Psyxologos Posted June 23, 2009 Report Share Posted June 23, 2009 Hallo everyone. I had my offer for a house accepted (got 15% off the asking price so I am quite chaffed) so I was wondering if anyone has an idea on the time frame I am facing. I was told it can be anything between 4 and 8 weeks, which sounds like an age... I am a first time buyer, so any input is more than welcomed! Thanks! Quote Link to comment Share on other sites More sharing options...
jmooney Posted June 23, 2009 Report Share Posted June 23, 2009 No advice. Just wanted to say congratulations on your first home! Best of luck! Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 23, 2009 Author Report Share Posted June 23, 2009 Many thanks Jmooney! Quote Link to comment Share on other sites More sharing options...
MM Posted June 23, 2009 Report Share Posted June 23, 2009 after the exchange of docs. like you say, could take weeks. well done on the new gaff though. Quote Link to comment Share on other sites More sharing options...
6shot Posted June 23, 2009 Report Share Posted June 23, 2009 i will take forever it allways does when your waiting for something good. but well done for getting on the ladder Quote Link to comment Share on other sites More sharing options...
starlight32 Posted June 23, 2009 Report Share Posted June 23, 2009 Deoends if you are paying cash or getting a mortgage. If you paying cash you can exchange and complete in as little as a week if you are not bothering with a survey or searches, a mortgage deal you should be looking at around 5-6 weeks. Quote Link to comment Share on other sites More sharing options...
chandelierman Posted June 23, 2009 Report Share Posted June 23, 2009 Don't count your chickens yet ANYTHING can happen,just because you have had your offer accepted doesn't mean that you have bought the house,are your sellers in a chain? ( this means that the property they are buying is still occupied and their seller could be in the same situation ) untill you have exchanged contracts and paid your deposit ANYTHING can go wrong i had a buyer for my shop and on exchange day he tried to get me to drop 10k of the price!! this was after i had found another property and had the survey done etc etc i told him to go **** himself and they sale was off,but on the other had it could all go smoothly and you could exchange and complete on the sameday in 4 - 8 weeks Quote Link to comment Share on other sites More sharing options...
Mungler Posted June 23, 2009 Report Share Posted June 23, 2009 Deoends if you are paying cash or getting a mortgage. If you paying cash you can exchange and complete in as little as a week if you are not bothering with a survey or searches, a mortgage deal you should be looking at around 5-6 weeks. What he said. Paperwork now needs to follow. See a solicitor, think about searches. I take it you already have either the purchase moneys and or a mortgage offer. If the seller is in a chain you may end up waiting for them to work out what they are going to do. In this market, as a cash or ready to go first time buyer in no chain, then you are in the driving seat. Quote Link to comment Share on other sites More sharing options...
RhiannonBW Posted June 23, 2009 Report Share Posted June 23, 2009 It also depends on whether the house you're buying is empty. We bought a wreck back in the 90s, and were able to get the keys a week early even though we hadn't officially exchanged, as the house was a repossession and the estate agents were nice. We weren't allowed to do any work or move anything in, but it meant we could get the builder in to measure up and get his quote in for all the work that needed doing. We had to drop the keys back at the Estate Agents every day though. Rhiannon Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 23, 2009 Author Report Share Posted June 23, 2009 Thanks everyone. Well. The house is owned by a builder who built it and lived there for two years. I am told this is common practice to bring the sale tax down or something. He now moves on to another project. In th emeantime he will move into a friends empty property, so no chain. We are 45% cash buyers and just came back from the mortgage advisor who said we can have everything done tomorrow. Trouble is, I can do nothing before the weekend as my wife works away till Friday. I am on the phone to the solicitor in 10 minutes. I just hope everything goes well. The house is very nice and we chose it after having visited over 100 properties. See how it goes. Quote Link to comment Share on other sites More sharing options...
al4x Posted June 23, 2009 Report Share Posted June 23, 2009 in that case sounds like it will be simple, a regular house mover like a builder will know he's onto a good thing with you so should all be fine. Just make sure all the building regs bits are sorted if he'd done much of a renovation on it. Quote Link to comment Share on other sites More sharing options...
