Topic: The 'Eeeek...buying/saving for a house' thread

[rob1966]

Thanks for all the input, it's definitely appreciated and given me some extra things to ponder and ask the estate agent on Saturday. They definitely have done it cheaper than the space warrants, the kitchen is tiny (in terms of storage and prep space) in the corner of the entirety of the downstairs of the barn. It's a huge space and I can't believe they've not put an island or breakfast bar in given the price they're asking for the property - we'll see if it 'feels' like they've spec'd it well. The bathrooms look pretty high-end on admittedly bad photos.
I feel like plane noise would be easier to get use to. We likely would get used to it, it's whether we want to live there and sit in the garden and feel that disruption to the peace every few minutes. I've a feeling that as it's on the market still after several months, it's because others have been and been put off. I'd say the house is less than 10m metres from the line, up an embankment. The fence of the garden is right up to the edge of the embankment with a fairly steep drop down to the tracks. We were level with the tracks last night and will be above them on viewing, so we will see if that makes a difference.
Congrats mate, good news with property for once!

From the way you describe it there, it does sound like its something you'd struggle to get used to.

I never understand how that farmer on the M62 copes, Ted Moult must have sold him the top of the line double glazing.

[The G in Gerrard]

Saw a decent 3 bed online but it's cash only offers

[redbyrdz]

Saw a decent 3 bed online but it's cash only offers

This is a stupid question, but I always wonder if "cash only" actually means cash? As in, you have to turn up with a suitcase full of £20s? Seems bizarre.

Or does it just means something like "chain free"?

[Millie]

This is a stupid question, but I always wonder if "cash only" actually means cash? As in, you have to turn up with a suitcase full of £20s? Seems bizarre.

Or does it just means something like "chain free"?

Usually mortgage free.

It's often properties that the seller thinks prospective buyers won't be able to get a mortgage for.  eg in a bad state of repair.

[redbyrdz]

Usually mortgage free.

It's often properties that the seller thinks prospective buyers won't be able to get a mortgage for.  eg in a bad state of repair.

Ah, that makes sense! Thank you.

[Drinks Sangria]

We went a viewed the barn by the train line, nice house, lovely peaceful surroundings if it weren't for the trains! They've tripled glazed so you can't actually hear the trains inside, but when you're in the garden it's obviously very noticeable. The passenger trains are fine, it's the big rattling freights that are a bit of an issue.

I think I could live with it. My partner is besotted with the place but we need a good talk about it before making a decision. I don't want to be pushed into a decision based upon worrying we won't get good value for money in the future or might need to spend more for less. It's a lovely house but there's a reason it's been on the market for three months and not sold.

[The G in Gerrard]

This is a stupid question, but I always wonder if "cash only" actually means cash? As in, you have to turn up with a suitcase full of £20s? Seems bizarre.

Or does it just means something like "chain free"?

I've ordered some bags with SWAG written on them.

Usually mortgage free.

It's often properties that the seller thinks prospective buyers won't be able to get a mortgage for.  eg in a bad state of repair.

I've looked at it online and can't see it being in a bad condition from the visible photos so it's a wierd one. Waiting for the agents to call me back.

[CraigDS]

It can be a number of reasons for a cash only. Non standard construction is a popular one, as can certain covenants, etc. As it’ll mean you can’t get a mortgage on them.

[Drinks Sangria]

It can be a number of reasons for a cash only. Non standard construction is a popular one, as can certain covenants, etc. As it’ll mean you can’t get a mortgage on them.

Yeah covenants are a fucker and you need to rely on your conveyancer to uncover them when they're present - shite conveyancer may miss this and put you in the shit with it.

Cash sales are usually the way at auction also. A lot of the time it's because the seller wants to get rid of the property with as little delay as possible, cash can be exchanged as soon as the initial surveys are completed. Can cut months off of a sales process.

[Riquende]

A lot of the time it's because the seller wants to get rid of the property with as little delay as possible, cash can be exchanged as soon as the initial surveys are completed. Can cut months off of a sales process.

