Author Topic: The 'Eeeek...buying/saving for a house' thread (Read 251061 times)

paddysour · « **Reply #640 on:** February 6, 2017, 10:34:56 pm »

Quote from: paul211b on January 31, 2017, 09:10:27 am

Yeah get a basic one with the mortgage offer, i just used that. Anything else is what building insurance is for..

The more I read about them the bigger of a waste of money they seem. The house I'm buying is <10 years old.

Mortgage approved today

paul211b · « **Reply #641 on:** February 7, 2017, 03:08:02 pm »

Quote from: paddysour on February 6, 2017, 10:34:56 pm

The more I read about them the bigger of a waste of money they seem. The house I'm buying is <10 years old.

Mortgage approved today

Congrats!!!!

You probably still have some kind of insurance with a new (ish) build.

.adam · « **Reply #642 on:** February 7, 2017, 05:01:10 pm »

Your mortgage company will insist on a valuation as a minimum. This states what the property is worth and nothing else. It is to give the lender peace of mind that the property is worth what you're paying for it. Most valuations are desktop these days and are performed by analysts who look at sales statistics, percentage rises etc.

Buildings insurance is required to the value of a rebuild as an absolute minimum by most lenders as they will want to know that you'll be able to rebuild the property and continue the loan should your house fall down.

Narwin Dunez · « **Reply #643 on:** February 7, 2017, 08:06:36 pm »

Quote from: paddysour on February 6, 2017, 10:34:56 pm

The more I read about them the bigger of a waste of money they seem. The house I'm buying is <10 years old.

Mortgage approved today

I'm always skeptical when someone is selling a new build as the ten year guarantee approaches its end

Just joking, nice one

Red Viper · « **Reply #644 on:** February 9, 2017, 10:33:31 am »

Ok so a bit of an issue has cropped up. We have finally received the contract documentation and when looking at the plan of the property the boundary at the rear of the property doesn't match up.

It's an end house so you can access the rear garden from the street via a gate which leads to a driveway at the bottom of the garden. For some reason though the plan of the property shows the boundary ending at where the driveway is. So basically that driveway isn't included in the land we are buying. We're going in to see the solicitor next week to go through this with her but does anyone have any advice on this? Is it likely to cause issues at some point?

CraigDS · « **Reply #645 on:** February 9, 2017, 10:45:03 am »

Are these the Land Registry maps you're looking at, or a map with boundaries defined by the seller?

If it's the latter you can buy (or they may be free, not sure. They aren't expensive if you have to pay) the official Land Registry maps on their website which will show the official boundary.

Red Viper · « **Reply #646 on:** February 9, 2017, 11:02:24 am »

Quote from: CraigDS on February 9, 2017, 10:45:03 am

Are these the Land Registry maps you're looking at, or a map with boundaries defined by the seller?

If it's the latter you can buy (or they may be free, not sure. They aren't expensive if you have to pay) the official Land Registry maps on their website which will show the official boundary.

It's the Land Registry map.

CraigDS · « **Reply #647 on:** February 9, 2017, 11:04:56 am »

Quote from: A change without it backfiring! on February 9, 2017, 11:02:24 am

It's the Land Registry map.

Have you checked if there is a newer map or note on the Land Registry title? They may well have used an older one. Failing that, are you able to find out which title includes the piece of land in question?

Might be worth doing some digging yourself rather than wait for the sols to do it, as they'll take fucking ages no doubt.

Red Viper · « **Reply #648 on:** February 9, 2017, 11:07:40 am »

Quote from: CraigDS on February 9, 2017, 11:04:56 am

Have you checked if there is a newer map or note on the Land Registry title? They may well have used an older one.

Not sure how old it is to be honest, I'll have to check it when I get home later.

Quote from: CraigDS on February 9, 2017, 11:04:56 am

Failing that, are you able to find out which title includes the piece of land in question?

Might be worth doing some digging yourself rather than wait for the sols to do it, as they'll take fucking ages no doubt.

No idea, I'd have no idea where to start with this.

CraigDS · « **Reply #649 on:** February 9, 2017, 11:11:55 am »

I'd probably download the most currently Land Registry title for the property from their website (it'll also list things like changes made over the years to the Land Title such as boundary movements, linked titles as it could be a case of this bit of land being on a separate title which should be included in the purchase, etc.)

Then depending what that says take a look at neighbouring property Land Titles and see if any of those include the bit of land in question.

