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bluekarin

First time buyers

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We've been in our rental for 20+ years, and are now in position to be able to buy our first ever own home :D We have a substantial deposit thanks to a gift from the inlaws (early payout of part of inheritance) and are hoping to view our first place in the next few days. I have been looking for a few years, but more seriously this year. We had a look at the area today, and a walk around with the dog, and love it. We also looked at several others I've seen online, and already ruled out a possible due to poor wheelchair access.

So, the question is, how does it all work now? Do we go to our bank for a mortgage? Some of the estate agents seem to do in house mortgages (unless I have read that wrong) Is it best to have one in place before offering? I would hate to miss out on this place as it is totally suitable as is but with scope to improve.

What sort of things should we say or not say during the viewing? Do we get to look around alone, or will the agent be with us the while time? How long do they usually allow for a first viewing? I know this will vary from agent to agent, but just an idea would be great. The house is in an area which doesn't seem to have many houses come up for sale. This one appears to have been owned by the same person since it was built. Well, according to Mouseprice.

Any other pearls of wisdom would be wonderful too, thank you :D

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Okay, so... no expert and I may well have forgotten things, but -

 

Mortgage wise:

 

Go to the bank and get a mortgage in principle.

 

This is a provisional offer made by the bank which gives you an idea about what you will be able to afford based on your income, deposit and savings and any current debts (credit card payments, loans etc.). They will also look at your credit rating. It's worth having an MIP if you're planning to make an offer on a house as it will show the vendor that you're keen and organised and serious about your offer - although it is not mandatory to have one.

You do have a really good bargaining chip already: the market has slowed somewhat since the Brexit vote, meaning it'll be marginally more in your favour - but even more than that, you're first timers. As such you will have no onward chain which puts you in a good position, particularly if the vendors want to move quite quickly.

 

Go and view plenty of houses. I recommend also going and seeing the area at night too. You'd be surprised how places can sometimes change when the sun goes down, as it were.

 

Once you have found the house you want to buy, make an offer via the Estate Agent. Once the offer is accepted, inform your bank that you have made an offer. They will ask for the details of the property etc. and then several things need to happen: you'll need someone to go and do a survey on the property to make sure everything is all good etc., if they discover something that is untoward you can then either pull out of the sale if you're not happy, or renegotiate you offer.

Your bank will also send its own surveyor to the property to do a similar thing to see if they think what you're paying is a fair price. Assuming they value it to the same or higher value than the offer, they will begin to process your mortgage until a formal offer is made. The formal offer made by the bank is basically the final financial details that tell you how much your mortgage payments will be etc.

 

This is where your appointed solicitors come in to it and will deal with all the paperwork: with the bank, with the vendor's solicitors, with the surveyors etc. etc. This is getting everything in order for the exchange. The exchange happens when both the customer and vendor are all happy with the sales, as is the bank, and the solicitors etc. You go in to your solicitors and sign your paperwork and your contracts are now exchanged, which is basically your legal commitment to buy. You *can* still withdraw, as can the vendor; however, this would be a breach of contract by the withdrawing party and there are likely to be fees and possibly legal implications.

 

Next will come the completion. The completion date is (almost always) the day on which the solicitors and banks organise and make all the payments. Once the payments are made you have completed and are now legally responsible for your new property and you'll be able to collect the keys to your home and move in. Generally speaking completion date and moving date are the same thing, with moving in usually taking place after midday. You can sometimes negotiate picking up the keys before completion - but you'll probably find it quite unlikely as until the payments are made you're not really the owner. It's okay to move in after the completion date if you need to, but you'll start paying the mortgage from that date, so you probably want to move in fairly promptly!

 

I suspect the in house mortgages may actually just be the agents putting you through their mortgage broker to ensure you can actually afford things. These days it is much more common for them to do their own independent check too, just to make sure your offer is likely to go through and not be rejected.

I would suggest using a mortgage broker to hunt for the best option on your behalf, as I suspect they'll find a better rate than an in house one offered by an agent.

 

Other questions:

 

What sort of things should we say or not say during the viewing?

 

Personally I would say whatever you want and be honest about it. Obviously if the current owners are home when you pay a visit, it probably won't do you any favours if you're stood there bad-mouthing the place, but you can always wait until you're out of earshot or in the garden or something.

