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Be More Pacific

VIP Member
I see you've already had conflicting advice but definitely don't go with your bank in the first instance - talk to an independent mortgage broker/financial adviser, one with access to the whole of the market, so you get the best deal/rate out there, not just what your bank will offer you.

You don't need to make an offer on a house via a solicitor either.
 
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Smca53

VIP Member
Phone your bank, they will be able to tell you how much you can afford to borrow and give you a Decision In Principe which is basically a document that says they have agreed to lend you the money subject to approval. When your offer on the house gets accepted you send them a copy of your DIP so it can be taken off the market whilst the sale goes through. Hope it all goes well for you!
I’m not sure where you’re based but you don’t need a decision in principle in order to get a house taken off the market. You just need to have your offer, made via a solicitor, accepted - and the solicitor will act on your behalf before you’ve provided proof of funding etc. That comes later. In my experience I’ve been asked if I’ve sought mortgage advice etc but I’ve never been asked for proof.

Even if you get a decision in principle from your bank, I’d still go to a mortgage lender as your current bank might not be offering the best rate available to you.
 
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Elisha97

Chatty Member
Use a mortgage advisor- you basically can’t do anything until you’ve got an agreement in principle/ mortgage in principle. You potentially don’t know what you can borrow so it’s best to check. As people have already said they’ll find the deal most suited to you, yes you will pay a fee but it’s worth it for the money they’ll save you and the help they’ll provide you.

Once you have your agreement, you make an offer to the estate agent. They give the offer to the seller, there might be some negotiation. The house doesn’t come off the market until you’ve proved to the agent that you are able to proceed- you’d show them your ID, proof of deposit and proof you can get the mortgage to cover the value of the house. Or you’d ask your mortgage advisor to send that directly to them. You’d then instruct solicitors to carry out the sale.

Not sure why someone’s said you don’t need to have a decision in principle to get a house taken off the market and the solicitor doesn’t make the offer for you, that’s completely incorrect. You can make the offer without the agreement in place but it would be unwise because someone good to go (Offer in place) could get in there first and the owner will take their offer because they can prove they can go ahead and buy the house whereas you just have your word that you can. I could offer 1 million on a random house but they’d be stupid to take it off the market because I definitely couldn’t afford that and I’d be wasting everyone’s time and would lose them potential buyers. They’d only do it when I showed them my cash or mortgage agreement and it would be sold subject to contract only then
 
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Viewer1901

VIP Member
Thanks all - I got in contact with someone this morning and he's been really helpful. I then went to drive by the house and the man who owns it was there and let us in for a socially distanced viewing whilst he waited outside! (It's empty he's just been doing it up and lives elsewhere - it was just good timing). I really like the house and its a steal for a newly refurbed house but that means there's been lots of interest in it - he said 33 people but we were the only ones who had viewed. Who knows but I'm hoping lockdown slows everyone else down a bit but not sure what Boris will announce on Sunday! Fingers crossed, thanks for always being lovely tattlers! 🖤
 
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Tui

VIP Member
To be honest I’m suspicious of him saying 30 other people have expressed interest. That would be unusual right now. Unless he was to give you objective evidence of that, I would take everything he says with a hefty pinch of salt. He wants to sell the house and he knows you are interested, he’s hardly going to say that nobody else has shown interest as that could affect the offer you make
 
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Be More Pacific

VIP Member
An IFA/mortgage broker can arrange a DIP (some lenders call them an AIP - agreement in principle) for you when they have found a suitable lender - you don't have to do this via your bank.

Also, just as a side note, personally, I'd hang fire on doing anything until all this is over or we're at least over the worst because I think the economy/housing market is going to be hit very hard especially with Brexit looming at the end of the year (although apparently there is talk of that being pushed back)

There will always be other houses. And they'll probably be cheaper if you wait!
 
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Curlywurly85

Active member
Phone your bank, they will be able to tell you how much you can afford to borrow and give you a Decision In Principe which is basically a document that says they have agreed to lend you the money subject to approval. When your offer on the house gets accepted you send them a copy of your DIP so it can be taken off the market whilst the sale goes through. Hope it all goes well for you!
 
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Base2019

VIP Member
I see you've already had conflicting advice but definitely don't go with your bank in the first instance - talk to an independent mortgage broker/financial adviser, one with access to the whole of the market, so you get the best deal/rate out there, not just what your bank will offer you.

You don't need to make an offer on a house via a solicitor either.
this! Definitely go to an independent financial advisor - they will do all the leg work for you and explain the entire process. You don’t pay them directly but if you take out a mortgage/product that they have recommended, they then receive money from the provider I.e the bank. If you go directly to your bank they are just going to tell you about their products which is very limiting and you can also end up paying more in fees/a higher rate.
 