Narwin Dunez · « **Reply #650 on:** February 9, 2017, 08:36:37 pm »

Quote from: CraigDS on February 9, 2017, 11:11:55 am

I'd probably download the most currently Land Registry title for the property from their website (it'll also list things like changes made over the years to the Land Title such as boundary movements, linked titles as it could be a case of this bit of land being on a separate title which should be included in the purchase, etc.)

Then depending what that says take a look at neighbouring property Land Titles and see if any of those include the bit of land in question.

When his sols began the process they should have downloaded the title and the plan from the land registry (3 quid each) and they'd be the latest documents, based on registering the property by going through all the original title deeds which could have been extensive or could have been lost to a fire and pretty much made up.

Any dispute as to title plan is gonna be a pricey one to sort out.

Red Viper · « **Reply #651 on:** February 10, 2017, 08:01:02 am »

Ok so when I checked the documents last night it appears there's a license to use the land.

owens_2k · « **Reply #652 on:** February 18, 2017, 08:14:11 pm »

Has anyone got a link to a complete idiots guide to first time house buying?

I've got what I think is a big enough deposit together but have literally no idea what step 1 is. Do I speak to a mortgage advisor? Does this cost money? Do you get a mortgage 'in principle' ? What happens if I get a mortgage but then decide not to buy and to save for longer? Will this cost me?

Seems like a minefield of costs that will probably spend all my deposit before I've even put it down!

killer-heels · « **Reply #653 on:** February 18, 2017, 08:24:48 pm »

Quote from: owens_2k on February 18, 2017, 08:14:11 pm

Has anyone got a link to a complete idiots guide to first time house buying?

I've got what I think is a big enough deposit together but have literally no idea what step 1 is. Do I speak to a mortgage advisor? Does this cost money? Do you get a mortgage 'in principle' ? What happens if I get a mortgage but then decide not to buy and to save for longer? Will this cost me?

Seems like a minefield of costs that will probably spend all my deposit before I've even put it down!

Yes, speak to someone like London and Country. They are brokers but give you some guides and its free. A mortgage in principle is just a statement to say that you could afford the mortgage and house and thats done by providing your financial situation (deposit, salary, debt). London and Country or other brokers can help with that or you can go to a lender and get one.

You only get a mortgage when you actually buy a house.

Here is a guide on the process here

http://www.moneysavingexpert.com/mortgages/buying-a-home-timeline

owens_2k · « **Reply #654 on:** February 18, 2017, 09:06:40 pm »

Nice one, lads.

ToneLa · « **Reply #655 on:** February 18, 2017, 10:06:23 pm »

Speak to your bank and keep and eye on where you put your money

gazzam1963 · « **Reply #656 on:** February 18, 2017, 10:54:04 pm »

Where are you from Owens2k ?

paddysour · « **Reply #657 on:** February 19, 2017, 05:24:59 pm »

Sign up to a help to buy ISA if you haven't done so already. I'm standing to add around £2000 to my deposit for free!

Red Viper · « **Reply #658 on:** February 20, 2017, 08:21:18 am »

Quote from: A change without it backfiring! on February 10, 2017, 08:01:02 am

Ok so when I checked the documents last night it appears there's a license to use the land.

Had a meeting with our solicitor last week and they are still waiting to receive a response from the sellers to a number of enquiries that were made at the end of January. These include quite a few important documents relating to the house and the license to use the land at the end of the garden.

It's kind of put me and the wife on a downer now as it seems like we are still miles away from exchanging so we're tempted to threaten pulling out if we don't hear anything more in the next week or so. What would be the best way of going about this? A few people have suggested we reduce our offer. Also, if we pulled out would we still be liable to pay our solicitor?

Millie · « **Reply #659 on:** February 20, 2017, 08:48:03 am »

Quote from: A change without it backfiring! on February 20, 2017, 08:21:18 am

Had a meeting with our solicitor last week and they are still waiting to receive a response from the sellers to a number of enquiries that were made at the end of January. These include quite a few important documents relating to the house and the license to use the land at the end of the garden.

It's kind of put me and the wife on a downer now as it seems like we are still miles away from exchanging so we're tempted to threaten pulling out if we don't hear anything more in the next week or so. What would be the best way of going about this? A few people have suggested we reduce our offer. Also, if we pulled out would we still be liable to pay our solicitor?

