Buying a home and don't know how anything works

[cesare]

Exchanged and completed today. Just going to bed in the new flat.

So one sale and two purchases in 13 months. Never ever again.

Congratulations! Well done on getting there at last.

 

[Epona]

Yep, best of luck in your new flat, A380

 

[AnnO'Neemus]

.

 

[beesonthewhatnow]

And… the absolute fuckery continues.

Had in the post today two statements of my account with the management company, both showing two completely different sets of figures, amounts paid, amount owed etc. Both have exactly the same account and reference number on them.

But the best bit?

They arrived in the same envelope.

 

[hash tag]

Pissed of with solicitors? Just remember...

 

[baldrick]

Just signed the contract with the estate agent to sell our house. Now the frantic decluttering begins

 

[hash tag]

Just signed the contract with the estate agent to sell our house. Now the frantic decluttering begins

Very best of luck with the move n stuff.

 

[Artaxerxes]

My conveyancers are in the news for being shit.

Welcome to nginx!

 

[A380]

Having used a big conveyancing mill and a small local solicitor in the last two years I'd go local every time. Mine weren't even much more expensive and so much better.

(My parents were using the same local firm and got to within a whisker or exchange till my dad ended up in hospital and thy had to pull out. They waived their fees, just passing on the search costs.)

PM me for details.

 

[gentlegreen]

My annoying Tory neighbours finally moved out today.
Here's hoping the sort of people who could have paid that much for a "first time buyers" house will be an improvement ...
I feared the whole chain would collapse - it took six months.

It set me wondering how removals work in a long chain - whether the whole thing has to be coordinated.
They were off by lunchtime - no sign of the new people yet ...

I only ever bought this one house - as a first time buyer in 1984 ... I will be selling it for cash as it's a wreck ... not sure how it will work in France... but I will be renting first so similar to the first time from my point of view - and it may well be someone's holiday home ...

 

[baldrick]

Buying a new build - has anyone done or would recommend a snagging survey?

I didn't realise this was a thing until I was talking to an acquaintance the other day - apparently a friend of theirs used one and uncovered £10000 of defects

 

[WouldBe]

Buying a new build - has anyone done or would recommend a snagging survey?

I didn't realise this was a thing until I was talking to an acquaintance the other day - apparently a friend of theirs used one and uncovered £10000 of defects

Didn't know they were a thing. When parents have bought a new house they've just gone round and made a list of things that aren't right

 

[Artaxerxes]

Always get New Builds checked as much as you can, seen some very shoddy work

 

[Brainaddict]

I would definitely get a new-build checked. In a Victorian house you at least know what the issues are likely to be (damp, drafts, cracks, electrics), in a new-build it could be any manner of fuckery. Lots of horror stories about crap new-builds out there if you want to scare yourself.

 

[hash tag]

Buying a new build - has anyone done or would recommend a snagging survey?

I didn't realise this was a thing until I was talking to an acquaintance the other day - apparently a friend of theirs used one and uncovered £10000 of defects

I wasn't aware snagging surveys were a thing either and a grand sounds like a lot for it even then, I reckon the builder should pay for their "mistakes" survey and all
Many years ago I bought a new build and found a dozen snags. By comparison my neighbour found over 100 snags!
I then tried to nice to a neighbouring new build house. I watched it being built and saw it was being built sort of back to front. We could not agree terms and pulled out.

 

[Glitter]

baldrick my house is 16 years old. When I tried to remove the original wallpaper off one of the walls the plaster all fell off because one wall hadn’t been bonded properly. This is minor, but potentially expensive fuckery. A series of equally careless tradesmen in one build could put a fortune on any work.

 

[Boudicca]

Buying a new build - has anyone done or would recommend a snagging survey?

I didn't realise this was a thing until I was talking to an acquaintance the other day - apparently a friend of theirs used one and uncovered £10000 of defects

Absolutely get it checked out. I've just bought a 30 year old house and have just replaced the bedroom floor as it wasn't installed properly (nails not screws, sometimes not supported at the edge). My chippies said that it isn't as bad as some of the new builds they are seeing now.

Also my former lodger bought a new build and they installer lower spec heaters than promised and the residents were freezing in that cold spell.

Is it still in the process of being built or is it finished and can be surveyed?

 

[baldrick]

It is half built currently, not due to be ready until August.

The more I think about it the more it makes sense to get a professional in to look for issues - we have a spec but I wouldn't know Karndean from B&Q own brand. And there will be things I wouldn't know to look at/have the equipment to check.

 

[hash tag]

You can check now for the outside doors, windows and stairs are all in the right place. The new build house I went for they were not.

 

[Boudicca]

It is half built currently, not due to be ready until August.

The more I think about it the more it makes sense to get a professional in to look for issues - we have a spec but I wouldn't know Karndean from B&Q own brand. And there will be things I wouldn't know to look at/have the equipment to check.