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Ladymuckx

Active member
Definitely go to an independent broker. They will find the best deal for you. As a first time buyer with a decision in principle it will stand you in a favourable position as a buyer but that decision isn’t necessary before an offer is accepted. Do be prepared to lose the house if the amount you want to borrow is more than anyone will offer though which is why having an amount agreed first is worth it.
 
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HoGi

VIP Member
Has anyone bought a flat that is not in a flat building, it’s just one floor of a house. I’ve seen one I like that’s in a nicer area than I’d probably be able to afford otherwise. It’s 2bed which is what I’m looking for, separate kitchen and living room, a conservatory, parking and a private garden. But I’ve read to avoid flats if possible due to noise but mostly read about flat buildings. Just wondering if anyone had experience living in this kind of flat? I work nights so not sure if it would be too noisy as it is the bottom floor.
The houses I could afford are in not as nice areas, 2/3bed usually with a smaller garden and no allocated parking.
My friend lived in a maisonette, which is what you are describing. From the outside it looked like a house but they only owned the ground floor.

They started fine then got new neighbours upstairs who were a nightmare for noise. They had wooden floors and used to walk around with shoes on, so you could hear every footstep. They used to row a lot. My friend and her partner couldn't sleep without earplugs and eventually moved.


The flip side, my mum lives in a ground floor flat, it is just a block of 3 so not high rise. And she doesn't hear a bean from her neighbours! Wouldn't even know if they were in most of the time.

So it really depends how things are built and what the neighbours are like
 
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Yel

Chatty Member
Moderator
I'd be very cautious buying right now, the economy has dropped more than it did during any of the world wars or the great depression.

Places are still coming on at kite flying prices because it will take months for people to realise everything has changed and there's no way it will go back to normal anytime soon.

House prices were already way overpriced before this. I'd wait 6-12 months and see what happens. We could have massive inflation that destroys debt and savings.
 
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Tui

VIP Member
Hi everyone, I’m a first timer buyer and looking for some advice…

my boyfriend and I are looking at flats in London, we have found a really lovely 2 bed, with a garden and separate living room and kitchen and it’s own entrance. The asking price is £500k. We went to view it, and it is really lovely, it is in the location we currently are renting in, so we know we like the area. The only downside, is that it backs onto the train line, you couldn’t hear the train when inside, but obviously when in the garden you can, so we are abit apprehensive about that.

Now this is where we are confused, we have looked online at the history of the property, and the current owners bought it in April 2020 for £461k .. since then, they have made the garden abit nicer, added fitted wardrobes, painted and added carpets in the bedrooms, but to me all of that is just cosmetic and tbh personal preference and doesn’t justify the Property being up for £40k more than 1 year ago.. when I look at other properties on the street, a 3 bed flat with a garden sold in December 2020 for £470k, a 3 bed terraced house sold in September 2020 for £480k. I just don’t think the price is justified.. and I know that we can offer whatever we want and what we think the flat is worth, but it just makes me question it..

I also wonder why they are moving after only 1 year, they have said that their family is expanding and so they are looking to upsize in the same area, they don’t have a kid already, so if they are having their first child, why would they not stay in the same flat, as it has 2 bedrooms 🤷🏼‍♀️ Just seems a bizarre thing to do considering they bought it 1 year ago.

we were told that they had an offer accepted on the flat 2 weeks ago, but those buyers pulled out, which makes me wonder.. why..

I just have a weird gut feeling about it, despite loving the flat a lot

what do you guys think?
Price wise I don’t know the London market. They may just be chancing their arm to get more cash for their larger house? In terms of the short occupancy I would be suspicious too that they have discovered a problem. I would 100% want a full survey of the house expecting if it’s old
 
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Giggling Squid

VIP Member
We looked at a couple of maisonettes before we bought our house. One was a house that had been split into 2, one was built as maisonettes… on the viewing we could hear everything upstairs in the converted house but nothing in the one that was built like that, if that helps
 
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Viewer1901

VIP Member
Phone your bank, they will be able to tell you how much you can afford to borrow and give you a Decision In Principe which is basically a document that says they have agreed to lend you the money subject to approval. When your offer on the house gets accepted you send them a copy of your DIP so it can be taken off the market whilst the sale goes through. Hope it all goes well for you!
Thank you! I’ll phone them tomorrow
 
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Tui

VIP Member
I’d be cautious buying a property right now unless it is a forever home. I’m in the north west too (Mcr) and we had a house sale fall through recently. I’ve been watching the market for nearly a year and people are still listing houses at crazy prices when all signs are pointing to an upcoming economic recession. obviously if it’s unique, a dream house etc then that’s different, but if i were you I’d have a good think before you commit to a major financial purchase right now.
 