Yeah, we were able to take advantage of this a while back - scraped the cash together for a small place and undercut some other bidders as the seller was desperate to be in their new place before Christmas (the initial viewing was early October and they'd already had a sale fall through). We could offer no chain (they didn't have one either) and no mortgage so managed to nab it for 5k under what it was on the market for. Made the move with less than a week to spare.

[The G in Gerrard]

It can be a number of reasons for a cash only. Non standard construction is a popular one, as can certain covenants, etc. As it’ll mean you can’t get a mortgage on them.

Yeah I'm just interested in hearing back from the estate agents as to what the reason was whilst we continue our home search.

[Drinks Sangria]

Yeah, we were able to take advantage of this a while back - scraped the cash together for a small place and undercut some other bidders as the seller was desperate to be in their new place before Christmas (the initial viewing was early October and they'd already had a sale fall through). We could offer no chain (they didn't have one either) and no mortgage so managed to nab it for 5k under what it was on the market for. Made the move with less than a week to spare.

Serendipitous! Lovely when stuff comes together like that.

So, we have put in an offer on the barn conversion. It has it's issues but we've been swayed by how lovely the area is and what's on your doorstep - woodland, farmland and beautiful scenery. We initially went in at £10k under - which is £20k under what it was originally listed at. They rejected this, saying they wanted the full amount it's been reduced to/currently listed at.

We found out subsequently that a couple we know had also offered on it, although at less than what we have offered. They've since found another house so it's not an issue.

I advised the estate agent of a myriad of reasons it wasn't worth the asking, but ultimately put a best and final in £6k shy of their demands. They've asked for some time to think about it because they're two business partners who did this as a development and they have another viewing tomorrow. My partner is a bit gutted, she loves it more than anything we've seen. I'll be disappointed if we don't get it, but more because of the state of the market and scarcity of houses in our price bracket more than missing out on this particular house.

I don't want to be still looking in 6 months time, regretting not going in heavier on something because the market has kept on rising. But that's not something you can predict accurately, there may be fallout post-stamp duty holiday.

[reddebs]

Serendipitous! Lovely when stuff comes together like that.

So, we have put in an offer on the barn conversion. It has it's issues but we've been swayed by how lovely the area is and what's on your doorstep - woodland, farmland and beautiful scenery. We initially went in at £10k under - which is £20k under what it was originally listed at. They rejected this, saying they wanted the full amount it's been reduced to/currently listed at.

We found out subsequently that a couple we know had also offered on it, although at less than what we have offered. They've since found another house so it's not an issue.

I advised the estate agent of a myriad of reasons it wasn't worth the asking, but ultimately put a best and final in £6k shy of their demands. They've asked for some time to think about it because they're two business partners who did this as a development and they have another viewing tomorrow. My partner is a bit gutted, she loves it more than anything we've seen. I'll be disappointed if we don't get it, but more because of the state of the market and scarcity of houses in our price bracket more than missing out on this particular house.

I don't want to be still looking in 6 months time, regretting not going in heavier on something because the market has kept on rising. But that's not something you can predict accurately, there may be fallout post-stamp duty holiday.

Got everything crossed for you both mate.  Best of luck 🤞

[Jwils21]

First time buyers so new to all this, but found out yesterday it's not uncommon for Surveyors to provide a valuation from either Google Maps or a simple drive-by, particularly if it's a "free valuation" provided by the mortgage lender. Baffling stuff.

We're moving into an older property however so expect them to actually want to visit.

[CraigDS]

First time buyers so new to all this, but found out yesterday it's not uncommon for Surveyors to provide a valuation from either Google Maps or a simple drive-by, particularly if it's a "free valuation" provided by the mortgage lender. Baffling stuff.

We're moving into an older property however so expect them to actually want to visit.

If it's just a valuation a lot will go on whats on the market, recent sales and then a scan over the prop details.

