Buying a home and don't know how anything works

[Dogsauce]

That’s mad. gotta keep that bubble going I guess.

We’re three years into a five year fixed, think it will be quite a bump when we finally come off it, and might still be paying off the building works at that point too. The mrs got as big a mortgage as they would give which was about 5x salary at that point, but we had a lot of equity going into it from both having our own places which were already paid off.

 

[baldrick]

7x income when interest rates are set to rise when I started out it was a very strict 2.5 +1.

UK lender allows homebuyers to borrow seven times salary

Habito’s mortgage terms could revive wider concerns over responsible lending practices

www.theguardian.com

40 year mortgage though.

 

[UnderOpenSky]

7x income when interest rates are set to rise when I started out it was a very strict 2.5 +1.

UK lender allows homebuyers to borrow seven times salary

Habito’s mortgage terms could revive wider concerns over responsible lending practices

www.theguardian.com

It's shit, but prices are so high people need to borrow more. Of course because they can borrow more prices keep rising

 

[existentialist]

It's shit, but prices are so high people need to borrow more. Of course because they can borrow more prices keep rising

There has to be some sort of upper limit. History says that we'll go a fair bit past that limit before the thing snaps back...

 

[hash tag]

It's shit, but prices are so high people need to borrow more. Of course because they can borrow more prices keep rising

Alternatively, if the size of the mortgage were limited people would not be able to able to pay so much and thus help to keep house prices down.

 

[Puddy_Tat]

Alternatively, if the size of the mortgage were limited people would not be able to able to pay so much and thus help to keep house prices down.

or people would stand even less chance of buying and landlords would just get richer...

 

[baldrick]

Alternatively, if the size of the mortgage were limited people would not be able to able to pay so much and thus help to keep house prices down.

Would give cash buyers even more advantages than they have now. You'd have more landlords, not fewer.

 

[xenon]

Alternatively, if the size of the mortgage were limited people would not be able to able to pay so much and thus help to keep house prices down.

Only if you did something about properties being bought as investment vehicles and brought in rent controls.

 

[existentialist]

Only if you did something about properties being bought as investment vehicles and brought in rent controls.

Or, like, had a decent social housing policy that at the very least "competed" with private landlords and helped keep rents realistic.

 

[xenon]

Or, like, had a decent social housing policy that at the very least "competed" with private landlords and helped keep rents realistic.

Madness...

 

[bellaozzydog]

Or, like, had a decent social housing policy that at the very least "competed" with private landlords and helped keep rents realistic.

Simple elegant solution


It’ll never fly

 

[Artaxerxes]

How does the whole conveyancing stuff work?

Looking at a place next weekend to see it’s decent. Is there a decent numbered list of what to do because this is way to adult for me after 20 years renting

 

[hash tag]

Depends whether in Scotland or England. The two places are totally different

 

[Artaxerxes]

Depends whether in Scotland or England. The two places are totally different

Engerland.

 

[hash tag]

Psychologically it may help to have a solicitor when making an offer on a place, but not essential, though, if you go down the solicitor route, it would possibly help you to know who you are going to use by the time you make an offer on a place.
You don't in fact have to use a solicitor you could use a conveyancer. If you are getting a mortgage the lender will probably charge you for using a solicitor to check the conveyancers work

The person that does the conveyancing will carry out searches to make sure there is no planning permission on the property, ensure all debts are paid off on it when you buy it, check the lease, the title, make sure it is registered in your name, handle the funds, exchange of contracts etc. All this can be done in days but in practice, will probably take months.

I would have checked a few solicitors while property hunting and only instruct them, thus incurring a debt, when I have an offer accepted on a place.

 

[Puddy_Tat]

How does the whole conveyancing stuff work?

you pay a solicitor a load of money and they delay the whole process for you

 

[hash tag]

you pay a solicitor a load of money and they delay the whole process for you

Good point. You can agree a fee from the outset.

 

[WouldBe]

Good point. You can agree a fee from the outset.

1k if completed in a week.
500 if in 2 weeks
250 if in 3 weeks etc.

 

[hash tag]

Dreamer, you are nothing but a dreamer

 

[Dogsauce]

you pay a solicitor a load of money and they delay the whole process for you

This in spades. Remember on my first place it being dragged out for weeks quibbling over who would pay £450 for some minor repairs when we were quite happy to do it. In cash, on the spot if necessary. Then time waiting for them to confirm there were no church precepts or something.

 

[UnderOpenSky]

I think the solicitors we've gone with must have the most badly designed, unintuitive portal that I've ever seen in my life. Absolutely nothing is obvious. I'm no stranger to computers and the internet and still takes me time to work out what the hell I'm meant to be doing or where new information resides. They also seem to think a great way of communicating is just to send you a load of word documents through it and leave you to figure out what happens next. Jesus.

