Buying a house
11 June 2007, 02:25 AM
#1
Buying a house
Made an offer on a house today, some of you might remember me asking for advice... well 125k dropped to 113k offered 110 and accepted !!
So my first home... I've got to go through all the legal stuff now.. any help or advice would be great as I aint got a clue ?
So my first home... I've got to go through all the legal stuff now.. any help or advice would be great as I aint got a clue ?
11 June 2007, 12:36 PM
#6
I'm guessing you have the mortgage all agreed?
You need to find yourself a good solicitor, if you can find one that specialises in property all the better.
I cant remember the total cost last year of the solicitors fees, but they all vary. Dont be affraid to phone up and ask for a quote. I rung around a few to get differences.
And they did differ quite a bit.
You need to find yourself a good solicitor, if you can find one that specialises in property all the better.
I cant remember the total cost last year of the solicitors fees, but they all vary. Dont be affraid to phone up and ask for a quote. I rung around a few to get differences.
And they did differ quite a bit.
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11 June 2007, 01:17 PM
#8
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congratulations mate on your first home.
Ring round solcitors who do conveyancing and get quotes but remember the cheapest is not always the best and becuase they are expensive does not mean they are good.
try to find a local firm, they are far better than city firms. i can say that as i work in a small firm in Buxton.
read everything you receive from your solicitor carefully and don't be afraid to say "what does that mean?". ring once a week if your solicitor does not up date you to make sure things are progressing and do not take on face value what the estate agents say. until you see it in black and white from your solicitor it ain't happening ie, completion dates.
some weeks not much will happen and then suddenly you will be exchanging contracts and completing!!!!!!!!!!
be prepared to pay up front for searches and lucky you no stamp duty.
come to SMACS meets!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ring round solcitors who do conveyancing and get quotes but remember the cheapest is not always the best and becuase they are expensive does not mean they are good.
try to find a local firm, they are far better than city firms. i can say that as i work in a small firm in Buxton.
read everything you receive from your solicitor carefully and don't be afraid to say "what does that mean?". ring once a week if your solicitor does not up date you to make sure things are progressing and do not take on face value what the estate agents say. until you see it in black and white from your solicitor it ain't happening ie, completion dates.
some weeks not much will happen and then suddenly you will be exchanging contracts and completing!!!!!!!!!!
be prepared to pay up front for searches and lucky you no stamp duty.
come to SMACS meets!!!!!!!!!!!!!!!!!!!!!!!!!!!
11 June 2007, 06:14 PM
#11
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well done mate,,,,best thing you could ever do,,,i only bought mine 6 months ago,,,payed 130k for it, next doors just sold for 148k,,,
and its got no garage or conny like mine as,,,,so im 20k + up in only 6 months
stu
and its got no garage or conny like mine as,,,,so im 20k + up in only 6 months
stu
11 June 2007, 06:23 PM
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If you want to trade up to a nicer house you'll simply need to borrow more?..
11 June 2007, 06:29 PM
#13
Abby have agreed the mortage but not the rate, they said the max is 7. something so we did our sums based on that !
They are also going to include our car loans and student credit cards, which pushes it up to the house value.
So I'll be debt free.... shh I know
11 June 2007, 10:43 PM
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Are you deffo going for Abbey? I just bought my 2nd house (not at the same time, sold the first) and got a 5 year fixed rate at 5.6.. this was with bristol and west...
As people have said get some quotes on conveyancing lawyers.. i had to change mine half way through cos they were rubbish, nearly lost my new place because of it!
Good luck mate, hope it all runs smoothly!
As people have said get some quotes on conveyancing lawyers.. i had to change mine half way through cos they were rubbish, nearly lost my new place because of it!
Good luck mate, hope it all runs smoothly!
12 June 2007, 12:09 PM
#18
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The value of the house doesn't match the value fo the mortgage.. its over, so in theory we're making money.
Oh dear
12 June 2007, 12:24 PM
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Swings and roundabouts but at the end of the day when the mortgage is paid off the house is theirs as opposed to all those who choose to rent will still be paying £500+ a month.
12 June 2007, 12:31 PM
#21
But Id be bloody suprised if after the life of the mortgage the house is anywhere near the same value of what they paid for it.
Swings and roundabouts but at the end of the day when the mortgage is paid off the house is theirs as opposed to all those who choose to rent will still be paying £500+ a month.
Swings and roundabouts but at the end of the day when the mortgage is paid off the house is theirs as opposed to all those who choose to rent will still be paying £500+ a month.
Cheers mate, thats the plan, its a future I'm looking for ! Family and the works
12 June 2007, 12:39 PM
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But Id be bloody suprised if after the life of the mortgage the house is anywhere near the same value of what they paid for it.
Swings and roundabouts but at the end of the day when the mortgage is paid off the house is theirs as opposed to all those who choose to rent will still be paying £500+ a month.
Swings and roundabouts but at the end of the day when the mortgage is paid off the house is theirs as opposed to all those who choose to rent will still be paying £500+ a month.
iirc my solicitors fees last time round were £400ish. good deal, as i was a first time buyer then (20 years old at the time), and got most of it back via halifax as an insentive...
andy
12 June 2007, 12:43 PM
#23
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Please note Im not suggesting people should go and remortgage at what its current value is. Thats completely up to them if thats the case. Personally I would like to see a fair bit of equity in proper JUST in case we see a crash, interest rates rise like they did around '89 and you are left with no choice but to sell. It can happen. (Not suggesting it will either...lol)
12 June 2007, 12:48 PM
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Please note Im not suggesting people should go and remortgage at what its current value is. Thats completely up to them if thats the case. Personally I would like to see a fair bit of equity in proper JUST in case we see a crash, interest rates rise like they did around '89 and you are left with no choice but to sell. It can happen. (Not suggesting it will either...lol)
and maybe even getting over 300bhp out my scoob
12 June 2007, 12:51 PM
#25
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You come on here asking advice about buying houses, then suddenly know what you are doing with regards to lumping your outstanding debt in with your mortgage
Eh...ok then, glad you got it all planned out
Eh...ok then, glad you got it all planned out
12 June 2007, 01:07 PM
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SiPie - it's just the modern way. For many now it's the only way. Not so much in Pimmo's case, but there are an awful lot of people pushing themselves to the limit.Whatever people say, house prices will not continue to rise full stop - house prices, like the economy in general move in cycles - up and down. Long term, you are probably very unlikely to lose, but there will be many caught out in the short term.
I just don't see how the prices can continue to rise when they are not matched by the equivalent rise in wages. Eventually something has to give...
Incidently, if you are looking for a solicitor, I went through CMS UK - put your details in and they will do a search and come up with a number of solicitors that you can choose from. Saved me a fair bit doing my latest house.
12 June 2007, 01:16 PM
#27
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SiPie - it's just the modern way. For many now it's the only way. Not so much in Pimmo's case, but there are an awful lot of people pushing themselves to the limit.