 

If you see anything like damp, or cracks in the walls, or obvious damage etc., you're perfectly entitled to ask if the current owners have done anything about it - or if they're going to do anything about it. That stuff should show up on the survey anyway, but there's nothing stopping you bringing it up before that. How the vendors answer those questions can help you decide whether you're still interested or not. If you are, then they're all bargaining chips to negotiate: do you get them to fix the issues before you move in, or do you factor that in to your offer price?

 

You can ask questions about the neighbours and the area - there are certain things that the vendors are required to disclose by law, particularly when asked. I forget what all of them are, but you can find those details online!

 

Do we get to look around alone, or will the agent be with us the while time? How long do they usually allow for a first viewing?

 

99% of the time you'll be wandering around with an agent, but there's usually opportunities just to have a quiet moment or two with just you on your own (with the agent still in the property!). Very occasionally you'll be shown round by the vendor themselves, but it's not common.

 

I feel confident enough to say that you'll never just be given a key and allowed to wander freely around. You're more than welcome to pay a second visit to the property if you're interested.

 

Viewings are usually 15-20 minutes, but if you want to go again, you can spend longer.

 

I hope at least some of that helps! Good luck, and congratulations for when you buy your home!!

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Thank you so much! Lots of great advice there. We cant really go to the bank until hubby gets his new contract of employment I dont think. Its what the mortgage will be based on. Currently we are self employed and have such an irregular income that I don't think anyone would consider offering us a mortgage.

We are hoping that once we get to the end and complete that we can then give our months notice on our rental and that gives us a month to redecorate, clean and recarpet the new place before moving in. We will do the moving ourselves and dh will hire and drive a large van.

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You're welcome. I actually just re-edited the post, so I've answered a few more of your questions!

 

There may possibly be some kind of specialised mortgages for those who are completely self-employed, I am not sure. One thing I would say is that, sometimes, it is worth keeping some savings aside and not throwing every single penny at the deposit - it's worth having some rainy day money set aside if the boiler breaks or if one of you ends up out of work for some reason.

 

If you don't have a regular income it may also be worth asking the bank/mortgage lender about the terms of a mortgage break - should you ever need to take one!

 

I forget who publishes it, but there is a really good mortgage / home buying advice pack available for free online if you search for it... I'll try and remember where you can get it!

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I would never expect to be given the key to look around alone, just wondered if they are with you the whole time, or give you a bit of space to have a good look.

The house is vacant. As far as I can tell the previous owner has passed away in a hospice (searched for planning applications for the garage conversion) and found a name which I checked on our local papers announcements page.

Hubby thinks the house is overpriced, even though he really likes it. Its on for £275,000 and one opposite sold last year for £235,000. No garage conversion plus that garden faces north whereas the one we like faces south. The agent says there had been a lot of interest, but I don't know if thats agent talk or reality.

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You'll usually be given a little bit of space, particularly if you go back for a second viewing.

 

The house price will be affected by a few things: popularity of the area, size of the house (obviously), recent house sale prices in the area for comparable houses, and the level of interest shown and so on and so forth. In relation to the garden, the price will probably be factored in based more on the size than whether it is north or south facing... at least, that would be my expectation.

 

If it has been on the market a little while, that might work in your favour on negotiating the price, but only if there is not much interest. If it is as popular as the agents suggest then that will be somewhat of a moot point.

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Room for chickens I hope? No expert either but moved due to secondary schools. I insisted OH asked re neighbours as we had some horrors in old house. However sounds like u know area. In hindsight we would have asked re maintenance on oak tree in next door's garden. Blocks our light amongst other issues. Both sets of neighbours have since changed since and they are lovely ( London you never know who you might have next door). Round here very overpriced.

We saw some monstrosities in the past. The first time we were looking we were childless and set to marry. Looking round a house which belonged to Orthodox Jews (at a time when Rose and Fred West's house was being dug up for bodies) I opened a cupboard to see a lot of polystyrene wig rests( head shaped things for those who don't know)

"Ooh "I said "lots of heads in here" the estate agent a spotty youth of about 10 went pale till OH opened the door and glared at me and said "she's got a weird sense of humour" :lol: I will add house was not occupied just so you don't think I am nosey.