starlight32 Posted June 23, 2009 Report Share Posted June 23, 2009 Thanks everyone. Well. The house is owned by a builder who built it and lived there for two years. I am told this is common practice to bring the sale tax down or something. He now moves on to another project. In th emeantime he will move into a friends empty property, so no chain. We are 45% cash buyers and just came back from the mortgage advisor who said we can have everything done tomorrow. Trouble is, I can do nothing before the weekend as my wife works away till Friday. I am on the phone to the solicitor in 10 minutes. I just hope everything goes well. The house is very nice and we chose it after having visited over 100 properties. See how it goes. Living in it is not to bring down sales tax, it is to avoid capital gains-living in the property justifies as own residence status. If you are 45% cash then you are in a good position, I assume you already have a mortgage offer on the property? If a builder has had it and done it up then you should'nt have any mortgage retentions on it as it should it need any urgent works. Quote Link to comment Share on other sites More sharing options...
al4x Posted June 23, 2009 Report Share Posted June 23, 2009 Mortgage retentions seem to be getting rarer, I know mine was in a pretty tragic state when i bought it and they lent the money no problem. Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 23, 2009 Author Report Share Posted June 23, 2009 The house is only two years old (so the builder is the first and only one to live in it) and, quite honestly, in immaculate condition. I got a few mortgages I am looking at, I saw my mortgage advisor this morning. We contacted the banks and they said we are eligible for whatever I need, so no problems there. My concern now is to get the best deal. I was looking at some two and three year fixed deals and they seem to be between 4.2% to 4.5% which is a bit steeper than I hoped. Trackers I can get from 2.3% plus base rate (currently at 0.5%) for three years but I am not too keen on them as I am sure the rates will go up. so I want the security. What do fellow forum members think about this? Quote Link to comment Share on other sites More sharing options...
al4x Posted June 23, 2009 Report Share Posted June 23, 2009 the tracker boat has sailed, i'm on a lifetime one and am on .19 above base so worth having (well actually i almost feel guilty about its cost at the moment) Fix wise depends on a few things and keep your eye on the application fees and redemption time and penalties. Shouldn't be an issue but if you had to give up the mortgage for some reason you can be absolutely screwed by some. Generally though if you can get 4.2% fix it for as long as you're happy to do so Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 23, 2009 Author Report Share Posted June 23, 2009 Well, I am actively seeking a fixed mortgage for as long a period as I can. Two year deals are around 4% to 4.3% and three year deals around 4.5% Set up fees vary from £1000 to £1400 with free valuation/survey. they have some penalties to get out, but I do not anticipate leaving before the end of the two/three year deal. I am actually quite interested in overpaying every month without penalties so I can make the most of the fixed term. See how it goes... Al4x, how on earth did you manage that low a tracker? The best I could get now was 2.3% above the base rate.... Well done! Quote Link to comment Share on other sites More sharing options...
al4x Posted June 23, 2009 Report Share Posted June 23, 2009 I've had it a few years when you could also get one with no fees and no redemption penalties though rates were about 5% then so I was paying a fair wack now the banks are trying to claw money back so rates are far higher. There are 10 year fixes out there which may be worth a look, signs are at the moment that rates aren't going to do much for a while but if you can make the most of it long term then go for it Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 23, 2009 Author Report Share Posted June 23, 2009 Many thanks. I will see a diferent advisor tomorrow. I will keep this in mind! Quote Link to comment Share on other sites More sharing options...
Supersonic Posted June 23, 2009 Report Share Posted June 23, 2009 You will have grey hair in 3 months time. If it can go wrong it usually will. On my last move in the morning of exchanging contracts (after 4 months of stupid questions) their side rang my solicitors demanding planning permissission for a 2ft high picket fence round the front garden!! I gave them the option of no planning permission or chain saw!!! The fence is still standing today I believe. The moral of the story is - if everyone is using 'fixed price' solicitors it will go through without a hitch. Nige Quote Link to comment Share on other sites More sharing options...
kev 1 Posted June 23, 2009 Report Share Posted June 23, 2009 Congratulations Quote Link to comment Share on other sites More sharing options...