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Lonelylondon

Chatty Member
Has anyone bought a flat that is not in a flat building, it’s just one floor of a house. I’ve seen one I like that’s in a nicer area than I’d probably be able to afford otherwise. It’s 2bed which is what I’m looking for, separate kitchen and living room, a conservatory, parking and a private garden. But I’ve read to avoid flats if possible due to noise but mostly read about flat buildings. Just wondering if anyone had experience living in this kind of flat? I work nights so not sure if it would be too noisy as it is the bottom floor.
The houses I could afford are in not as nice areas, 2/3bed usually with a smaller garden and no allocated parking.
Havnt bought, but I currently live on the ground floor of a flat like this, noise is never a problem for us tbh except ocassionally when the kid upstairs jumps around, it depends on the neighbours I guess
 
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BettyCrockerr

VIP Member
Hi everyone, I’m a first timer buyer and looking for some advice…

my boyfriend and I are looking at flats in London, we have found a really lovely 2 bed, with a garden and separate living room and kitchen and it’s own entrance. The asking price is £500k. We went to view it, and it is really lovely, it is in the location we currently are renting in, so we know we like the area. The only downside, is that it backs onto the train line, you couldn’t hear the train when inside, but obviously when in the garden you can, so we are abit apprehensive about that.

Now this is where we are confused, we have looked online at the history of the property, and the current owners bought it in April 2020 for £461k .. since then, they have made the garden abit nicer, added fitted wardrobes, painted and added carpets in the bedrooms, but to me all of that is just cosmetic and tbh personal preference and doesn’t justify the Property being up for £40k more than 1 year ago.. when I look at other properties on the street, a 3 bed flat with a garden sold in December 2020 for £470k, a 3 bed terraced house sold in September 2020 for £480k. I just don’t think the price is justified.. and I know that we can offer whatever we want and what we think the flat is worth, but it just makes me question it..

I also wonder why they are moving after only 1 year, they have said that their family is expanding and so they are looking to upsize in the same area, they don’t have a kid already, so if they are having their first child, why would they not stay in the same flat, as it has 2 bedrooms 🤷🏼‍♀️ Just seems a bizarre thing to do considering they bought it 1 year ago.

we were told that they had an offer accepted on the flat 2 weeks ago, but those buyers pulled out, which makes me wonder.. why..

I just have a weird gut feeling about it, despite loving the flat a lot

what do you guys think?
Go with your gut feeling. If something about it feels off, it’s probably because it is. Trust your gut and look for something else.
 
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Viewer1901

VIP Member
I’m not sure where you’re based but you don’t need a decision in principle in order to get a house taken off the market. You just need to have your offer, made via a solicitor, accepted - and the solicitor will act on your behalf before you’ve provided proof of funding etc. That comes later. In my experience I’ve been asked if I’ve sought mortgage advice etc but I’ve never been asked for proof.

Even if you get a decision in principle from your bank, I’d still go to a mortgage lender as your current bank might not be offering the best rate available to you.
I’m in the U.K. - north west to be precise. Thank you. I’ve emailed a mortgage advisor so hopefully they come back to me soon.
 
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Bluerabbit123

Active member
Hi everyone, I’m a first timer buyer and looking for some advice…

my boyfriend and I are looking at flats in London, we have found a really lovely 2 bed, with a garden and separate living room and kitchen and it’s own entrance. The asking price is £500k. We went to view it, and it is really lovely, it is in the location we currently are renting in, so we know we like the area. The only downside, is that it backs onto the train line, you couldn’t hear the train when inside, but obviously when in the garden you can, so we are abit apprehensive about that.

Now this is where we are confused, we have looked online at the history of the property, and the current owners bought it in April 2020 for £461k .. since then, they have made the garden abit nicer, added fitted wardrobes, painted and added carpets in the bedrooms, but to me all of that is just cosmetic and tbh personal preference and doesn’t justify the Property being up for £40k more than 1 year ago.. when I look at other properties on the street, a 3 bed flat with a garden sold in December 2020 for £470k, a 3 bed terraced house sold in September 2020 for £480k. I just don’t think the price is justified.. and I know that we can offer whatever we want and what we think the flat is worth, but it just makes me question it..

I also wonder why they are moving after only 1 year, they have said that their family is expanding and so they are looking to upsize in the same area, they don’t have a kid already, so if they are having their first child, why would they not stay in the same flat, as it has 2 bedrooms 🤷🏼‍♀️ Just seems a bizarre thing to do considering they bought it 1 year ago.

we were told that they had an offer accepted on the flat 2 weeks ago, but those buyers pulled out, which makes me wonder.. why..

I just have a weird gut feeling about it, despite loving the flat a lot

what do you guys think?
House prices have risen due to the stamp duty holiday and lockdown has made people realise they need more space inside for office space and a garden! Flats harder to sell and houses expensive and selling very quickly!