Buying a home and don't know how anything works

[bimble]

Yep, I’d say get a proper survey done. If it does show up anything serious, you use the survey to reduce the price. If you can find a surveyor who knows how to communicate in plain English that’s a bonus, so they can tell you whether any of the alarming sounding things in their report are actually alarming.

 

[muscovyduck]

if 2 people have pulled out of buying this house before you, you should probably get a proper survey

 

[bimble]

Such a stupid system we have, the whole process is unnecessarily stressful for everyone but also that every potential buyer has to pay for their own survey is just mad really. Other countries are much better at this, and have fewer sales fall through because their process less silly.

 

[Elpenor]

I think you probably want a homebuyers report - the middle ground basically - a full structural survey seems overkill for a flat?

 

[miss direct]

Well let's see what happens with the offer first. I'm having an insanely busy and stressful week - thought it was meant to be half term - and can only cope with one thing at a time.

 

[Hellsbells]

We didn't have a full survey on our house. Not sure it's necessary unless it's an old property or somewhere that looks like it may have issues

 

[moonsi til]

Re estate agents I echo very much be wary & remember this is a business transaction & they want a sale. I have found with property purchase you get more chance to check out a pair a shoes more than the biggest purchase most of us will make in our lives.

Did you find out how long the lease is?

 

[bellaozzydog]

So do I offer the same and say I'm a cash buyer and willing to move quickly, or more? How much more?!

your first offer should be offensively low, explaining that you have cash, no chain and want to get on with it.

they will probably reject it, then you offer again, creep up. make sure the estate agent know this is a negotiation and ask for a counter offer. Estate agent will give you a steer about more likely price range

having said that, if you want it and the price is in your range just tell them and pay it

 

[miss direct]

The lease is 114 years.

I want it and the price is in my range. Actually below what I anticipated paying. Hopefully tomorrow will bring some news either way.

 

[moonsi til]

Fab re lease , apologies for not reading back. Have you offered or planning to tomorrow?

With my current house I had to wait a week to find out if offer was accepted. It was lower than asking price but absolute top of my budget so I had no wiggle room which I was upfront about . This info can be for vendors a bit like estate agents saying they have other offers but it was the truth so a very tense week!

 

[miss direct]

Just want to thank everyone for their advice and contributions. Really reassuring and helpful to know I can come here and ask questions, as I really dont have anyone around to ask.

 

[miss direct]

Fab re lease , apologies for not reading back. Have you offered or planning to tomorrow?

With my current house I had to wait a week to find out if offer was accepted. It was lower than asking price but absolute top of my budget so I had no wiggle room which I was upfront about . This info can be for vendors a bit like estate agents saying they have other offers but it was the truth so a very tense week!

I made an offer today which matched an offer they already have (allegedly...but I just know in my bones that its the student...)

 

[muscovyduck]

Just want to thank everyone for their advice and contributions. Really reassuring and helpful to know I can come here and ask questions, as I really dont have anyone around to ask.

Thanks for starting the thread, I think there's a few of us in similar situations who've found it helpful following along with you as you go through it

 

[moonsi til]

Got it all crossed did you miss direct

 

[Boudicca]

Your friend

A friend of mine bought a similar sort of flat a few years ago. She said no need to get full surveys done for leasehold places, unless you really want to for peace of mind. Everything I've ever seen advises getting a full survey. Who's right?

She might have been referring to the fact that the council is the freeholder and so will be maintaining the building. But that wouldn't cover whether the boiler needed replacing, for instance. But Elpenor is right, you probably don't need the most expensive survey.

My lodger is trying to buy a house at the moment and was in a panic about all the things which came up on the survey report, so I suggested she talk to the surveyor. He said it was a good solid house, no need to panic and he also told her how much each thing would cost to fix. So he was happy to talk through things on the phone which he couldn't necessarily commit to in writing.

(Oh yes and I once had an estate agent tell me that a house was in such good condition, I didn't need to do a survey. The survey report said it needed a new roof and there were major damp problems.)

