Property Buying - Protocol

[Be More Pacific]

Wonder where she is this morning

Probably busy firing off a few hundred overbidding without viewing e-mails

 

[Isanythingrealanymore]

Tell me you’re a first time buyer without telling me you’re a first time buyer….

we all have to start somewhere but this is the most bizarre thread I’ve seen on here.

good luck with your house purchase

 

[Giggling Squid]

I'm not sure why everyone feels the need to give @Gloria Rostron a hard time on this? She's admitted she didn't know about the conveyancing process, but instead of judging you could try and post something helpful? These things aren't taught in school, the only reason I have even one ounce of knowledge on the process is because of my job - most young people haven't a clue!

Neither did I when I bought my house last year… I googled “how to buy a house”, there are a lot of really useful things out there. I just don’t understand why someone who is seriously looking to buy a house hadn’t done this

 

[Giggling Squid]

Well if there are no buyers, there is no commission...Rightmove, Zoopla, On The Market all try and engage with buyers via advertising. I expect my custom to be appreciated and I think that's a reasonable expectation, as I am giving them a substantial amount of money.

Except you’re not, the people you’re engaging with are the middleman… they can however tell their client their experience of you. If you’re an asshole, they’ll pass that on…

 

[WilmaHun]

The way I am thinking of going forward is saying I am able to move in quickly but I can also wait a few weeks,

You are aware that the conveyancing process can take months too? Depending on enquiries/whether the property is registered at HM Land Registry/searches can take a few weeks to come back (you'll need local & drainage searches as a minimum if getting a mortgage).

We tell our clients to expect a minimum of 6-8 weeks for the conveyancing process to complete in order for them to get their keys. I have known some purchases to go on for nearly a year though!

Also, you need to be aware that although an AIP is a good indicator of what you can borrow - it is not a guarantee that the bank will loan you that full amount. Once it goes to full application and more in depth credit checks etc are done, banks can decide to offer you a lot less than the AIP stated.

 

[standupsitdown]

That’s not why first time buyers find it hard.

Like anything in life if you take a humble, willing to learn, open minded, fact finding approach to seeking advice and research - you learn and grow, you get people on side, and people are generally willing to help and advise

 

[Be More Pacific]

Yes - this!

I am currently buying - offer accepted in April. We were told the owner had died and probate was being applied for that week. Still now we're waiting for the Grant of Probate and have no clue when to expect it as the sellers are very vague when we ask if they've chased it! We're otherwise ready but of course can't exchange until probate is in. So bare in mind if you buy a property which is subject to probate you may be in for a long wait!

Didn't know she needed a solicitor until an hour ago and now you bring probate into it

I salute the masochist in you

 

[JoeBloggs]

You also need to stop with this attitude of they owe you because you are a customer, you r not. The housing market is saturated with buyers, your are not going to be their owner option nor are estate agents making money from you. Be nice, play the game. But as I said previously, I don’t think you are ready, nor in a position to buy right now. Take a step back.

 

[WilmaHun]

I work in conveyancing.

Firstly - I would strongly advise viewing! For one, estate agents are VERY good at taking photos which make rooms look bigger than they actually are. Secondly, there will be so much you can find on a viewing that you won't see on the online ad - cracks/evidence of damp/etc. Remember - an estate agent is working for the seller to sell the property, so they won't list anything which is likely to put off a potential buyer. It's one of the biggest purchases you'll ever make, so viewing really is essential.

Secondly - an agent will take you more seriously if you view first! Then they know you're not likely to pull out later down the line if something is uncovered which you might have seen had you had done an initial viewing.

You can put an offer in the second you've viewed the house if you want to - but remember, sellers may want to get ALL the viewings out the way before accepting an offer so they might take your offer and wait to see if any others come in.

I'd recommend phoning the agent rather than emailing - it's much faster! The housing market is moving rapidly at the moment, so every single day counts when trying to secure a property! They really are being sold incredibly fast.

You're right. I think I'll have to bite my tongue and arse lick. Then when I get the house, leave the estate agency a bad review.

There really would be no need for this at all, judging from what you've said on this thread you're incredibly naïve to the house buying process. Wanting to place an offer, by email, when having not even seen the property is absurd - the estate agent has probably ignored you because what you've done is out of the ordinary and they're concerned you're a time waster. They're working for the seller, NOT the buyer, so they need to make sure any offers they put to them are sensible, and legit.

