Buying a House

[That-Crazy-Rat-Lady]

After years of renting damp, cold, rat infested houses (okay the rats were mine...)

I am finally in a a position to buy!

Everyone I know who owns a house brought theirs 40 years ago and things have changed since then!

So any words of wisdom?

As far as I am aware it goes as so:

Choose a house- make an offer
Get a mortgage (drag my ass around various banks and get my head around numbers!)
The bank value the house to make sure its all worth it
Get a homebuyers survey
Get a solicitors who survey property and exchange contracts
Move!

Is that it? Am I missing anything? And how much does it all cost?

Thankyou xxx

 

[littleme]

I think things have changed too much since I bought mine to be able to give you any useful advise....

But congratulations & yay!!!

 

[United57]

Make sure you have a good survey. Also if you have a builder friend ask for their opinion. They can often see things that surveyors miss but should have noted.

 

[Bob]

After years of renting damp, cold, rat infested houses (okay the rats were mine...)

I am finally in a a position to buy!

Everyone I know who owns a house brought theirs 40 years ago and things have changed since then!

So any words of wisdom?

As far as I am aware it goes as so:

Choose a house- make an offer
Get a mortgage (drag my ass around various banks and get my head around numbers!)
The bank value the house to make sure its all worth it
Get a homebuyers survey
Get a solicitors who survey property and exchange contracts
Move!

Is that it? Am I missing anything? And how much does it all cost?

Thankyou xxx

Arrange the mortgage before you start looking, a lot of sellers won’t accept an offer if you haven't got your finances in place first. It'd be a shame to find the perfect place and miss out during the time it takes to get the go ahead from the bank.

Happy hunting.

 

[tek-monkey]

Can't seem to locate my thread on this, but it started around June 2009 IIRC. I had an offer accepted in the August and didn't get the keys til December 18th!

 

[Gramaisc]

Can't seem to locate my thread on this, but it started around June 2009 IIRC. I had an offer accepted in the August and didn't get the keys til December 18th!

Here it is - http://www.staffordforum.com/xf/index.php?threads/possible-help-for-first-time-buyers.2691/ - I just did a search for a post by you including 'shoot face', as I remembered you getting a bit agitated at one point.

 

[photography_bloke]

Definitely arrange your mortgage first - as Bob says, most agents won't accept an offer if you don't have a Mortgage in Principal from your mortgage provider - just bear in mind that this will only last a set amount of time before you have to go back and get another

With mine, my provider did all the maths/paperwork and worked out the mortgage deal for me, which give me a budget to work to and essentially said they were ok to give me the mortgage , before I went out to look for places - they then sorted the formal mortgage in principal out for me when I'd found somewhere and wanted to make an offer - as we'd already done all the work of setting up the mortgage deal, it only took a few minutes (although I don't know if different providers do things differently).

It took around 3 months from making the offer to getting the keys for mine back in August - and that was a simple purchase with no chain!

One other thing to watch for is your finances for the overlap between giving up your rental and moving in to your new place - I really wouldn't hand your notice in til you have the keys, just in case, so remember to budget for the month or so overlap between the 2 (2 lots of rent/mortgage, 2 lots of council tax etc).

 

[tek-monkey]

Here it is - http://www.staffordforum.com/xf/index.php?threads/possible-help-for-first-time-buyers.2691/ - I just did a search for a post by you including 'shoot face', as I remembered you getting a bit agitated at one point.

I did search but was using stupid phrases like house, I think your approach was superior!

 

[Gramaisc]

I did search but was using stupid phrases like house, I think your approach was superior!

It's all about tailoring the search criteria...

http://www.staffordforum.com/xf/ind...for-first-time-buyers.2691/page-11#post-53492

OK, seriously, is someone trying to send me bi-polar?

After the big fat no yesterday, I got a call from a firm I contacted yesterday regarding indemnity insurance. They think that despite contact being made with the other parties involved, they can still offer indemnity due to the age of the construction. We shall see.