 

[bellaozzydog]

.

 

[baldrick]

Yes surveyors will generally be happy to talk you through the survey report and tell you what they really think informally. Do try not to get too attached to the thought of this flat just in case. I got really excited about our first house purchase and was all in straightaway, only to be a bit crushed by what the surveyor had to say on the phone. We bought a different house in the end!

 

[miss direct]

If I don't hear today then I won't hear till Monday, will I?

Feeling a lot calmer today. If it doesn't happen, no problem. If it does, eek!

 

[miss direct]

Ooh, soooo... the buyer is more inclined to accept a cash buyer (ie me). They have 5 offers (!) but mine is the highest, alongside someone else offering the same, but that's someone with a mortgage. Apparently there's another cash buyer offering £2000 less than me but they are "considering increasing"... (of course they are... )

They now want best and final offers by Monday. How do I play this?!

Is that it then? I just say a price and if mine is the highest, I get it? This is annoying...

 

[Winot]

Ooh, soooo... the buyer is more inclined to accept a cash buyer (ie me). They have 5 offers (!) but mine is the highest, alongside someone else offering the same, but that's someone with a mortgage. Apparently there's another cash buyer offering £2000 less than me but they are "considering increasing"... (of course they are... )

They now want best and final offers by Monday. How do I play this?!

Is that it then? I just say a price and if mine is the highest, I get it? This is annoying...

I would stick with your original offer and back it up with evidence if you have it to substantiate the fact that you are a cash buyer. That’s your trump card here. Make it clear that you want it and can move fast.

 

[MBV]

Stick to your guns. I'd try and take the emotion out it. Be ready to walk away from it.

Best and final offer is a way of bumping the price up. You're already in the strongest position.

 

[miss direct]

The other cash buyer would have to really want it to increase, right? But assuming they've been told my offer, they could just offer £500 more and get it, if I don't budge?

 

[MBV]

Yes but they have to be prepared to increase by 2.5K in that scenario.

 

[miss direct]

Yes but they have to be prepared to increase by 2.5K in that scenario.

Is that a lot? I know it sounds silly but when it comes to property I really have no idea... maybe combined with having been out of the country for so long.

 

[bimble]

Feeling a lot calmer today. If it doesn't happen, no problem. If it does, eek!

Brilliant. This is the key to not being screwed over, being happy to walk away.
I think you should just sit tight leave your offer as it is, reiterate your willingness to move fast and that’s it.

 

[Elpenor]

I wouldn't increase in this scenario.

 

[miss direct]

I just want somewhere to live and I really like this place

 

[two sheds]

How much extra rent will you have to pay for an extra month say where you are now (not asking, just consider it)? If you did increase it would be worth increasing by £800 assuming they'd offer £750 above what you did. At the (household rather than house) auction across the road when I used to visit I always put in a bid of say £27.50 on the assumption that people normally bid in increments of £5.

But can't really advise whether you should. We don't know whether the estate agent is lying or not for example.

 

[Hellsbells]

Exciting.
When i was selling I wanted info on the people making offers - eg were they first time buyers, investors etc. I'd really have been put off by an investor. Who knows who the other cash buyer is but perhaps you could stress the fact that not only can you move really fast, but you are looking for somewhere to make a home. It might not make a difference to all sellers but it would definitely make a difference to me.

 

[Brainaddict]

Such a stupid system we have, the whole process is unnecessarily stressful for everyone but also that every potential buyer has to pay for their own survey is just mad really. Other countries are much better at this, and have fewer sales fall through because their process less silly.

If you cornered me during the buying process for our co-op I had a whole ten minute rant on exactly how fucking stupid and stressful and wasteful the house buying process is and where the fuck are all the middle class campaigners who don't have anything better to do trying to sort it out. Yeah yeah jazzing up the pond in the local park is all very well but pull your finger out on the housebuying stuff and you could save us all a lot of agony.