"Arse licking" isn't necessary, but you do have to showcase yourself as a good potential buyer. It's really not as simple as putting and offer in and getting the property. There will be minimum of 10 others at any given time looking at that property, and you need to showcase why you're the most suitable option.

 

[Be More Pacific]

Well, this thread has certainly livened up a very boring day.

 

[Giggling Squid]

Don’t be too focused on being outbid. Bids are pretty much meaningless. What’s more relevant is a buyers position. Vendors would rather go for a lower proceedable offer than a higher pie in the sky bid.

this! We didn’t actually sell my granny’s house to the highest offer, we had 2 offers higher than the one we accepted in the end which was a little below the asking price. For us, it was my mums childhood home and it’s new owners being the right people was important to us. We had a cash offer from a builder and his son, a buy to let landlord, also cash, and a young couple who’s family were from the area and wanted to move there to start their family. We chose them.

 

[disneys]

If you are emailing to make over asking price offers on properties you haven’t seen , they will ignore you because I imagine they will think it’s spam !! (Because no offence but that is so strange and please don’t buy a house this way!)

call the agent , we called a few in the area we were looking in and told them what we were looking for , what our max budget was and they had some properties that weren’t on right move so sent us emails with lots of details so that’s a top tip .. then call to book in to see the properties you like the look of

Call to make an offer too .. you might have a bit of back and forth with the vendor but I’d always make an asking price or lower … negotiate

when we made the offer we had to give the agent our AIP and proof of deposit (they accepted a screenshot of our online banking) and then once the offer was accepted we sorted out a solicitor etc

please Please view a property before you buy it !!!

 

[disneys]

Just because I have anxiety about waiting to attend the viewing. To clarify, I've only attended one viewing and I had to wait a few days for that. It looks from what @Londonsays said that an AIP offer is a good way to prove seriousness. Let me show you all what my mortgage broker said.

You’ve spoken to a mortgage broker but still thought that you’d get cash in a suitcase ??? This gets more and more baffling as it goes on … I can’t look away

please just read this if you are seriously looking to buy a house and not taking the piss because I’m genuinely concerned this thread isn’t some strange social experiment now .. :https://www.moneysavingexpert.com/mortgages/buying-a-home-timeline/

you have to go to viewings I’m affaid , no way round it if you want to be taken seriously by estate agents or you don’t want to buy a house that you potentially hate

 

[JoeBloggs]

It's rather rude, isn't it? We are the customer at the end of the day and common courtesy should apply. Thanks for sharing. I'll try calling tomorrow.

Remember that they get their fees from the seller not you, so if there is lots of interest, someone emailing an offer and not viewing is potentially a waste of their time. In their eyes you are not the customer, the seller is.

I agree, you need to see somewhere, listings are not always truthful. They also need to see you are real and in a position to buy.

 

[rlouisep9]

I'm not sure why everyone feels the need to give @Gloria Rostron a hard time on this? She's admitted she didn't know about the conveyancing process, but instead of judging you could try and post something helpful? These things aren't taught in school, the only reason I have even one ounce of knowledge on the process is because of my job - most young people haven't a clue and that's not their fault and nor is it anything to be judgemental about!

I don't think anyone is giving her a hard time, just managing expectations, especially in a hugely competitive market.

I'm young and a FTB, but made sure I did a lot of research before starting the process knowing it's going to be the biggest purchase I'll ever make, plus knowing where I stood with deposit vs what I would need to borrow and what repayments would look like. Martin Lewis has a FTB downloadable doc which is handy.

 

[Fizzwhizz2020]

Thanks, do you think the mortgage lender would give me the full amount in cash so I could effectively walk up to the vendor as a cash buyer?

No, a mortgage lender will never give you cash. You never see the money. It’s only released to your solicitor. I’m beginning to think this is some sort of joke thread now

 

[Wowitsme]

I can’t even cope with this thread

 

[Giggling Squid]

if it is trolling, it’s the weirdest trolling I’ve seen for a while

if it’s actually someone trying to buy a house, it’s the weirdest approach to spending £60k I’ve seen for a while

 

[Wowitsme]

I cannot believe anything other that this is a troll post. Here’s my suitcase of 90grand thank you and bye.

 

[katyazamo]

Christ. None of what has been said here adds up. A lot of good advice has been offered on this thread and people have taken the time out of their day to do so.

It's simply not realistic to put in offers for properties you've never viewed or assume the bank will give you the mortgage amount in cash. A bit of research and Googling and general life experience will tell you that. That's why people think this is a wind up.