[Slippers]

Serendipitous! Lovely when stuff comes together like that.

So, we have put in an offer on the barn conversion. It has it's issues but we've been swayed by how lovely the area is and what's on your doorstep - woodland, farmland and beautiful scenery. We initially went in at £10k under - which is £20k under what it was originally listed at. They rejected this, saying they wanted the full amount it's been reduced to/currently listed at.

We found out subsequently that a couple we know had also offered on it, although at less than what we have offered. They've since found another house so it's not an issue.

I advised the estate agent of a myriad of reasons it wasn't worth the asking, but ultimately put a best and final in £6k shy of their demands. They've asked for some time to think about it because they're two business partners who did this as a development and they have another viewing tomorrow. My partner is a bit gutted, she loves it more than anything we've seen. I'll be disappointed if we don't get it, but more because of the state of the market and scarcity of houses in our price bracket more than missing out on this particular house.

I don't want to be still looking in 6 months time, regretting not going in heavier on something because the market has kept on rising. But that's not something you can predict accurately, there may be fallout post-stamp duty holiday.

I hope everything works out for you.

We've been pretty lucky with our moves,both times we went for places that no one in their right mind would want.

[Red-Soldier]

First time buyers so new to all this, but found out yesterday it's not uncommon for Surveyors to provide a valuation from either Google Maps or a simple drive-by, particularly if it's a "free valuation" provided by the mortgage lender. Baffling stuff.

We're moving into an older property however so expect them to actually want to visit.

I would never buy a property without a full survey.  Costs about £500. 

[Drinks Sangria]

Cheers for all the well-wishes, it's appreciated. Hopefully we'll hear one way or the other, this week.

I would never buy a property without a full survey.  Costs about £500. 

Absolutely - especially at present. Although it's not as bad as it was 6 months ago, there's still lots of sales falling through. One of the big reasons is lenders not willing to lend on a property that the surveyor has valued at way off what's been offered by the buyer.

A couple I know offered £240,000 on a house that the seller bought for £180,000 in 2018 and hadn't done anything too. Listed at £240,000 too. The Survey came back valuing the house at £210,000 and it's looking like it's about to fall through due to the wild swing in valuation and seller's expectation.

[Drinks Sangria]

Update - we didn't get the barn. My partner was very disappointed, I was a little but am at peace with it now, I just didn't love it enough to match the other couple's offer, even though we could have done.

In the end, they played us and another couple off. We are no chain so they would have preferred us, but the other couple must have been panicked by the estate agent into meeting the ridiculous listing price. We upped out bid slightly, but then were gazumped and given the opportunity to match the other couple's offer, but we declined. It wouldn't have been sensible to just keep throwing more money at it.

We start looking again.

[reddebs]

Had word today that we should complete on the 23rd June.  A month later than estimated at the sale agreement but it's all good as we weren't in any rush for the cash.

[reddebs]

Update - we didn't get the barn. My partner was very disappointed, I was a little but am at peace with it now, I just didn't love it enough to match the other couple's offer, even though we could have done.

In the end, they played us and another couple off. We are no chain so they would have preferred us, but the other couple must have been panicked by the estate agent into meeting the ridiculous listing price. We upped out bid slightly, but then were gazumped and given the opportunity to match the other couple's offer, but we declined. It wouldn't have been sensible to just keep throwing more money at it.

We start looking again.

As I'm sure everybody's already said "it wasn't meant to be as something better is waiting for you".

[The G in Gerrard]

Has anyone or known of anyone that has followed the shared ownership route to get a property? Do they regret it? Think it was the best thing for them at the time?

[Slippers]

Update - we didn't get the barn. My partner was very disappointed, I was a little but am at peace with it now, I just didn't love it enough to match the other couple's offer, even though we could have done.

In the end, they played us and another couple off. We are no chain so they would have preferred us, but the other couple must have been panicked by the estate agent into meeting the ridiculous listing price. We upped out bid slightly, but then were gazumped and given the opportunity to match the other couple's offer, but we declined. It wouldn't have been sensible to just keep throwing more money at it.

