Buying a House....making an offer..

[Gwilo]

SWMBO and i are about to try and get on the property ladder.

 

The current landlord needs to sell up and we did manage to get a six month extension on our contract, which worked for both of us.....but that means the clock is ticking.

I understand that there are a number if things that need to take place in the process (surveys, land searches) but our biggest thought right now is "how much do we offer?' in order to stand a realistic chance of it being accepted......90%?  95%.....92.37%?

 

The other issue is this whole chain thing.  We need to be able to take occupancy by end of january, as we need to be out by early feb.  And before anyone suggests it, buying this place from the landlord has been considered, but any mortgage based on valuation wouldn't leave enough room to do what we would consider necessary works over the next 12 months  ( replace lots of external brickwork, half the double glazing, kitchen and temperamental gas flow on the range cooker).

 

so, in buying a place, assuming you make an acceptable offer, can you specify a date for completion/exchange/vacant possession?

Also, regarding conveyancing - if the vendors estate agent offers it in house, is it better to opt for it (removes potential slow down, as it's in their best interests to finish on time) or not?

 

[cnc]

You are in a good position as you have nothing to sell so that alone makes you an attractive purchaser.

 

As far as making an offer goes I believe in making a lower offer than what you thinks it's worth at first, you never know you just might get lucky. This happened to us in the house where we live now. We had already sold ours and we knew the people who were selling the house we wanted had found somewhere they desperately wanted so we put in a low offer and they accepted, doesn't always work but worth a try.

 

Check online to see how much similar properties have recently sold for in your road/area and base your offer from there, bearing in mind the work that you feel needs doing. Don't pay too much if it leaves you with not enough to sort the place out or it will never get done. Ever. 

 

Ask around friends to see who did their conveyancing and if they would recommend them.

 

You are also able to decide the exchange and completion date provided the other party agrees to it.

 

Good luck.

[grr666]

You have a smorgasbord of disappointment and anger ahead of you.

Much of it caused by others.

In short 

Estate agents - Lying ba$tards the lot of them. About as genuine as half the clothes on Dagenham market.

Don't believe any word they say about anything EVER. Commission driven parasites. 

 

Conveyancers - Lazy overpriced golfists, which is usually where they will be found rather than dealing with your purchase

or sale. EVERYTHING is always the other sides fault and never theirs. 

 

Surveyors -  Fantasists and failed builders usually. They hide behind small print that excuses all the things they'll miss.

 

You can have that advice for free. 

[trundlenut]

Someone, somewhere along the line will lie. All of the other people involved in the process will have absolutely no sense of urgency and will seek to blame everyone else for any problems.

Sent from my D5803 using Tapatalk

[FUBAR]

You have a smorgasbord of disappointment and anger ahead of you.

Much of it caused by others.

In short 

Estate agents - Lying ba$tards the lot of them. About as genuine as half the clothes on Dagenham market.

Don't believe any word they say about anything EVER. Commission driven parasites. 

 

Conveyancers - Lazy overpriced golfists, which is usually where they will be found rather than dealing with your purchase

or sale. EVERYTHING is always the other sides fault and never theirs. 

 

Surveyors -  Fantasists and failed builders usually. They hide behind small print that excuses all the things they'll miss.

 

You can have that advice for free. 

 

There speaks a man with plenty of experience in this process too! I'd say whatever you do, who ever is involved in the process from estate agents to conveyancers. Call them daily to get them to want you off their back ASAP. No matter how nice or professional/efficient they may seem, it would be odd for them to go quick. 

 

ps. I would be telling anyone involved you are looking to get it all done and dusted a month earlier again, just to try and speed them up. 

 

Finding the right place vacant would be the ideal first step. The offered price will be attractive as a chain free person with an ASAP deadline to anyone wanting their money and yesterday, over someone who first needs to sell their property and seeking too much for it. 

[Dr Zoidberg]

There's no way way we can advise you on what to offer. In some parts of the country you'll need to pay the asking price or more, and in other areas you can go well under.

[999pooch]

You have a smorgasbord of disappointment and anger ahead of you.

Much of it caused by others.

In short

Estate agents - Lying ba$tards the lot of them. About as genuine as half the clothes on Dagenham market.

Don't believe any word they say about anything EVER. Commission driven parasites.

Conveyancers - Lazy overpriced golfists, which is usually where they will be found rather than dealing with your purchase

or sale. EVERYTHING is always the other sides fault and never theirs.

Surveyors - Fantasists and failed builders usually. They hide behind small print that excuses all the things they'll miss.

You can have that advice for free.