Marcus Posted June 23, 2009 Report Share Posted June 23, 2009 (edited) Hi there Congratulations on your first step to home ownership. Process very briefly............ 1. Make an offer which is accepted 2. Get good advice on which mortgage suits your needs best (talk to more than one broker) 3. Once you have settled on a lender / product get an application in 4. Decide on which survey you want - 3 types - prices vary a. Standard Valuation (doesnt give you much info, basically for the lender to establsih good security) £200 ish b. Home Buyers Survey - gives you more info to help you decided if you still want to buy £500 ish c. Full Structual Survey - Full on nuts and bolts survey over £1000 5. Instruct a Solicitor, this can be a mine field, ask if they do "conveyancing only", usually a better service 6. Assuming the survey comes back ok your underway 7. Solictor does there bit 8. Exchange of contracts - this should be treated as the point of no return, you can back out but its going to cost you - this is where your liabilty starts(you dont pay for the mortgage yet), and you should have your life cover and other mortgage protection policies ready to start by this point, your advisor should have taken care of this at the point you applied for the mortgage. 9. Once you have exchanged, 'completion' can usually take place on a friday following. (it is possible to exchange and complete on the same day but solicitors dont usually do it) subject to other influences in the purchasing chain etc 10. Pick up keys - again this can be done once you have 'completed' and on the same day as completion Things to consider 1. Extended tie ins, avoid if possible, if you go for a 3 year product, dont get tied in beyond this, it will usually be on their SVR which will not be competative 2. Flexability, you mention wanting to make over payments, not all allow this, most cap the amount which you can overpay 3. You want interest calculated daily, making overpayments with a product that cals interest, montly, half-yearly or even annually will have less impact on the mortgage balance, as they wont take into account your overpayment until the calcs are done, so they make money off your money etc 4. Ask, ask and ask again so you understand what you are doing 5. Dont get fobbed off by the advisor telling you porkies, like you have to use them to place the mortgage and buy life cover through them or you your cant buy the house - unfortunately this still goes on amoungst other things Timings can vary, but from what youhave said it sounds straight forward. 6 - 8 WEEKS would be realistic, make sure you have regular contact and updates from the broker and solicitor so that 'issues' can be nipped in the bud Hope it goes smoothly for you, if you have any other q's just ask, will help if I can Edited June 23, 2009 by Marcus South Wales Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 24, 2009 Author Report Share Posted June 24, 2009 5. Dont get fobbed off by the advisor telling you porkies, like you have to use them to place the mortgage and buy life cover through them or you your cant buy the house - unfortunately this still goes on amoungst other things Many thanks for your help. Do you mean i should shop around for these services? Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 24, 2009 Author Report Share Posted June 24, 2009 The moral of the story is - if everyone is using 'fixed price' solicitors it will go through without a hitch. Nige Thanks for that. What do you mean 'fixed price' solicitors? Quote Link to comment Share on other sites More sharing options...
jayward Posted June 24, 2009 Report Share Posted June 24, 2009 (edited) I regularly purchase and with funds in place i/We can get it done in 2-4 weeks tops On the other hand We stringed one out for well over 12 weeks as i needed to juggle a bit !! My solicitor is very good hes also a notary public which is handy they also have a runner who carry's out all the searches in person @ the town hall and land registry so thats a big time saver , The family use him quite frequently and they even take our phone calls without charges , We get set fees from them and they take the rough with the smooth so if its a difficult transaction we are often on the right side of the £ ... FIXED PRICE !! There in Blackpool But im aware many leaders try and tie you to there own or appointed solicitors and often there not the best and can be a hindrance , it helps if you use your own and have a good relationship .. But as above don't count your chickens until both sides have exchanged contracts you own nothing !! And i have seen things go wrong on that very day Your a way way yet Congrats tho Good luck I hope ya got a good mortgage deal there's some real **** in the market , Im currently offloading @ the lower end of the market which is massively buoyant and demands silly money and then i Am adding a few k and going for bigger and better property .. As this area of the market is just not shifting so there is Not a vast amount off difference in price and also many stretched sellers who want out of the house downgrading to cut the outlay seems on the cards for many .... Use this time to plan your move get all your utility contacts bank details etc etc sorted and seek out good deals on required items last min . com makes for huge stress Edited June 24, 2009 by jayward Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted June 24, 2009 Author Report Share Posted June 24, 2009 Thanks. I use a solicitor in Lytham St Annes, she came highly recommended by people I trust. I just came back from the second mortgage adviser and he put a twist on the tale by asking me if I want an offset mortgage. Before today I had no idea about that type of deal. I am not sure I will go for this type of deal though, I kinda like the security a fixed deal offers. I am trying to get a 3, idealy a 5 year fixed. Today I saw a 5 fixed mortgage for 5.09% and i am thinking about it. The 3 year deals are around 4.58% so I thought an extra two years is worth a 0.4% extra on the rate. What do people think? Quote Link to comment Share on other sites More sharing options...
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