We start looking again.

That's a pity,especially if your partner had her heart set on the place.

Better luck next time.

[Drinks Sangria]

Cheers for the kind words. A few have popped on the last couple of days so we're going to view two this weekend. It's not the end of the world if we have to stay at my house for another year or so, it would just be nice to take that next step as we're ready.

Has anyone or known of anyone that has followed the shared ownership route to get a property? Do they regret it? Think it was the best thing for them at the time?

A colleague's mother went down this route with a newbuild bungalow, paying £115k for 40% ownership. She most definitely regretted it. You're paying rent on the portion you don't own, whilst not having the ability to easily move out should the service charges or the rent become untenably expensive. After the developer who owned the 60% of her property decided to stick an extra £100 a month on the rented portion after one year, she tried to buy a greater portion of the house from them, but they wanted an exorbitant fee that didn't correspond at all with the percentages set forth when the property was purchased. She ended up selling after a real tangle with the other owner and losing money on it. She also had to pay stamp duty as if she was purchasing the entire property - which should only be the case if you're buying 80% or more.
You typically find that on new builds, you're paying more than the percentage you're given if you were weighing it against what the value of the whole property would be on the open market.

Shared ownerships are currently being investigated by the Tribunals Service as they're not seen as a viable alternative to affordable housing. Ultimately, it will cost more than going for a standard house if it's a long term thing, but timing it right could net you an appreciating asset that offsets the increased cost of paying a mortgage, rent and ground charges.

I'd say off the top of my head though, that as long as you're not dealing with unscrupulous types such as the above, you can drop on to a better situation than renting, it gives you more security long term and an asset and you have the option of staircasing with a lot of new builds where you have the opportunity to increase your share over time. 

It also gives you access to nicer homes in better areas than you may be able to afford if you were going for a full house purchase, which is surely the main draw. I really think it depends on the individual and their circumstances. There's clear risks but also some pretty good pros to it too.

Hope this helps you and doesn't muddy the waters too much!

[Drinks Sangria]

Saga continues - two properties have popped on that we're very interested in. One is 'Offers in Excess Of' and we have viewings on both tomorrow first on one, second on the other). They both look excellent for different reasons - one is really high-end inside and is high up with an incredible view, but is smaller and in a slightly worse area. The other is bigger, in a nicer village £30k cheaper (at least) but needs reconfiguring inside and has no view other than other houses in the culdesac. The cheaper one has actually been on a while and has just been dropped by £10k for the second time. I don't think this reflects the house, more that other similar houses sold for the price it's now been reduced to.

Given the speed things are moving at - could do with some advice. *If* we liked both, would it be unfair to offer on them both? I'm personally tempted to. Given the one has incredible views and is eye-catchingly modernised inside, I think it could easily go to best and final. We'd like to think we'd be in the conversation but we both believe it likely that it'll probably go for somewhere in the region of £15k - £20k more than it's listed for. The other one, I don't know that we'd have a free run at it but I do think there'd be less competition and we could get it much cheaper than the house with the view.

My idea would be to offer on both, knowing we'd probably get the cheaper one and that we probably won't be the ones who can bid highest on the house with the view. If somehow both were accepted, we would make a decision and withdraw from one. Morally reprehensible given the shortage of homes and the competition for them? It does feel a bit twattish but I don't think we'd have the largest offer on one house and it would be nice to have the option of the other still there. Thoughts? Anyone done similar?

[Welshred]

The sellers and agents acting on their behalf will always do the selfish thing for themselves mate and you need to do it for you too. I'd not worry about withdrawing if you get an offer accepting on both houses, do what you think is right for you.

Imagine you decide not to put an offer in on one, get rejected on the other and by the time you've gone back to the first house its off the market and you miss out on both - especially if you like both of them!

