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Looking to buy my first house

Discussion in 'Personal' started by impulce, Oct 4, 2010.

  1. My house is leasehold but the lease has another 800 year to run. The ground rent is about £7.50 a year so don't rule it out altogether. However, I would definitely make sure you know how long the lease has left to run.

    www.houseprices.co.uk tells you how much properties were exchanged for.

    I bought my house when I was just on M3. I was lucky enough to have a £20k deposit (some help from my parents) and borrowed £90k over 30 years on a fixed rate.

    Good luck hunting [​IMG]
  2. Zoopla is a good site to check out as well.
    Sunset....we are leashold too.
  3. Thankyou again :) You've all been invaluable withthe advice!
    IFA recommended getting a longer mortgage as we are still young (Im 24), and then paying more off if/when we can afford it. So we are looking at £130k houses...£13k deposit so mortgage of £117k over 35 years. Works out at about £600-650 a month which is £150 more a month than we are currently paying in rent, but we could do it... I am regretting the car loan now though as we had no idea we'd be in a position to buy so soon and could do with that money!
  4. My favourite website at the moment is Nestoria.com, it searches all the other house searches and shows them all on a map that you can navigate...am looking on others too though as sometimes it misses houses out.
  5. We had a mortgage discussion with that 95% Nottingham deal you've mentioned - wasn't a go-er for us because of my income being disregarded (I'm supply) and they didn't do the income multiples required for us just to go on hubby's income. In the end - we went via the Post Office of all places who've been really helpful through the whole thing in terms of handholding a couple of total novices through it all.
    Bargain on it taking twice as long as you think, and then add time on again - we're STILL not at the point of exchanging and we started in July without a chain or any real complications. Just something to bear in mind if you're on a rental contract. Solicitors have their own unique timezone where minutes become days.
  6. I can second that! In our purchase it seemed that our understanding and concept of a 'week' was completely wrong. Did you know in solicitor and bank land a week actually means a month?
    MisterFlibble I reckon you have at least another 2 months to go. In fact you will probably move in to your house in 2011 [​IMG]
  7. We're not considering the 95% mortgage now, I just knew that it was about somewhere :)
    We're looking for a 90% one and the companies that pop up the cheapest are britannia and the postoffice I think, so its nice to hear you've had good service from the PO!
    Our rental contract will just start rolling monthly if we dont ask for another years contract so we should be okay if it takes longer than expected, it was if it all happened too quickly we might struggle as we didnt want to be paying rent and a mortgage at the same time!
  8. Just an update...IFA has been to us with the best deals and we have gone for the best fixed rate (only slightly more expensive than the best tracker and we preferred the stability), so he is applying for a decision in principle for us today!
    We're looking at two houses in the morning. Exciting times!
  9. Post Office have been fantastic - taking the most stupid phonecalls when we were terrorstruck trying to fill in the application and frightened of making any errors, texting us when stuff was on the way in the post, texting us to let us know that our revised purchase price had gone through without any errors - they've been brilliant from start to (hopefully we're near the) end.
    Our vendor's solicitors on the other hand I would willingly murder with various stationery items right now - having finally found out they've NOT put the one bit of paperwork in the post they've promised us IS there all flipping week!
    We've gone for the longer term fixed rate for the security aspect of it as well to be honest.
  10. We now have our agreement in principle :) And have started arranging viewings.
    My deposit money should be through within a fortnight. The agreement in principle is only valid for a month but my IFA says that if it runs out and we've not found anything, he can reapply for another one for us.
    Another question id be grateful if anyone can answer: If we do find a house fairly soon and have an offer accepted, mortgage goes through okay etc...when does the first repayment come out? Can you specifically ask to wait until a certain month or do you start paying as soon as you agree the mortgage?
    Basically we are contracted to renting this house until february so I wouldn't want to exchange and start paying the mortgage until January (Preferably feb to transfer straight over).
    Is this likely to be a problem? Can I just explain to the vendor/agent the situation and if they accept, will the mortgage company work around us? Im hoping the fact that we are first time buyers and can DEFINATELY move in Feb should be okay with the house owner, even if it is a few months away.
  11. zee-bra

    zee-bra New commenter

    Your first mortgage payment will come out when you move into the house (cant remember if its at the beginning of the month or the end of that month though.) Sorry if its not what you want to hear but February is probably when you will move in anyway. These things always take way longer than you think they will and it can be quite stressful but I think this is fairly normal. It is amazing how you can get so uptight about bricks and mortar but I always find it a horrid experience until you exchange and then you forget the stressful parts!
  12. Our mortgage goes out on the first of every month (I think we could choose the payment date if I remember rightly).
    Mortgage starts getting paid after exchange. Be prepared for the fact that it may be a larger payment first of all to make up the time between moving in and paying the first repayment.
  13. Thanks - you've all been invaluable with the advice!
    I don't want to move in until february anyway so waiting that long doesn't bother me!! :)
  14. landaise

