Didn't know she needed a solicitor until an hour ago and now you bring probate into it
I salute the masochist in you
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I salute the masochist in you
It's because I am worried about someone else offering above the asking price and beating me to the post. It's a long story with my current property, basically I'm 26, lived here all my life with my mother and my siblings, mother died 5 years ago, we ended up with the house, my siblings been talking about moving for years but I only agreed about a year ago, my brother now has a partner and a baby and needs more space , my house is falling apart and uncle has offered to buy it (he's family hence it won't matter if we can't move out for a few months). The thing is my family have no motivation to get stuff done so I just think If we don't get it done now, it will never get done. Nothing ever gets sorted with my family lol.
You wouldn’t be viewing a property that has a Sold STC sign outside it as it means they’re under offer already. Your neighbours having a sign outside for a long time just indicates what I mentioned - it takes a long time to go through. We’ve had the Sold sign outside since March now and haven’t moved out yet. If you want a quick move then ask your local estate agents if they have any properties that don’t have an onward chain. Also, the only time you need to put an offer in above the asking price is if the advert for the house says ‘OIEO’ (offers in excess of) or the estate agent tells you people are offering over the asking price. Generally, you offer under and then you negotiate a bit, or if you really like it you might offer the asking price. As someone else mentioned in some areas at the moment everything is going above asking price but you’d need to find that out from an estate agent.
Didn't know she needed a solicitor until an hour ago and now you bring probate into it
I salute the masochist in you
I'm digging myself a hole now aren't i!
It doesn’t have to mean you being out of pocket though. Unless you’ve seen a house and thought “that’s the one, I must have it” then nobody would go in above the asking price, especially without viewing it.
Someone made a good point earlier - even the minor points about a property are not shown in the photos let alone the damp and the old boiler and the 1970s bathroom even looks good in a professional photo! You could end up with a nightmare. Part of the thing about buying the house is seeing it from the outside, seeing if you see any neighbours, getting a feel for the place.
I haven’t read the most recent posts and I know you didn’t say it but I don’t think anyone is being horrible to you. Our generation can prevent being stuck with a shithole because we’ve got all the info at our fingertips - you asked for advice and people gave it to you. It’s not all going to be agreeing with you and people will point out stuff that in a lot of ways can be seen as common sense.
I’m sorry to hear you’ve had such a tough time but it would still be reckless - in my opinion - to jump in and offer over the odds for a house without seeing it. You survived viewing that last one! You’ve obviously got an issue with Estate Agents but it’s short term pain for long term gain. And one day you’ll maybe be selling a property and the shoe will be on the other foot. Good luck!
Just to add as well- going in over the asking price doesn’t necessarily help either. If you do this, you risk the mortgage valuation not agreeing with the asking price and end up in a situation where you may risk not being able to get a mortgage. Just because you have an AIP doesn’t mean that they will lend you all that money, they will let you apply for a mortgage of that value, and will lend to around that value, as long as they value the house to be of the value that you are paying for it
this is where viewing is so important- you can’t see like others are saying the mouldy wall they’ve kept out of the photos etc. So you can’t be confident that there isn’t a deal breaker than will be picked up during surveys prior to the mortgage actually being approved
this is where viewing is so important- you can’t see like others are saying the mouldy wall they’ve kept out of the photos etc. So you can’t be confident that there isn’t a deal breaker than will be picked up during surveys prior to the mortgage actually being approved
Seriously, go and view the properties. Not doing so is naive at best, at worst you'll be paying thousands of pounds which could have been avoidable. Even if you have the money to cover the cost of these things, they always end up costing more than you think.
I viewed mine but I was in a hurry to move and wasn't thorough enough. I had to stump up for a new kitchen, flooring, shower unit, full redecoration including all woodwork and a boiler within 2 years of buying it. Turns out the property was cheap and on the market for months for good reason. You need to do your due dilligence.
I viewed mine but I was in a hurry to move and wasn't thorough enough. I had to stump up for a new kitchen, flooring, shower unit, full redecoration including all woodwork and a boiler within 2 years of buying it. Turns out the property was cheap and on the market for months for good reason. You need to do your due dilligence.
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.
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?
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.
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.
I'm buying alone , just for me , so not need for much space or things like nurseries.
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.
I worry that OP is a sitting duck for being taken advantage of. They sound very naive. I’m hoping the uncle wouldn’t do that, but vendors might. I know you think your house is falling apart, but it’s definitely worth getting some valuations to make sure you’re getting market price.
I would forget about the concept of ‘a few weeks’ in terms of timescales. In my experience of house buying selling, everything takes months, and even then can all fall apart at the last minute. It’s not a process for the faint hearted.
AIP isn’t the same as proof of funds - it’s a very competitive market and a lot of vendors want proof that you have access to the money. Lenders withdraw or amend offers all the time, and it can take them weeks to do so.
Any offer is only as good as the buyers personal situation, and I’m sorry OP but yours isn’t great - a bit complicated for a vendor to engage with when they could accept a cash offer or a chain of one that’s already SSTC.
We’ve just sold a house and the buyers had to wait a long time for probate - our solicitor told us there are long delays at the moment. But then solicitors aren’t know for their speedy actions (no offence sols)
I would forget about the concept of ‘a few weeks’ in terms of timescales. In my experience of house buying selling, everything takes months, and even then can all fall apart at the last minute. It’s not a process for the faint hearted.