[The G in Gerrard]

Cheers for the kind words. A few have popped on the last couple of days so we're going to view two this weekend. It's not the end of the world if we have to stay at my house for another year or so, it would just be nice to take that next step as we're ready.
A colleague's mother went down this route with a newbuild bungalow, paying £115k for 40% ownership. She most definitely regretted it. You're paying rent on the portion you don't own, whilst not having the ability to easily move out should the service charges or the rent become untenably expensive. After the developer who owned the 60% of her property decided to stick an extra £100 a month on the rented portion after one year, she tried to buy a greater portion of the house from them, but they wanted an exorbitant fee that didn't correspond at all with the percentages set forth when the property was purchased. She ended up selling after a real tangle with the other owner and losing money on it. She also had to pay stamp duty as if she was purchasing the entire property - which should only be the case if you're buying 80% or more.
You typically find that on new builds, you're paying more than the percentage you're given if you were weighing it against what the value of the whole property would be on the open market.

Shared ownerships are currently being investigated by the Tribunals Service as they're not seen as a viable alternative to affordable housing. Ultimately, it will cost more than going for a standard house if it's a long term thing, but timing it right could net you an appreciating asset that offsets the increased cost of paying a mortgage, rent and ground charges.

I'd say off the top of my head though, that as long as you're not dealing with unscrupulous types such as the above, you can drop on to a better situation than renting, it gives you more security long term and an asset and you have the option of staircasing with a lot of new builds where you have the opportunity to increase your share over time. 

It also gives you access to nicer homes in better areas than you may be able to afford if you were going for a full house purchase, which is surely the main draw. I really think it depends on the individual and their circumstances. There's clear risks but also some pretty good pros to it too.

Hope this helps you and doesn't muddy the waters too much!

Cheers. Had some friends go via this route and just doesn't appeal to me. Think it'd cause issues further down the line if selling up ever.

[AndyMuller]

Wouldn’t recommend shared ownership to anybody to be honest. Never done it myself but having acted for the purchaser in a couple of shared ownership matters, it’s enough to put anybody off.

[The G in Gerrard]

Yep. I don't think this offer for first time buyers where they can buy and sell property under market value is a great thing either.

[LiamG]

Might be going to view my first houses this week and i am a nervous wreck haha

Any tips for viewing?

[reddebs]

Might be going to view my first houses this week and i am a nervous wreck haha

Any tips for viewing?

Look beyond what's there.

Ignore colour schemes, furniture and "their" stuff as it's rarely to your taste. 

Instead look at room sizes, the layout, how busy the road is, how overlooked you are and can you grow with it if your circumstances change in the near future.

Basically all the things you can't change that will effect your quality of life living there.

[CraigDS]

Don’t forget to check out the neighbours too - are the front of their houses / driveway well kept? Are their gutters sprouting mini forests? Etc.

[reddebs]

Don’t forget to check out the neighbours too - are the front of their houses / driveway well kept? Are their gutters sprouting mini forests? Etc.

Ooh good points!

[stewy17]

We got our mortgage offer confirmed last week, homebuyer report is done and now the only thing outstanding is the fucking surveys. Currently due to come in >7 days before the end of the stamp duty holiday and any delays will mean we'll lose about £13k. No biggie 

I know it's part and parcel of buying a place, especially down in London where I'm now based, and that I'm lucky to even have the chance at making the saving but now that it's only the searches standing between us and completion it's got me on tenterhooks.

We're lucky to have budgeted well for it and have the cash set aside but will be a lovely bonus if it goes through.

[Drinks Sangria]

The sellers and agents acting on their behalf will always do the selfish thing for themselves mate and you need to do it for you too. I'd not worry about withdrawing if you get an offer accepting on both houses, do what you think is right for you.

Imagine you decide not to put an offer in on one, get rejected on the other and by the time you've gone back to the first house its off the market and you miss out on both - especially if you like both of them!