I've bought 3 x properties in the last 12 months, and Grr666 has just about summed up my experiences and feelings!

[TeflonTom]

Never ever take a recommdation from the agent as to which conveyancing service to use, there is always some racket or other they are working, it's common in probate cases involving property sales where a solicitor will insist on a certain agent, then insist on a certain conveyancer etc, they feed off each other with numerous under the counter backhanders and tactics basically lining each other's pockets wherever they can, so always pick your own surveyors and conveyancers etc.

The bottom line is, everbody wants a slice of your money... Tax man, bank, solicitor etc etc

And yes you can specify completion dates but if this is not convenient for the seller they may want to seek another buyer

I don't know about other regional variations, but round here and much of the South east, the sticker price is just a inflated 'wish' and there is always room for movement especially if structural repairs like brickwork needs rectifying, but this also may make mortgage lenders back away from it too especially if your deposit is a low percentage.

[Gwilo]

Well, the largesse of family means we're probably looking at around 65%-75% LTV.  

Which sounds great. Speculative mortgage calcs (obviously not based on specific circumstances) indicate repayments that are 60% of our current rent. 

House insurance quote has reduced by 20%, which I don't understand - to my mind building & contents should be more than simply contents?

 

But as I'm now officially unemployed and SWMBO only has four months work history,  it would have to be in her name - could be disappointing before we even get to the offer stage.

Initial discussions with the bank was hugely positive till I mentioned that last bit, and the woman pulled a face like Hyacinth Bucket upon spotting Onslow coming round the corner!

 

Cue the smorgasbord of disappointment! (love that phrase, Grr666)

[TeflonTom]

House insurance quote has reduced by 20%, which I don't understand - to my mind building & contents should be more than simply contents?

 

the structure of the building would be yours, that makes you more careful with it than when it was owned by the landlord, plus they don't need to indemnify against the landlords losses any more so it's cheaper.

[Gwilo]

 that makes you more careful with it 

You've not met SWMBO.  I cringe whenever I hear a thud/bang/clank and the phrase "whoopsie" being uttered.  Happens frequently, as she has zero mechanical sympathy.

[TeflonTom]

Yeah I get that too, she's actually incapable of going through a door without slamming it, as the neighbours have rightly said.

[john999boy]

she's actually incapable of going through a door without slamming it

 

Maybe you need to get a plane out to stop it sticking?

[gadgetman]

Well, the largesse of family means we're probably looking at around 65%-75% LTV.

Which sounds great. Speculative mortgage calcs (obviously not based on specific circumstances) indicate repayments that are 60% of our current rent.

House insurance quote has reduced by 20%, which I don't understand - to my mind building & contents should be more than simply contents?

But as I'm now officially unemployed and SWMBO only has four months work history, it would have to be in her name - could be disappointing before we even get to the offer stage.

Initial discussions with the bank was hugely positive till I mentioned that last bit, and the woman pulled a face like Hyacinth Bucket upon spotting Onslow coming round the corner!

Cue the smorgasbord of disappointment! (love that phrase, Grr666)

Being unemployed means you can't go on the mortgage, so unless your other half earns enough for your LTV + enough to live off, it'll be tough going.

The only being in the current job for 4 months shouldn't be an issue providing she has continuous work history for 5 years. Pretty sure they'll want 20+ hours/week minimum and full time contracted (no zero hours)

[Sad555]

It's nice to own your own property BUT you are diving into a sea of sharks,if you struggle thro a lifetime of mortgage payments,constant employment ongoing costs etc,etc etc etc you reach old age ,get put in a home and are charged today's rate £4000 a month while sat next to someone who took a different route thro life ,no morgage,plenty of job seekers and other allowances for one reason or another or being in a low paid job but worked hard all their lives ,no fault of theirs,struggling or perhaps living life to the full BUT not paying a penny in the same home eating the same food and having a same room to live in as you ,so as they say we come with nothing and leave with nothing so think very carefully of the 50 plus years of working for all this,just a thought!

[Dr Zoidberg]

Or you could spend just as much money renting, then not end up in a care home.

[Paul007]

Make sure you get a proper survey done on the chosen property and that all the planning and building regs issues check out. Searches shouldn't take more than 7 days to do and beware of surveys that throw up issues at the last minute (ie days before completion) as that means lots of running around to help you meet your completion date when things are already stretched to the max despite what earlier comments suggest...  Been there and all that. 

[DanGum]

I was a first time buyer, buying a house with no chain. Took 6 months! I presumed I would be getting the keys within 6 weeks but I was mistaken ha. Find out who the sellers conveyancing are, if it's premier property lawyers who are best buds with connells then be prepared lol