Buying a home and don't know how anything works

[xenon]

When we sold my late dad's place, we had to quite reasonably obv, provide evidence of probate, that we were the inheretors

 

[Thora]

One of the packs we got through our solicitor had a page about house-selling fraud (like this story from last year Man ‘shocked’ as house he owned for 30 years sold without his knowledge) and it had a list of red flags for possible fraud. Some of them:
Empty property
No mortgage on the property
Vendor wanting the sale to go through quickly
All applied to this house so you'd think the solicitors would have been hot on checking this stuff.

 

[Elpenor]

I’ve just caught up with your posts Thora, what a mess. You’ve really had rotten luck.

 

[muscovyduck]

One of the packs we got through our solicitor had a page about house-selling fraud (like this story from last year Man ‘shocked’ as house he owned for 30 years sold without his knowledge) and it had a list of red flags for possible fraud. Some of them:
Empty property
No mortgage on the property
Vendor wanting the sale to go through quickly
All applied to this house so you'd think the solicitors would have been hot on checking this stuff.

did you get an answers yesterday about what happened?

 

[muscovyduck]

That article is typical, police originally saying it's not a police matter and solicitors now saying they can't comment because of the police investigation

 

[Thora]

According to the vendor, they had the power of attorney docs done by a solicitor (not the conveyancer) a while ago and he assumed it was all done and registered, but for some reason it wasn't sent off at the time. And it's just come to light now conveyancer is ready to exchange.
Vendor/estate agent blaming the original solicitors. Vendor is going to find out on Monday what the current position is and what timescale is likely.

 

[Boudicca]

When I sold my Dad's place, I'm pretty sure I had to prove to the estate agents that I had the right to sell it before they would even put it on the market!

 

[clicker]

According to the vendor, they had the power of attorney docs done by a solicitor (not the conveyancer) a while ago and he assumed it was all done and registered, but for some reason it wasn't sent off at the time. And it's just come to light now conveyancer is ready to exchange.
Vendor/estate agent blaming the original solicitors. Vendor is going to find out on Monday what the current position is and what timescale is likely.

There is also a time limit between the POA being witnessed and being registered. Hopefully it wasn't too long ago .
Eta...you've had rubbish luck so far, but don't get too put off. You'll be so shocked when things suddenly go right, but they will do.

 

[Elpenor]

Done another drive by of some more houses today. Some were in a new build estate, probably a few years old. Looked kind of ok from the street.

 

[Puddy_Tat]

Some were in a new build estate, probably a few years old. Looked kind of ok from the street.

beware of rip-off fees for service charges, even if it's (nominally) freehold, though

 

[Elpenor]

Ah you mean for unadopted roads etc?

 

[Puddy_Tat]

Ah you mean for unadopted roads etc?

yes, and 'communal areas' and that sort of thing.

government occasionally makes noises about 'doing something' but...

 

[Artaxerxes]

Have to be so careful with New Builds. So many examples of bad quality and a lot of houses are leasehold only.

 

[Elpenor]

On careful investigation it seems only the through roads are currently adopted, and yes there are charges for emptying bins, grass mowing etc. Probably mark them off the list

 

[Elpenor]

These developers are full of cunts tricks aren’t they

 

[danski]

Some service charges are legit. If someone is coming round to maintain the landscaping then everyone should contribute.

 

[Elpenor]

I suppose I’m looking at it from the point of view that ordinarily that is paid for out of council tax, but this isn’t adopted so it’s an extra charge

 

[Elpenor]

The more I read about this the more I hate our feudal land laws

 

[Artaxerxes]

Boiler has stopped working here so this might make me feel much more confident about putting an offer in on own place.

Or give me sleepless nights knowing it'll be my problem in future

 

[equationgirl]

Is life insurance and income protection and all that jazz worth going for?

Made it 40 years with minimal insurance and crap health.

I have am about to claim on it due to unemployment. First time I my working life.

 

[Elpenor]

I never bothered before as I had life cover from work that covered the value of the mortgage and bought a bit extra through our benefits portal.

I’ll need to get some this time round though as my new job via the pension won’t pay out quite enough.

 

[Puddy_Tat]

I never bothered before as I had life cover from work that covered the value of the mortgage and bought a bit extra through our benefits portal.

I’ll need to get some this time round though as my new job via the pension won’t pay out quite enough.

if you're a single person without dependents, then do you need to have life insurance if you've got equity that would cover the mortgage? (i may be wrong about your circumstances of course) - the financial services sector will want to sell you life insurance, but is it compulsory with a mortgage these days?

(ETA - as much asking for me as you. depending on where i move to later in the year - if it happens - i may need to raise another modest chunk of finance)

 

[Elpenor]

Ah yes good point. I suppose it all depends if you want to pass it onto anyone.

Pretty certain last time I got a mortgage just told them I had my own cover and they left it at that.

 

[Epona]

Ah yes good point. I suppose it all depends if you want to pass it onto anyone.

Pretty certain last time I got a mortgage just told them I had my own cover and they left it at that.

It makes sense if you have a partner or dependents who live in the property with you (or plan to at some point), it will pay off the mortgage and prevent them from having to sell should anything happen to you.

If there aren't any co-habitees or dependents I don't see much point tbh - if your worldly belongings are going to some distant cousin who doesn't rely on you to keep a roof over their head then the property surely would be sold and they'd get the cash left over from the sale once any mortgage or other secured debt or charges on the property have been paid off.

 

[Boudicca]

As a resolutely single person with no dependents, I've never had life insurance.

 

[Elpenor]

Another viewing today. This on the new build estate that’s being plonked in the middle of some fields. I actually really liked the house. Ideal layout for me. In a nice part of the development.

But not sure I want to have to drive a few miles to get anywhere and lots of negative views about the place online!

 

[Artaxerxes]

How does one actually use a Lifetime Isa for your deposit

 

[Artaxerxes]

Ah think I’ve got it, contact the supplier and get them to tell your solicitors

 

[Thora]

Your solicitor will sort it, but make sure you do it in plenty of time because the actual transfer inexplicably takes weeks.

 

[Elpenor]

One place I came across last night - only been on market since Friday. Block-booked for viewings on Wednesday and Saturday - no slots available. It seems ideal, but fairly certain it will be gone before I have a chance to get inside it.

At least I know I have to be quick for next time