My lodgers flat was due to be finished in July and she moved in in December, two days before her mortgage offer expired. They also made her exchange without a completion date. And, as mentioned, they cut some corners. So get the finished spec in writing and check the reputation of the builders - not all are bad, but best to be cautious.

 

[hash tag]

My lodgers flat was due to be finished in July and she moved in in December, two days before her mortgage offer expired. They also made her exchange without a completion date. And, as mentioned, they cut some corners. So get the finished spec in writing and check the reputation of the builders - not all are bad, but best to be cautious.

With most new builds, the builders will commit you to exchanging without a completion date. It's a catch all for builders and pretty standard practice.

 

[baldrick]

Yeah in theory we exchange in six weeks for an estimated completion date in August

They get to have it all ways round don't they, their buyers fork out loads of money in advance and can't pull out even if there's months of delays

If we can't move in August we'll be living in my dad's tiny spare room because there's no rental properties anywhere

 

[AnnO'Neemus]

I've seen some videos on social media of guys in the building trade pointing out all kinds of dodgy substandard work in new-builds, from poor finishing through to minor mistakes to major issues that are structural problems/downright dangerous. I wouldn't like to buy a new-build, generally speaking, but certainly wouldn't without someone who knows their stuff going over it and creating a snagging list.

 

[little_legs]

I am re-reading this thread from the beginning, so please excuse me for asking a question that may have been answered previously.

I made an offer on a property that was very close to the stated guide price , my offer was accepted a couple of days ago. I am convinced that it was accepted because I offered too much and the couple living in the house at present are buying a bigger house and want to get out asap, but I am ok with that because the positives of this property outweigh the negatives, and I want a home.

My question: I will have a meeting with my bank to discuss a mortgage application on Thursday. I have an an agreement in principle for £250K with the a view of putting in £30K deposit. The offer which was accepted is less than £250K, and l'd like to put in £27K deposit. What happens when/if the bank completes its own survey/valuation and they conclude that they can't give me the amount I need? I suspect this could mean only three things: I offered way too much, I am old, or there is something egregiously wrong with the house. I am kind of pooping my pants now because I haven't thought about a plan B. Should I cancel my meeting with the bank?

What are your thoughts?

 

[Thora]

I'd speak to a mortgage broker.

 

[moonsi til]

Firstly congrats on having your offer accepted. My thoughts:

Don’t dwell on if you could have offered lower.

Next stage is to move agreement in principle to mortgage offer & decide how much deposit to put in. I’m assuming anything 10% plus is the plan.

The lenders will do their survey re value & will base on lots of factors including condition & other sold properties.

Find person/company for your own survey & find out waiting times. I was about a month when I bought in 2021 so you might want to get provisionally booked.

Choose your solicitor.

 

[little_legs]

Thanks very much, Moonsi Til and Thora.

Yep, the deposit I'd like to put in will be 10% plus.

I'll ask for quotes from the local RICS surveyors tonight. Thanks for the tip regarding the waiting times. My word, you waited a month.

I've been recommended a solicitor by the estate agent, the solicitor quoted £1.2K. They said no completion no fee but warned that they'll want £400 upfront which will be deducted from the final statement.

If anyone can recommend a solicitor and a surveyor - please do. I didn't even realise they don't have to be local.

One more question please: Nationwide said 'you may already know that you need buildings insurance to have a Nationwide mortgage, so please send over your existing provider and renewal date.' - where do I go for this? I don't even have health insurance, I can only dream about buildings insurance.

 

[Puddy_Tat]

One more question please: Nationwide said 'you may already know that you need buildings insurance to have a Nationwide mortgage, so please send over your existing provider and renewal date.' - where do I go for this? I don't even have health insurance, I can only dream about buildings insurance.

do you own a place at the moment? if you're renting (or otherwise occupying somewhere) then buildings insurance would be your landlord's problem not yours.

i'm pretty sure that when i first bought a place, i had to get buildings insurance for the place i was buying to keep the lender happy, but don't think i had to prove anything about insurance for the place i was renting.

i think they are talking balls - or have asked a question that would only be relevant if you were re-mortgaging

 

[little_legs]

do you own a place at the moment? if you're renting (or otherwise occupying somewhere) then buildings insurance would be your landlord's problem not yours.

i'm pretty sure that when i first bought a place, i had to get buildings insurance for the place i was buying to keep the lender happy, but don't think i had to prove anything about insurance for the place i was renting.

i think they are talking balls - or have asked a question that would only be relevant if you were re-mortgaging

I am currently staying at a friend's house, she is working outside the UK, so we have a personal arrangement, as in there is no contract. I give her cash each month as if I were renting from her and pay for energy when she sends me copies of the bills, and she takes care of everything else. I don't own anything than laptop, books, and clothes.

 

[Elpenor]

Buildings insurance you’d only need in place from exchange. I provided the details to my solicitor who then shared with nationwide

It is a bit of a faff to get insurance when you don’t live in a property already but it’s doable. I called Aviva to sort it out