Advice on house hunting Page 116

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  • GuybrushThreepwood 13 May 2017 10:56:45 1,254 posts
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    @robc84 just had the stuff through for my sale. 50 upfront and lots and lots of forms to check and fill out.
  • robc84 13 May 2017 11:03:36 11,906 posts
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    @GuybrushThreepwood

    I know right. Just been looking through it. Don't know half the answers to these questions!
  • robc84 14 May 2017 11:29:57 11,906 posts
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    Tough decision time.

    Saw 4 yesterday, 2 ruled out. We are left with 1 that is pretty much ready to move into, nice road but well out of town. Ok size for us now but we'd probably need to move on a few years time.

    The other is a 1930s house, great location close to town, but needs loads of work. Heating rewiring plastering, new kitchen, bathroom etc. But it's has potential to be a house we live in for the longer term (room for extension). So we wouldn't have to move and pay stamp duty, commission, solicits fees etc in 5 years time.

    But it's a massive project. So we'd have to hold back 20k plus from the equity to throw at it.

    Also not ideal with 2 kids. But long term it could be great for us.

    Offers need to be in tomorrow! Aaah!
  • Jeepers 14 May 2017 12:28:39 16,389 posts
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    Fwiw I'd go for the one that needs the work. Assuming you have the cash to pay for the work in one go it'll be cost-effective to get it done in one shot and make for less time living in a building site.

    And buying a house and moving is shit so the less you do it the better.

    Good luck however you decide!
  • robc84 14 May 2017 12:40:49 11,906 posts
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    Thanks!

    To be honest we'd have to get the essentials done (kitchen, bathroom, rewiring etc.) before we moved in then sort the rest out as we go.

    I would have the money to throw at it, but it would be a relatively low offer as a result. It's already at the higher end of our price bracket, but is the next bracket up once done.

    With the lower offer I doubt we'd get it, but we need to make sure we can do it in case we do get accepted!
  • monkehhh 14 May 2017 13:03:36 4,726 posts
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    Always worth getting your offer in, who knows what will happen later on.
  • robc84 15 May 2017 09:23:30 11,906 posts
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    Really stupid question here, seems obvious but I just want to check as I've never moved house before.

    I have a fair amount of equity in my property. So on completion, the solicitors take the money from the sale, deduct the amount owed on the mortgage, stamp duty, estate agent fees and their fees to leave you with an amount to put down on your new home right?

    So if I wanted to take out 25k of that to throw at the new place, and therefore put a lower deposit down, is there any reason why I can't do that? I'm staying within my agreement principle, and my LTV stays at a level that gets me decent interest rates.

    As I say, seems obvious, but I just wanted to check as I've never done it before!
  • Psychotext 15 May 2017 23:13:49 62,024 posts
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    Just started looking at some new builds in an entirely new area near me. Fucking ridiculously overpriced, but a few of them look like they might do the job.

    Just need to work myself to death to get another 30k from somewhere. =/
  • FWB 15 May 2017 23:17:41 54,021 posts
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    robc84 wrote:
    Really stupid question here, seems obvious but I just want to check as I've never moved house before.

    I have a fair amount of equity in my property. So on completion, the solicitors take the money from the sale, deduct the amount owed on the mortgage, stamp duty, estate agent fees and their fees to leave you with an amount to put down on your new home right?

    So if I wanted to take out 25k of that to throw at the new place, and therefore put a lower deposit down, is there any reason why I can't do that? I'm staying within my agreement principle, and my LTV stays at a level that gets me decent interest rates.

    As I say, seems obvious, but I just wanted to check as I've never done it before!
    Yep, that's fine.
  • ZuluHero 15 May 2017 23:26:02 5,884 posts
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    @robc84 that's exactly right. I'm doing a similar thing myself. Just had an offer accepted on a place today. It's something to work on, and I'm a bit nervous but am looking forward to making a place my own.
  • robc84 16 May 2017 06:18:59 11,906 posts
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    @ZuluHero

    Nice, congrats. Hoping to find out if our offer is accepted today. I know we are not the highest bid, but we are in the best position. The higher bids have not sold their properties yet. The lady that lived there passed away and her family have said they want it to go to a family which again the two higher bids are not.

    Not sure how much weight is really put on that though when you have a higher offer on the table.
  • Dougs 16 May 2017 07:13:40 83,763 posts
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    Yeah, I think the solicitor will just pay the balance back to you once everything has gone through and been deducted. Sounds like this is the one.... Good luck!

    Edit: you'd be surprised re families and sentimentality. We had the same, the guy we bought from had been there with his family for years, and have a sister's family before that. We actually took my son to the viewing to play on that a bit! He was keen it went to a family and not a developer/flipper.

    Edited by Dougs at 07:15:23 16-05-2017
  • elstoof 16 May 2017 08:46:46 18,667 posts
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    Your solicitor will just ask the vendor if they'll accept a lower deposit on exchange, which is normally 10% of the price to cover your arses in case things go tits up after exchange. Not a problem for anyone really, as everyone will know how much you've got coming in from your sale

    Edited by elstoof at 08:49:10 16-05-2017
  • robc84 16 May 2017 08:53:11 11,906 posts
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    @Dougs

    Yeah I'm hoping sentimentality will win it for us. I made sure in my offer email to say how much we liked the house and saw it as a long term family home.