You would have to pay the solicitor for the work he has done, yes.

Red Viper · « **Reply #660 on:** February 20, 2017, 09:08:35 am »

Figured as much. So with the survey and solicitor's costs we'd basically be writing off a grand or so.

owens_2k · « **Reply #661 on:** February 20, 2017, 12:43:10 pm »

Quote from: gazzam1963 on February 18, 2017, 10:54:04 pm

Where are you from Owens2k ?

Liverpool

owens_2k · « **Reply #662 on:** February 20, 2017, 12:43:39 pm »

Quote from: paddysour on February 19, 2017, 05:24:59 pm

Sign up to a help to buy ISA if you haven't done so already. I'm standing to add around £2000 to my deposit for free!

Already well into this.

owens_2k · « **Reply #663 on:** February 20, 2017, 04:24:56 pm »

Going to get an agreement in principle through Barclays online tonight. Are there any cons to doing this? Website says they dont check credit rating.

gazzam1963 · « **Reply #664 on:** February 21, 2017, 09:01:39 am »

Quote from: owens_2k on February 20, 2017, 04:24:56 pm

Going to get an agreement in principle through Barclays online tonight. Are there any cons to doing this? Website says they dont check credit rating.

Sent you a pm mate

WhoHe · « **Reply #665 on:** February 21, 2017, 12:04:03 pm »

Quote from: paddysour on February 19, 2017, 05:24:59 pm

Sign up to a help to buy ISA if you haven't done so already. I'm standing to add around £2000 to my deposit for free!

Was looking at these for my youngest but also at the lifetime ISAs (LISAS) and I couldn't really see what the pros/cons are of each, apparently it was on Martin Lewis's ITV show last night so might catch up to get a better understanding. With the LISAa you get 25% bonus on top of any actual interest so seems a good deal, not too sure what the Help to Buy ISA adds and which is beat or can you have both ?

owens_2k · « **Reply #666 on:** February 21, 2017, 03:21:34 pm »

Quote from: WhoHe on February 21, 2017, 12:04:03 pm

Was looking at these for my youngest but also at the lifetime ISAs (LISAS) and I couldn't really see what the pros/cons are of each, apparently it was on Martin Lewis's ITV show last night so might catch up to get a better understanding. With the LISAa you get 25% bonus on top of any actual interest so seems a good deal, not too sure what the Help to Buy ISA adds and which is beat or can you have both ?

Help to buy ISA gives you £50 'bonus' for every £200 you deposit (max 200 per month except for the first month). You can earn up to £3000 bonus.

owens_2k · « **Reply #667 on:** February 21, 2017, 03:23:46 pm »

Been outbid on the house I'm going for by £2k according to the estate agents. Is it normal for them to divulge this kind of information to me or are they just trying to up the price they get?

owens_2k · « **Reply #668 on:** February 22, 2017, 05:07:05 pm »

Quote from: A change without it backfiring! on February 9, 2017, 10:33:31 am

Ok so a bit of an issue has cropped up. We have finally received the contract documentation and when looking at the plan of the property the boundary at the rear of the property doesn't match up.

It's an end house so you can access the rear garden from the street via a gate which leads to a driveway at the bottom of the garden. For some reason though the plan of the property shows the boundary ending at where the driveway is. So basically that driveway isn't included in the land we are buying. We're going in to see the solicitor next week to go through this with her but does anyone have any advice on this? Is it likely to cause issues at some point?

Funny reading back through this as I have exactly the same issue with the property I'm looking at. There a piece of land to the side of the property and the land registry map shows this as freehold but the owners are saying that they own it!

scalatore · « **Reply #669 on:** February 27, 2017, 03:20:14 pm »

One of the houses we were looking at sold before we were able to get our act together--just couldn't turn around the transition from "we'd like to buy this" to "we're able to make an offer" in time. The person who bought it immediately put it on the market as a rental. We went to view it and we're thinking of renting it (actually, we just submitted the application). I was wondering what you all thought. Is it a terrible idea? Should we just push on with trying to buy somewhere, now that we're able to do it?

FWIW:
Rent is $450/mo more expensive than our current apartment in the city (we got an excellent deal, so this is likely to be true of any rental)
This property is out of the city, surrounded by sunny beaches. I work remotely, so that's ideal for me, and the commuter train goes straight to my wife's office. Bit weird paying more to be renting further outside of the city though
We'll inevitably buy a house in the future, but we wanted more room now

It'll also be my first time living outside of a major city. Liverpool-London-Boston so far. I'm a little worried about that, but it seems like the only way I'll own a house is if I'm out where it's cheaper so it would have to happen sooner or later.