House buying aint stressful at all, oh no. I really want to shoot someone, in the FACE!

 

[highguyuk]

I used the forums at www.moneysavingexpert.com to get me through the purchase of my house.

 

[John Marwood]

Accept you will be lied to

Understand that the covenant of local conveyancers are shit

Remember that interest rates can only rise

Work out your paymemts at interest rates from 5 to 15% if your mortgage is for more than 10 years

 

[tek-monkey]

Work out your paymemts at interest rates from 5 to 15% if your mortgage is for more than 10 years

I got a 10 year fix at a fairly average rate, figuring that interest rates would go north (I am old enough to remember the last time!). 4 years on and I've effectively paid way more than I could have done, but I worked out that I could afford the 10 years at that rate and would rather be skint but planned for than suddenly homeless because I couldn't control it. Knowing my luck it'll spike just as my fixed rate runs out!

 

[That-Crazy-Rat-Lady]

Thanks guys, I'm going mortgage shopping this weekend - sensibly I'm leaving the other half in charge of the numbers and I'll do the important stuff (like choosing the house!)
But going to talk to different banks about rates etc!

I am already getting frustrated with estate agents - they just don't listen to a word I say and insist on bombarding me with junk mail and leaving long winded whining nasally voice messages that cost me 10p a min to listen to!

Its like they took the stupidest people on earth and made them in charge of the most important and expensive process of your life - as some kind of cruel joke.... sigh!

 

[tek-monkey]

I am already getting frustrated with estate agents - they just don't listen to a word I say and insist on bombarding me with junk mail and leaving long winded whining nasally voice messages that cost me 10p a min to listen to!

Its like they took the stupidest people on earth and made them in charge of the most important and expensive process of your life - as some kind of cruel joke.... sigh!

Two important things to remember:

1) They work for the seller, not you. They don't care who gets the house as long as they get the commission, they do not care about you at all other than if they can get you to buy the house.

2) They don't get paid unless someone buys the house, so they will be pushy and often omit details when passing messages between you and the vendor. Never take them at face value, always check what they have said is true before committing to anything.

 

[photography_bloke]

Yes, I forgot to mention - estate agents are a pain in the neck... especially DB Roberts, try and avoid them at all costs...

 

[That-Crazy-Rat-Lady]

Yes, I forgot to mention - estate agents are a pain in the neck... especially DB Roberts, try and avoid them at all costs...

I hear this!
I rented with DBRoberts they are the most incompetent scumbags I have ever had the displeasure of dealing with!

 

[That-Crazy-Rat-Lady]

Two important things to remember:

1) They work for the seller, not you. They don't care who gets the house as long as they get the commission, they do not care about you at all other than if they can get you to buy the house.

2) They don't get paid unless someone buys the house, so they will be pushy and often omit details when passing messages between you and the vendor. Never take them at face value, always check what they have said is true before committing to anything.

Is it possible to cut out the middle man? If I view a house and like it can I ask the vendor directly if they are flexible on price etc or is that a no no?

 

[Jonah]

Is it possible to cut out the middle man? If I view a house and like it can I ask the vendor directly if they are flexible on price etc or is that a no no?

Ignore this as I read the question incorrectly so I was answering a question not asked. #dopeygit

 

[John Marwood]

If you like a house you can make an offer independent of any agent

Even if the property is not for sale

I got my first house by doing a mail drop

Admittedly it was an 8 kilo parcel to the cranium

But it cut out the middle man

Not to mention a chunk of forehead

 

[That-Crazy-Rat-Lady]

I think I may just ask them strait out what sort of flexibility they have (on price not gymnastics)
I am very impatient so cant be bothered to wait for a game of Chinese whispers with a dumb-ass agent!

Another question - if all goes well (by that I mean they let me buy their house for next to nothing)

Can I go with the same solicitor as them? To save time and faff? Again cutting out the middle man?