Property Buying - Protocol

[Gloria Rostron]

And there's no way on God's Earth that conveyancing would come to £20,000 on a £90,000 purchase

That's a relief. I'll have more money to use for the deposit then. I had to speak to a mortgage broker to get the Agreement In Principle, no way would I even think about making offers if I hadn't got that!! Lol

(assuming you're not trolling)

I hope that people don't think that! As I have said from the start I am a first time buyer and have not been given much information from the bank/mortgage broker. Until today, I'd not heard of conveyancing or the fact that the lender won't go above the asking price, even if my Agreement In Principle allows for it. I know feel more informed and empowered in what to do. It's also put my mind at ease somewhat with regards to being outbid (as most buyers use mortgages, so they won't be able to go higher than asking price without dipping into their own pocket, unless they have savings).

 

[Gloria Rostron]

How do you know you won’t get that? I’d be interested to know where your problem with Estate Agents come from. Is it because they didn’t email you back or does it go deeper than that?

They’re a necessary part of the process. I don’t particularly like dentists but if I want to be pain free or have a killer smile, I need them.

I have no problem with estate agents personally I'm sure some are lovely and as I said earlier I am willing to put up with the rude ones until the sale goes through. You are right we all have to go through things in life we don't like. The ones I've spoken to so far have not been very helpful and I know people on this thread work with estate agents so I gather they don't consider it important to gain my respect as I am the customer not the client. I'll just have to bite my tongue. It's the culture of treating buyers like insignificants I don't like (another Tattler had her emails ignored too), no problem with an individual who choses to be an estate agent.

I think a mod should close this thread now to avoid things getting heated and personal.

 

[Gloria Rostron]

Thanks for the replies. I'm going to show this thread to my brother as I think he will find this useful too. The property I am looking at is under £100,000, would stamp duty not apply? Also, the current house is in my father's name as his name was on the books when my mum died (even though he's not paid a penny towards the house in 20 years ). My uncle is on my father's side and also owns another property which my father lives in (just to confuse things). It's a real brain spinner I know. I'll be glad when it's all done with.

 

[Gloria Rostron]

I will have around £60,000 deposit to put towards it, so if I buy a house for £90,000 (which is the price at one I've looked at), I'd probably need to borrow around £50,000 at the most, to allow for conveyancing and other red tape.

We're in the process of buying out first home and our mortgage advisor asked to see proof of funds before applying for our mortgage in principle? Once we made an offer on the property, the estate agent also wanted to see proof of funds.

The mortgage broker said to me that her words "she's done me an Agreement In Principle with Barclays and is meeting me next week to discuss proof of funds which may or may not change things". She hasn't mentioned a credit check but I think Halifax did a credit check when I applied with them. I go rejected from Halifax as my income was too low. They discount 40% of your income apparently.

 

[Gloria Rostron]

I don't mean to come across as angry with anyone here. I appreciate you all mean well. I am just angry at the system and the protocol.

 

[jhonsonrob]

I've recently bought a house and you need to call and make a viewing. They also want you to have a mortgage application in principle so they know you can actually get a mortgage for the property. They won't be responding as they won't be seeing you as serious.

I can't imagine how you could buy a house without even visiting it first!

Yes, You are right. Without visiting how someone can buy a home?

 

[Gloria Rostron]

I think some people are being a bit harsh to @Gloria Rostron . They don't take into account how someone is perceived on an anonymous Internet forum when deciding who is eligible for a mortgage.
My experience of house buying during covid restrictions is that everything is pretty much done via email, with the occasional phone call. Apart from viewing my house, I never met anyone in person during the whole buying process till I collected the keys ,and these were handed over in the street as I showed the estate agent my proof of id. I'm sure experience of buying pre-pandemic had a lot more dealings in person..
It also isn't abnormal to thing that problems can be solved by throwing money at them.


Are you buying alone , a house for yourself or is your family moving with you?

I'm buying alone , just for me , so not need for much space or things like nurseries.

As someone has pointed out, offering above asking doesn’t mean much until it’s valued. If you offer more than it’s valued at you wont get the mortgage for that.

Are you relying on the sale of your current house for the deposit on somewhere new? Have the preparations started for the sale? Also, are you sure your uncle will not mind you staying once’s it’s bought? People change once things go through. If he has plans he may want you out and he has ever legal right to. You would also technically be a sitting tenant which is not good for him.

The mortgage amount offered is enough alone to buy a house but I also would be using my cut from the sale of my current house as the less I borrow, the less my repayments will be. I'm also mindful that there will be solicitors' fees and I will want some money to redecorate and make the house my own. My brother reckons if you are a first time buyer you don't pay stamp duty.

If the worst came to the worst and my uncle wanted the house vacated, I guess we could stay in a hotel for a few weeks.

 

[Gloria Rostron]

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…

Depends on how popular then house is. If it needs a lot of work doing and I am the only one to make an offer them it's either my offer or nothing and no sale means no commission. I wouldn't be an ass hole with them I'd just expect a please and a thank you and for them to turn up to viewings with accurate information.

 

[Gloria Rostron]

You don’t seem to want to attend viewings, I hope you don’t mind me asking if it’s personal, but is there a reason for this?

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.

 

[Gloria Rostron]

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

Thanks, I'll have a look now. I don't have an account on there but will give it a whirl.

 

[Gloria Rostron]

However when the survey was done on the home it was valued at £7K less

Did they give a reason for this e.g. electrics shot, structural damage?

 

[Gloria Rostron]

Thanks all. I do have an Agreement In Principle, I mentioned this to one seller but onl really to bulk out the Email. I'll be sure to mention this in future. I don't think I could bear an auction, getting so close and losing it. I find it anxiety inducing seeing all of these properties I like and knowing that they could slip through my fingers, this is why I want to put offers in straight away. Interesting point about there being nobody in the office, they should say so on their website if this is the case. The buyer is the customer and shouldn't have to go chasing as if applying for a job.

 

[Gloria Rostron]

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!

Sorry to hear you are having a long wait. My neighbour's property has had a "Sold STC" sign outside it for a long time now, so it sounds like they are having problems with their probate. I'll look out for the STC when I am viewing properties. I hope to be out of my current house before the weather turns colder and the mice start coming back in .

 

[Thelife&times]

Did they give a reason for this e.g. electrics shot, structural damage?

No, there was nothing wrong so to speak. Only cosmetic work within the interior, garden was bare etc. The area isn’t the most desirable in my town, but the seller wasn’t best pleased. I thought they were going to pull out.

 

[Gloria Rostron]

I was a cash buyer, I certainly did not walk up to the owners of my now house with a suitcase full of cash . There is a wire transaction from cash buyers bank account to solicitors to sellers solicitors.

I believe for a mortgage property this is done between the bank and solicitors and you will wire transferdeposit.

I can’t even comprehend a 26 year old believing you walk to sellers with a suitcase of cash........

Obviously I didn't mean literally walk up to them with a wad of cash I meant approach them with an offer to pay in cash rather than it going through the bank.

 

[WilmaHun]

I think the attitude is poor.

‘I’ve sent my offer in via email and how dare they not respond to me as my offer should be accepted and I can complete immediately’

When parting with £100,000s you need to make the effort to understand the game.

You are not going to be accepted just because you offer the right price, people choose their buyers for a variety of reasons. Not being aware of the time frame (minimum 12 weeks imo) and that you need legals is madness.

OP, take a step back. Do some research, find a solicitor and do some viewings. Don’t just buy because you can afford it, on paper.

I agree - she didn't portray her attitude on the matter in a fantastic light, but that again comes from lack of knowledge of the process.