    landaise Occasional commenter

    I should point out that when you move in will also depend on whether the people you buy from have found a house. Some estate agents advise people to sell subject to contract and then start looking. Could be six months down the line that you can exchange !
    Five years ago we sold our house. We had no upward chain as we were leaving the country. Accepted an offer in early February, sale finally went through in early June, only two people behind us in the chain ! Upward chains can be just as bad.
    I wish you luck and lots of stamina, you'll need it.
  15. Might give you some idea of timescales to help (thankfully we're on a rolling tenancy now so can give notice whenever).
    AIP done towards the back end of July.
    Put offer in start of August (very near the start I believe - sadly I can place dates relative to the umpteen hospital appointments I've had this summer), accepted virtually overnight with the usual ping-pong of higher/lower till we hit on a good number for both of us.
    Mortgage company lined up survey and solicitors for us (could have shopped around but as FTBs we figured we'd go the easy route), survey done towards the end of August - brilliant surveyor who talked us through in honest terms what he'd found on the survey because the written one is always massive backside-covering and reads like a horror novel), mortgage approved about that time. Solicitors contacted us to see what searches we wanted doing and the like.
    Bit of a delay around end August/start September over issues with the survey (minor bits of damp) and the mortgage company knocking down the amount prepared to loan because of this. Vendor dragged his feet massively (we were trying to get him to just try to get the damp work previously done rectified under guarantee but he didn't want to do this) - by mid-September I rang threatening to withdraw if the foot-dragging didn't stop, funnily the purchase price was finally agreed the following day!
    Since then we've been waiting for his solictors to return paperwork, and for the last fortnight we've been waiting for a final written confirmation from his solicitors of the agreed final purchase price (solicitor has apparently been working out of the office, but hubby suspects the other office has several holes, a green and a rather nice bar), which after I started being a massive pest - finally hit the post last night (I'm promised and will be chasing up in about an hour or two). It's the final bit we're waiting for in order to be able to exchange contracts on it... the gap between exchange and completion is, I gather, something you can specify among yourselves - we'll probably be going for sooner rather than later since there's some DIY we want to do before we move in and the like. Hopefully we should be in late-Nov, very early December... that's with no chain and the property we're moving into being vacant. Would have probably dragged on into the end of December/start of January if we weren't constantly pushing things along, making calls each week to check progress, and now we're nearing the end, calls each day from us, and the estate agent who's obviously anxious to close the sale and realizes the vendor's solicitors are, to be honest, a bit useless. We've got a real need to be in Nov/early December for various family related reasons - hence pushing so hard to move things along though.
    Don't know if that helps at all. The property bit of the forums on MSE is pretty good for general advice/lurking to figure things out since it was all like a foreign language to me when we started out.
  16. Thats excellent - thanks MisterFibble.
    We are contracted into our rented house until feb and then will go onto a rolling monthly contract - If we dont move out by the end of feb its not the end of the world, but my concern will be that the landlord realises we are considering moving and gives us notice before we do! In the past we have always pushed to resign a year long contract so he will realise its unusual that we haven't. (Though I am always thinking the worst...)
    We have booked some viewings for this week so will see if we find anything nice :)
    It was on at £130k, we made a cheeky offer of £110k, they counter offered £115k and we accepted.
    Im not a bit stressed about the next steps in the process! Our IFA is coming back on Friday to talk through the newest mortgage deals (we did have an AiP but apparently there are slightly better rates now) then we will apply properly for the mortgage.
    I also need a decent/cheap conveyancer/solicitor (and the house doesnt have a HIP so I hear its more expensive?)
    Any recommendations/advice on that part would be great as at the moment theres just hundreds online all with lots of jargon and I dont know which one to go for.
  18. Congrats.
    Has your IFA not given you any suggestions for a solicitor?
  19. It is very easy to get quotes from a solicitor. get at least 3. Some charges will be standard, some not. When I bought my last house they wanted to do a search to see if I would be liable for the upkeep of the local church (there has been a couple on the news in the last year or so who have bankrupted themselves through a clause like this), and i just said no. Oops - Gorgy starting Christmas drinking early, a bit clumsy in my tyoing, hope that makes sense.
  20. Estate agent will recommend as well. How exciting!!}X

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