AIP isn’t the same as proof of funds - it’s a very competitive market and a lot of vendors want proof that you have access to the money. Lenders withdraw or amend offers all the time, and it can take them weeks to do so.
Any offer is only as good as the buyers personal situation, and I’m sorry OP but yours isn’t great - a bit complicated for a vendor to engage with when they could accept a cash offer or a chain of one that’s already SSTC.
We’ve just sold a house and the buyers had to wait a long time for probate - our solicitor told us there are long delays at the moment. But then solicitors aren’t know for their speedy actions (no offence sols)
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Unfortunately, 100% mortgages aren't something which are available so you won't be able to use a mortgage towards the whole cost of the house - you will need a deposit.
You can get 95% loan to value mortgages (5% deposit - 95% mortgage funded). This is actually what I am using myself for my purchase. However you need a good credit history to get one. Most common are 90% LTV (10% deposit, 90% loan to value) or 80% to 85% LTV.
I think you would benefit from speaking to a mortgage broker who can find a deal most suitable for you - they can also explain the mortgage process to you in more detail. The mortgage broker can consider your circumstances and look at a wide range of lenders to find a deal which is most appropriate for you - rather than you having to look at each individual lender yourself they'll be able to do that for you.
Another thing to consider is life insurance - it's always wise when having a mortgage to take out some form of life insurance to cover you should anything happen which prevents you from being able to keep up your mortgage payments - again, a broker can help with this.
Also - you say you could stay in a hotel - but remember, NOTHING in a house purchase is legally binding until exchange of contracts. Having your offer accepted does NOT legally mean the house is definitely yours. So I wouldn't consider staying in a hotel until you've exchanged and got a completion date - if you moved to a hotel before exchange you could end up being there for months on end until the conveyancing process reaches a point where it's ok to exchange!
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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
we all have to start somewhere but this is the most bizarre thread I’ve seen on here.
good luck with your house purchase
SDLTis only not paid up to a certain property value if you’re a first time buyer. If you’ve inherited the house youre living in you might not quality so would have to pay stamp duty on anything over (?)£125000.
View all properties that you’re interested in with return viewings on one(s) that you’re serious about. You need to get a feel for the layout of the house and you may not be able to tell that from pictures. Pictures can also be deceiving about the size of a room. When I was house hunting I checked everything including turning on some taps to check water pressure and drains. I peeked in cabinets to get an idea of storage space. I brought a tape measure to check that furniture would fit.
Also important to view to get an idea of the area. Is there a lot of traffic noise? If so, a is it all day or during certain times? Is the house flanked by houses with noisy dogs? Is it near a school where you may have traffic and/or parking issues due to school run?
This is a big investment and you can’t leave it all to chance. Do your research. Know that the agent is going to write the best description to get people to view it. It doesn’t mean it’s accurate. The “wonderful garden” may flood every time it rains.
Also important to view to get an idea of the area. Is there a lot of traffic noise? If so, a is it all day or during certain times? Is the house flanked by houses with noisy dogs? Is it near a school where you may have traffic and/or parking issues due to school run?
This is a big investment and you can’t leave it all to chance. Do your research. Know that the agent is going to write the best description to get people to view it. It doesn’t mean it’s accurate. The “wonderful garden” may flood every time it rains.
You seem nice.You're right. I think I'll have to bite my tongue and a lick. Then when I get the house, leave the estate agency a bad review.
You might need them when it’s time to sell your house again or buy another. As they say, treat people well on the way up as you may meet them again on the way down! Estate agency is a small world so don’t make a bad name for yourself.You're right. I think I'll have to bite my tongue and a lick. Then when I get the house, leave the estate agency a bad review.
Also, as mentioned, you’re not the customer, the vendor is. It’s the vendor they’re working for and the vendor who pays their wages.
The fact you're planning to use money from your current house sale changes everything.
You should get yours on the market first, if your uncle is definitely buying it then you need to start the process and have an offer agreed and begin to start proceedings with your solicitor. Only then would I think be thinking of searching and putting offers on properties. You simply wouldn't be in a good enough position to have offers accepted if you don't have an offer on your property.
Do you have a deposit to put down? Without the sale of the house you live in currently?
Sorry to sound confused, so you want to buy a property without viewing it? And you’re just offering over and above on all the ones you like? Do you have a deposit to put down? An MIP is a guideline of how much they will lend you, but it’s not a guarantee that you’d get that full amount as the bank would need to value the property. If the bank valuation comes back lower then you’d have to cover the shortfall. So if they said you could have a mortgage for £300000 and the values said that the property was only worth £250,000. They’d only lend you the £250k if that makes sense. That’s why you really need to go and view these places. You also need to add solicitors fees and stamp duty (if the property is in excess of £300k then it’s payable) that’s why you need to negotiate.
As other people have said, you might not be in quickly as there might be a whole chain involved and that can take months. You’d be best listening to the advice that people are offering as it really isn’t a quick process. You still actually have to apply for the mortgage and see if you’ll get it, which means making sure your credit report is really good so that you get the best rates. Also, factor in loan to value of the property as the bank will be. Best of luck though.
As other people have said, you might not be in quickly as there might be a whole chain involved and that can take months. You’d be best listening to the advice that people are offering as it really isn’t a quick process. You still actually have to apply for the mortgage and see if you’ll get it, which means making sure your credit report is really good so that you get the best rates. Also, factor in loan to value of the property as the bank will be. Best of luck though.
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