Cheers mate, we have only offered on the one in the end, we really quite like it and the other one that looked great on photos probably needed £30k+ spending on it, so is a no go as we don't want to restrict our lifestyle too much by spending every penny we earn on building work. Waiting to hear back from the one we've offered on, it went on the market Wednesday, they had showings all day Thursday, Friday and Saturday (in 15 minute blocks - there was a couple looking round when we got there eating into our slot, then another couple showed up before our slot was finished) so I suppose it'll go to best and final today. The couple selling are not in a chain as they're building their own house on some parcel of land they've bought, I'm hoping us not needing to sell will be an attractive point to them.

Might be going to view my first houses this week and i am a nervous wreck haha

Any tips for viewing?

I can't add too much more than what Craig and Deb have said - look beyond what's physically there and look for anything worrying structurally - deep cracks in walls/ ceilings, look at corners and walls for any damp patches or gaps that might need attention. Look at ceilings for any sag or damp patches, as well as the areas around windows. It seems picky but these are expensive things to fix if there's issues. Also have a look at the roof if you can see a reasonable amount of it before you walk in the house, and from the rear, to see if there's missing tiles/ damaged tiles, damaged facias etc or any of the flashing coming away around the chimney. These are obviously much harder to look at without a pair of ladders

These are things that can indicate big issues, expensive issues or future issues that could occur, so just be wary! 

[LiamG]

Cheers guys for the tips! got 2 viewings tomorrow straight after each other and dragging a mate along, 2 pairs of eyes better than one i hope!

[CraigDS]

Not buying but after advice on what others would do renting wise....

We’re moving out of the city and into a house and for the area we’re looking at and size/style of house there is next to fuck all available and when there is there is a massive amount of interest.

We already missed out on one place even though we rang an hour after it went on the market to get a viewing a few days later. Someone fucker knocked on the door, got shown around by the owner and put the deposit down.

We’ve seen somewhere else and been pushing and pushing for a quick viewing. Managed to get one for Thurs afternoon but she let on there was a lot of interest and we were at least the 3rd viewing she’d be doing that day.

Now we know the area and the layout of the property (I got recent plans from an extension), but the newest pics we have seen are from 3yrs ago so not sure on the current condition.

Do we run the risk and put a deposit down unseen and hope that it’s all ok (I’m happy doing some decorating, but it’s mainly floorings which would be the issue) or run the risk of waiting until the viewing?!

[clinical]

I would never buy a property without a full survey.  Costs about £500.

Go for full survey or nothing. The cheaper options are usually a waste of time imo if you know what to look for. I mean they see what you can see. Better off buying a moisture meter off amazon for £20 and doing that bit yourself.

[El Lobo]

Not buying but after advice on what others would do renting wise....

We’re moving out of the city and into a house and for the area we’re looking at and size/style of house there is next to fuck all available and when there is there is a massive amount of interest.

We already missed out on one place even though we rang an hour after it went on the market to get a viewing a few days later. Someone fucker knocked on the door, got shown around by the owner and put the deposit down.

We’ve seen somewhere else and been pushing and pushing for a quick viewing. Managed to get one for Thurs afternoon but she let on there was a lot of interest and we were at least the 3rd viewing she’d be doing that day.

Now we know the area and the layout of the property (I got recent plans from an extension), but the newest pics we have seen are from 3yrs ago so not sure on the current condition.

Do we run the risk and put a deposit down unseen and hope that it’s all ok (I’m happy doing some decorating, but it’s mainly floorings which would be the issue) or run the risk of waiting until the viewing?!

Can't have changed THAT much in three years, right?

[CraigDS]

Can't have changed THAT much in three years, right?

That's my thinking. I mean it had all new bathrooms and kitchen back then, and looks like new carpets, etc as it was extended and the existing layout changed slightly. Like I'm not arsed if the walls are all shite and need decorating, I'm likely going to do that anyway, so is mainly if the carpets are trashed and I've then got to argue with the landlord to try and get them replaced. I can't see that being the case though.