I was actually going to post about a message I've had from the brokers with the most unclear and terrible questions they've passed on from the lender, but honestly it's like a breath of fresh air in comparrison. And I'm not paying them directly.

 

[hash tag]

I think the solicitors we've gone with must have the most badly designed, unintuitive portal that I've ever seen in my life. Absolutely nothing is obvious. I'm no stranger to computers and the internet and still takes me time to work out what the hell I'm meant to be doing or where new information resides. They also seem to think a great way of communicating is just to send you a load of word documents through it and leave you to figure out what happens next. Jesus.

I was actually going to post about a message I've had from the brokers with the most unclear and terrible questions they've passed on from the lender, but honestly it's like a breath of fresh air in comparrison. And I'm not paying them directly.

I imagine solicitors are not internet savvy. They would probably be happier using quill pens on parchment. Yep, there are lots of bits of paper, all of which need thoroughly reading and checking.

 

[UnderOpenSky]

Suffering fuck. I'm very very glad I spent over £500 on a full homebuyers. Lots of stuff in there we can deal with, but very alarming is that quite a few walls had been removed and they didn't have any paperwork. Wasn't getting very far with the estate agent, so went back to the surveyor to ask more questions to ask them. Got a very short reply from estate agents saying I'd have to speak to the solicitors. I get that, but I don't want to spend loads more time and money if this stuff doesn't exist. I think sometimes phone calls can be better, called her and explained that of course the solicitors need to be involved, but unless I get a reassurance that it exists, we'd have to pull out.

They came back to me an hour later. It doesn't exist, but the vendor is happy to pay for a full structural survey. I didn't actually think they would as it means removing floorboards and all sorts, so I'm quite pleased

 

[hash tag]

Vendors probably realise this is going to be an issue regardless of who they sell to. By doing this they have a structural they can pass to any prospective buyer.
Be careful, if the vendors get the structural it will cover them, not you the buyer if things went wrong; I would guess

 

[equationgirl]

My SIL is buying for the first time in England, and found a property she wanted to see. On arrival, it has tenants in place and there's some suggestion that if she were to buy it, she'd have to find the tenants somewhere else to live.

She's already walked away as it was loads of hassle just to set up a viewing, and at no point in the listing was there an indication that it was a buy to let property.

I'm sceptical that she would have to find alternative accommodation but she seems certain this is the case. Can anybody shed any light,?

 

[Sue]

My SIL is buying for the first time in England, and found a property she wanted to see. On arrival, it has tenants in place and there's some suggestion that if she were to buy it, she'd have to find the tenants somewhere else to live.

I'm sceptical that this is the case. Can anybody shed any light,?

I know buying a place with tenants living there is a thing though maybe it's more if you want a BTL? (I saw somewhere like that -- the EA had 'forgotten' to mention the tenant situation .)

I got the impression it would be an extra load of hassle and avoided.

 

[equationgirl]

I know buying a place with tenants living there is a thing though maybe it's more if you want a BTL? (I saw somewhere like that -- the EA had 'forgotten' to mention the tenant situation .)

I got the impression it would be an extra load of hassle and avoided.

It's a thing in Scotland, I only knew a property had been sold as I got new landlord information but it didn't affect my tenancy. Having been on the receiving end of eviction paperwork so the landlord could sell the property, at no point was alternative accommodation ever offered to me. Plus I have lost count on how many people on urban alone have had similar, and nobody has ever said 'just stay put, your landlord has an obligation to find you alternative accommodation'.

I feel like someone is spinning her a tale...

 

[bellaozzydog]

Buying with tenants in situ really reduces the buying price

 

[Dogsauce]

If it’s a protected tenancy then it’s difficult to get sitting tenants out, they do still exist. We looked at a place back in 2001 when I bought my first house that seemed a bit cheap at 24 grand for a four bed backing onto the park, then found out it had one of those old school arrangements which meant the tenants could stay there until death basically.

Don’t actually think this is a bad thing tbh, tenant’s rights are shit in this country.

 

[Puddy_Tat]

I'm sceptical that she would have to find alternative accommodation but she seems certain this is the case. Can anybody shed any light,?

If it’s a protected tenancy then it’s difficult to get sitting tenants out, they do still exist.

yes, unless it's a protected tenancy (which had to have started before X date) then don't think there are obligations on the landlord or the buyer (although not sure what the position would be if place is sold during the initial 6 month bit of a tenancy)

i have seen places advertised on the basis there's a current tenant and buyer can either take over as new landlord or have the tenant turfed out. not sure i'd want to go near that, partly on the basis it would feel wrong turfing existing tenant out and also on the basis that it could get messy...