I wish you lots of luck. We saw a lot of 60's whirly carpets - amongst other things. If last owner was old might need re wiring, double glazing and might have heating issues. Just bear in mind as you might have to budget for this. Good luck xx

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Thanks Daphne & Ali :D I am so very excited, but also nervous. I think this one will go before we are ready, but I am sure there will be more. This house just seemed to have a warm feel about it when we looked at it online. Even my youngest said it was a really nice house, and I have shown her far more 'pretty' houses. It was built in 1965, pretty much the same style as the house we are already living in, but it is a brick built version. The electrics have been done and it has solar panels which hubby is very excited by. It also has new double glazed windows which have trickle filters on them.

Sadly no room for chickens, but we can't have everything.

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Good luck - I think AndyRoo has answered your questions fairly comprehensively. I'd definitely shop around for mortgages. You could get a quote from their in house one but it may not be the best deal for you . I recommend Moneysavingexpert.com for impartial advice on mortgages (and 'best deal' offers). You may find you need a few months of your OH's employment under your belt before mortgagees will consider it.

 

It's always worth making an offer, you can always increase it if they don't 'bite'. You can often tell from photos if a house has been on the market for a while (e.g. leaves on trees in the garden) or Zoopla or similar may indicate when it was first advertised.

 

Finally, I'm of the belief that you buy a house with your heart, not your head. If it feels 'right' then that's more important than some of the other things - decor, damp and so on can all be overcome although they may be bargaining points on the price.

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I'm of the belief that you buy a house with your heart, not your head. If it feels 'right' then that's more important than some of the other things - decor, damp and so on can all be overcome although they may be bargaining points on the price.

 

I hope you won't take this personally - I don't want to offend anyone - but I totally disagree and my personal view is completely the opposite. I probably would have agreed with Olly until we bought our first (and current) house. We - well it was mostly my fault actually - fell for the outside space at this house and just didn't look at it properly. Consequently although I think it was quite a good buy, it's going to take an awful lot more work than we wanted or expected to make it he house we want to own.

 

I agree with all AndyRoo's advice, I would add a few things...

 

- most importantly, have a REALLY good look at the place on your second viewing and don't be blind to potential issues because you like the place

 

- don't worry about taking your time to make sure everything is right for you - everyone else will be out for themselves, you need to be too

 

- if you don't already have one, make sure you have a good solicitor, and make sure they can act for the bank providing your mortgage as well as you, otherwise you'll have to pay twice

 

- if your circumstances regarding a mortgage are non-standard, a broker may be useful. I was adamant we wouldn't need one, but when Japanese knotweed reared its ugly head our broker was invaluable at finding us a decent mortgage and sorting everything out - we paid a one off fee and for no further charge she will help us rearrange every time our tie in period is up.

 

Try to enjoy the process - I couldn't believe I managed to do it, I felt like I didn't know what was going on the whole time and that stuff was happening that I didn't understand concerning the biggest purchase I had ever made, and that I was the only person ever who had gone into this knowing so little, but you can learn loads on the Internet and pretty soon put all the bits together and see it's not as complicated as all the people trying to make money out of it would have you believe!

 

Good luck :D

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How exciting! If the person has died, you might have a probate issue - which can be long winded if other parties are looking for inheritance and feudin'!!!.

 

If you really like it on the first look, on the second go armed with pen and paper and mark down anything that you see that needs doing. You'll be surprised how you never noticed things the first time round. And don't say oh that's OK, because little problems may end up a bit of a bigger problem underneath! Look for cracks - could mean subsidence - are cracks outside matching cracks indoors? Trees close to the house mean root issues (we had a sycamore that kept blocking the toilet because the roots had gone into the drains), although it was considered not to be a problem when the house was originally built - it loved the fertilizer!!! My OH's relatives have mega subsidence issues because of trees on their neighbour's land.

 

If you get to the stage of making an offer with a mortgage behind you then I'd get a full structural survey done - particularly if it's an older house. These things are invaluable. You can get a cheaper one but it's a cursory glance and you get what you pay for. That said, if surveyors can't get to check something, they cannot pull up carpets or pull out fixed things, so some things may be missed. But with one house we looked at, it was 1930's, but it had dry rot and damp rot. Also insect damage to the roof just to name a couple of things wrong with it. Needless to say we didn't buy it and the owner refused to lower the price to allow for all the work that needed to be done.

