double moving costs, storage costs (which isn't cheap!), inconvenience, family issues etc. etc.

You can't make it a condition of sale because if you're ready to exchange and they say they can't move yet, there's nothing you can do about it other than wait or pull out (and costs you have incurred up to that point are down to you as there's no contract until you exchange).

All you can do is hope that they keep to their word, but don't be surprised if things change.

Herzlos

You can always express to them that you're a FTB with no chain and looking to move in on the first date they can make the house available, but you can't really demand anything else.

Then make sure you've got everything sorted at your end so when the solicitor proposes a date then you can do it.

Given that it's been on the market for a while and the price has dropped drastically, they are presumably pretty keen to be out of there with the money.