    I don't think we'll get it, as one of the offers was 15k more than ours. However, they are not able to proceed right now as haven't sold their property. So there is risk in that offer for the vendor.
  • ZuluHero 16 May 2017 09:26:34 5,884 posts
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    @robc84 I took a lower offer on my property sale due to my circumstances and my thoughts on the reliability of the buyer, so it does happen.

    Hope it all goes will for you.
  • Flying_Pig 16 May 2017 09:28:43 15,462 posts
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    We're in full viewings mode on our existing house - 3 over the weekend, one this afternoon and another one tomorrow. Our house has never looked so clean and tidy, but it's really stressful keeping it this was /o\

    No offers yet, but the house only went up at the end of last week...
  • robc84 16 May 2017 09:31:14 11,906 posts
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    @ZuluHero

    We are selling through the same agent so they know our position, they are also keen to find us somewhere so our sale goes through. So I'm sure they will put us forward in a positive light. I also made sure to mention that we have a sold property and an agreement in principle. So financially we are all set.

    I guess we'll see in the next couple of days.
  • robc84 16 May 2017 09:32:23 11,906 posts
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    @Flying_Pig

    Good luck. Viewings are a pain in the arse. There is general day to day clean and tidy, and then there is viewings clean and tidy.

    The latter is hard to maintain :)
  • elstoof 16 May 2017 09:40:59 18,667 posts
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    If the house isn't sold yet then you haven't made an offer. What if they don't sell for the price they expect and have to lower their offer by 15k? I'd take the lower offer with the house already sold all day long
  • Zomoniac 16 May 2017 09:42:02 9,436 posts
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    Psychotext wrote:
    Just started looking at some new builds in an entirely new area near me. Fucking ridiculously overpriced, but a few of them look like they might do the job.

    Just need to work myself to death to get another 30k from somewhere. =/
    I really don't get new build pricing. They've just starting building a new development as an extension of my street in the field behind it, and the preorders are now being listed on Rightmove. We paid 186k for a 5 bed two years ago, and judging by how slowly the existing houses here are selling when listed for 190-200k now, I'm utterly perplexed as to why anyone would pay the developers 382k for a 4 bed, where the rooms are a fraction of the size of ours, on the same street.
  • elstoof 16 May 2017 09:45:36 18,667 posts
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    Because they hope to sell them to businesses who want to diversify their investment portfolio and gain a couple of decades worth of rent before selling them on at future value
  • Sharz 16 May 2017 09:57:07 1,700 posts
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    And in addition their are various new build government schemes. For example the 25% equality loan, instead of making them more affordable all it has done is increase the house price by 25%.

    And that's just one example of a new build scheme, their are many others which also boost up the price.
  • Jeepers 16 May 2017 12:44:14 16,389 posts
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    Buyer has had their survey done - no issues at all, thank fuck. But as we've seen nowhere we want to buy recently, it looks like we're going to have to move and rent.

    Ugh.
  • robc84 16 May 2017 16:16:37 11,906 posts
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    They decided to go with the higher offer :(

    Shame, but we move on!
  • Dougs 16 May 2017 16:21:46 83,763 posts
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    Make sure they know that your offer remains on the table. Anything can happen....
  • monkehhh 16 May 2017 17:11:34 4,726 posts
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    @robc84 what Dougs said, we got a call a month later after the higher bidder pulled out.
  • -HairyArse 16 May 2017 17:15:16 1,005 posts
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    I appear to have bought a house. Bit more than I wanted to pay for it but it needs nothing to it and looks even better in the flesh.

    http://www.rightmove.co.uk/property-for-sale/property-65788445.html

    I've been quoted 700 for solicitors fees to sell my house and 1400 for buying the new one. Does that seem reasonable?
  • robc84 16 May 2017 19:51:04 11,906 posts
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    Dougs wrote:
    Make sure they know that your offer remains on the table. Anything can happen....
    Good call. I'll give them a call tomorrow and say the offer still stands.

    Actually a little more disappointed than I thought I'd be. We went in at our max offer though so no regrets.
  • robc84 16 May 2017 20:08:12 11,906 posts
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    -HairyArse wrote:
    I appear to have bought a house. Bit more than I wanted to pay for it but it needs nothing to it and looks even better in the flesh.

    http://www.rightmove.co.uk/property-for-sale/property-65788445.html

    I've been quoted 700 for solicitors fees to sell my house and 1400 for buying the new one. Does that seem reasonable?
    Nice, congrats! Looks like a really nice place.

    185k though :( I need to move up north.

    Our solicitors fees for sale and purchase (including searches) are coming in around 3k. So seems reasonable to me.
  • Flying_Pig 16 May 2017 20:24:50 15,462 posts
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    Yeah, sounds about right on the Solicitors fees.
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