 

Other hidden costs - stamp duty, removal firm (or van hire if you decide to do it yourselves), and solicitors fees. I can't remember any more though.

 

Wishing you lots of luck at the bank and with the house.

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I hope you won't take this personally - I don't want to offend anyone - but I totally disagree and my personal view is completely the opposite. I probably would have agreed with Olly until we bought our first (and current) house. We - well it was mostly my fault actually - fell for the outside space at this house and just didn't look at it properly. Consequently although I think it was quite a good buy, it's going to take an awful lot more work than we wanted or expected to make it he house we want to own.

 

Not offended at all, and perhaps I should have added that you should ALWAYS pay for a survey, don't rely on the lender's surveyor. but if you love a house and it's got, say, damp problems then I wouldn't be put off because that can be fixed relatively easily; walls can be knocked down to make rooms larger, decor can be changed. Of course you need to be aware of the cost of all these and it may be grounds for reducing your offer, but you could end up with the house you want.

On the other hand (and I've bought and sold houses several times) I still recall the house that met all my criteria - price, location, size, condition and so on. I lived there for five years and never grew to love it as a home. You have to go into it fully informed and prepared, but you still have to love it.

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Definitely speak to a mortgage broker - I'd never considered one before we moved again and had done it ourselves previously but he organised everything, we got a great deal and didn't have to pay a fee either as he claimed his fee's from the mortgage company. They are also great at sorting out mortgages where it isn't completely straight forward whether it be due to your circumstances (e.g self employed) or something odd about the house - some mortgage companies are very wary of old properties.

 

Your mortgage company will require a very basic survey but it's always worth paying for a more in depth one just to be on the safe side. There will always be things you don't notice or perhaps things the current owner is generous with the truth with so a contingency fund is worth having too for unexpected expenses!

 

Other than that enjoy - I've moved twice now (second time earlier this year) and find it all very exciting!

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Think AndyRoo's dealt with most of the legal and technical stuff, so just my experience:-

 

Budget - and don't even be tempted to look at properties you really can't afford

Decide on the area you want,

Decide non-negotiables eg how may bedrooms, do you want a separate dining room, are you prepared to fit new kitchen/bathrooms

List of preferences eg double glazing, new heating, garage, room for a pony (kidding!)

 

Make friends with all your local estate agents, whether you like them or not.

Do not be fobbed off with tales of how long it always takes. It took less than 4 weeks from me first seeing my first house to my furniture going over the doorstep.

 

I found first viewings were about "heart" - if the house did not appeal to me, I did not go back. Second (and subsequent) viewings were all about "head" - did it really have everything I wanted, did it have things I really didn't want. Did I still love it on a wet/dark day?

 

My first house I knew was mine from the moment I stepped through the front door, the second took longer but only because I wanted a house and it was a bungalow. Sometimes they do choose you.

 

Have fun hunting :D!

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Very true. We had crossed this house off the list because it has a little road at the back. It said it also had a tiered garden. Funny thing happened - I had a dream about the garden being like a crazy golf course - so I insisted we look. And we looked. And then we looked again. We looked at a lot of others but this one was amazing - at the time. And I'm still waiting to have the darned thing finished. We were going to put ours on the market next spring, but with number one son back here and not entirely settled, it's been put on the back burner. But we'll see and we'll go when we are ready.

So now I have to ring the electrician, organise a plumber for a ruddy kickspace heater that is ancient and doesn't heat any more. Finding a plumber willing to do the job is no easy job (rang company to see if they had engineers or could recommend and they said nah). So my advice is if you get your kitchen refurbed - don't get a kickspace!!!

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First two viewings done! Not bad as I thought it was going to be. Sadly, the house which looked perfect on paper (or onscreen) is just a bit too small in real life, esp downstairs. Such a beautiful garden, although smaller than our current one, but not too small.

The second house was massive downstairs with the cutest cats <3 but the bedrooms were quite small esp the master. If I could have the downstairs of house one and the upstairs of house two then I'd be happy. But I think we won't be proceeding with either of these.