ShrewKop · « **Reply #670 on:** February 27, 2017, 03:27:01 pm »

Hi guys, has anyone got any experience of buying a house in America? I have just emigrated out here to be with my Mrs and am looking at buying a house by June 2018.

I'm looking at a budget of between £150,000 - £200,000 (I'm in the Mid-West so can do OK with that) but with property taxes, any more and I may get stung in the future as they are so high.

Does anybody have experience on other costs other than the deposit, and as I am fresh faced in America, I obviously have no credit score at the moment; how quickly can I bump that up if I get a credit card and pay everything off on time? I really can not stand the vicious rent cycle, so the sooner I can put my money towards actually owning the property, the better!

redbyrdz · « **Reply #671 on:** February 27, 2017, 04:12:38 pm »

Quote from: scalatore on February 27, 2017, 03:20:14 pm

One of the houses we were looking at sold before we were able to get our act together--just couldn't turn around the transition from "we'd like to buy this" to "we're able to make an offer" in time. The person who bought it immediately put it on the market as a rental. We went to view it and we're thinking of renting it (actually, we just submitted the application). I was wondering what you all thought. Is it a terrible idea? Should we just push on with trying to buy somewhere, now that we're able to do it?

FWIW:
Rent is $450/mo more expensive than our current apartment in the city (we got an excellent deal, so this is likely to be true of any rental)
This property is out of the city, surrounded by sunny beaches. I work remotely, so that's ideal for me, and the commuter train goes straight to my wife's office. Bit weird paying more to be renting further outside of the city though
We'll inevitably buy a house in the future, but we wanted more room now

It'll also be my first time living outside of a major city. Liverpool-London-Boston so far. I'm a little worried about that, but it seems like the only way I'll own a house is if I'm out where it's cheaper so it would have to happen sooner or later.

If it's your first time outside a bigger city, maybe renting is a good option? Its a lot easier to move if you don't like it. Find out all the issues with the house (especially since you considered buying it) and use it as experience for when you're buying. And keep looking.

Financial considerations: Are you able to pay the (higher) rent, and still add to (or at least hold) your house deposit?

Narwin Dunez · « **Reply #672 on:** February 27, 2017, 06:37:22 pm »

Quote from: scalatore on February 27, 2017, 03:20:14 pm

One of the houses we were looking at sold before we were able to get our act together--just couldn't turn around the transition from "we'd like to buy this" to "we're able to make an offer" in time. The person who bought it immediately put it on the market as a rental. We went to view it and we're thinking of renting it (actually, we just submitted the application). I was wondering what you all thought. Is it a terrible idea? Should we just push on with trying to buy somewhere, now that we're able to do it?

FWIW:
Rent is $450/mo more expensive than our current apartment in the city (we got an excellent deal, so this is likely to be true of any rental)
This property is out of the city, surrounded by sunny beaches. I work remotely, so that's ideal for me, and the commuter train goes straight to my wife's office. Bit weird paying more to be renting further outside of the city though
We'll inevitably buy a house in the future, but we wanted more room now

It'll also be my first time living outside of a major city. Liverpool-London-Boston so far. I'm a little worried about that, but it seems like the only way I'll own a house is if I'm out where it's cheaper so it would have to happen sooner or later.

So you wanted to own a place but some piece of shit beat you to it and is now offering to rent it to you? What a piece of shit. Things like this make me hate landlords.

I'd steer well clear, I hope it becomes a crack den.

scalatore · « **Reply #673 on:** February 28, 2017, 05:15:07 pm »

Quote from: redbyrdz on February 27, 2017, 04:12:38 pm

If it's your first time outside a bigger city, maybe renting is a good option? Its a lot easier to move if you don't like it. Find out all the issues with the house (especially since you considered buying it) and use it as experience for when you're buying. And keep looking.

Financial considerations: Are you able to pay the (higher) rent, and still add to (or at least hold) your house deposit?

We went for it, basically with this in mind. Although it was a dream of ours, our plan of trying to buy without renting out there first was probably silly. Now we'll get to see how it works out.

Looking forward to an entire summer at the beach. Ahhh.