 

Two more viewings tomorrow and I am about to arrange a viewing with one which is at the top of our budget and needs work but is a detached 1930's house with a HUGE garden :D

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Andy's covered most things I'd just add another vote for finding a good financial adviser as a mortgage broker, ideally find one by personal recommendation. We were recommended one that was a friend of a friend over 20 years ago and he has consistently found us better deals than I could find myself. Even better he tracks when the deals are coming to an end and finds the next best option and gets in touch to set up a meeting to run through options. We've saved a fortune using him over the years 8) when the tie in time to the last deal came to an end he got in touch to say to us not to even consider looking at a new deal, he'd taken a look and the old deal (tracker) had turned out to be particularly good in a period of low interest rates so he wouldn't be able to get better. So no commission for him for a while but happy customers as it was further proof of his honesty :)

I don't know what shire you're but if it's on earth near Berkshire and you'd like his details pm me. I've recommended him to a few friends and family all of whom have been happy. His aim is very long term happy customer relationships so not worried about the size of the initial business.

 

Also re renovations work out what you can live with, we're nearing the end of a 14 year renovation where we have done work as we could afford it. I'm looking forward to the last bare floorboards being covered up and no more holes worn in socks :dance: but also glad we did it at the pace we could afford.

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Dunno about the small bedrooms. I have always preferred anything over 10ft x 12ft. If you are lucky to have a big bedroom as a child then when you look as an adult you don't like small! So with the larger rooms they were able to play on the floor - get train tracks out, building blocks etc. Plus alone time from horrid little siblings that were being pests. It all was put away in boxes at bed time and kept downstairs tidier. Well that was the plan anyway. We have clutter everywhere and most of it is mine! :oops: When they had friends over there was room to put up a spare camp bed for sleepovers. Bunk beds we did have but not fun for a 6ft lad and normal ceiling height. So double beds they had so they could stretch out. Larger rooms also good for friends and relatives staying with loads of luggage. Our guest room used to be the small room which is probably 7ft x 9ft. Double bed was pushed against the wall and only one side to walk round (shimmy really). Hardly any space for luggage - no cupboards either. Canadian cousin used to come armed with everything including the kitchen sink and complain about lack of space. :roll:

 

If it's renovations then as long as it's habitable then it's good. You will end up with a lovely place to relax in eventually. Tackle the easy bits first - that'll give you a boost, then the bigger jobs as and when. Surprising how holes in walls and cracks become invisible over time! :lol:

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I totally agree about the independent financial advisor. We were recommended the same man by two friends who don't know one another - worth his weight in gold. He got us a deal that wasn't available to the general public, I don't understand how, and twice since he has told us not to move. We've now been with the same mortgage company for about ten years, not on purpose but because our deal is so good now the interest rate is so low.

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My hubby does the IT work for a local estate agents. Sadly they are a high end one so most of their properties are a looong way off our max budget. However, he gets on with them really well and has been chatting to one in particular who has recommended a mortgage broker to us. Just waiting to hear back from him and see what he can do to help.

 

We have seen a property this week which we really have a good feeling about. It has been on for a while, and was apparently on the market before and sold but that fell through. We are wondering why it hasn't sold tbh, or got more interest, so wondered if you guys could look over it and see anything we have missed. Its has a back boiler which is serviced every year, next one due next Jan.

 

http://www.rightmove.co.uk/property-for-sale/property-61365506.html

 

The plan would be to convert the garage to a small office where the window is which we would make smaller, with a bedroom at the front, knock the bathroom and loo into one, remove the cupboards and put in a bath and a double walk in shower. First job will be putting solar panels on the roof, and then eventually knock the end wall of the kitchen into the living room, but put up a new wall along the living room to make it separate with double doors. Long term would be replace all windows, any patio doors with french doors and change the living room window to french doors with windows either side. This we can see as a long term house, twenty years plus. but we can live with as is for a good while. Just a lick of paint upstairs before moving in. If we do, that is :wink:

 

We are looking at some more closer to town, one this Saturday and two more in the same street the following Saturday. They are near a busy main road, but would only be a few min walk for both kids to get to school/college, which is why we want to view them on a busy day. This is just to rule out any, or see if they are in fact better than the one we really like.

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Can you convert for wheelchair access easily? Initially looks ok - no expert, I think I am right in thinking kids are too big for schools to be an issue. Would ask about neighbours - probably go round and assess street at night - make sure it doesnt become a problem after dark. Knock on a few doors?

Not much help but thats the sort of thing which bothers me as had problem neighvbours in past. Good luck

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