First Time Buyers Page 6

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  • mcmonkeyplc 23 Jan 2013 17:25:26 39,570 posts
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    elstoof wrote:
    FWB wrote:
    What do you mean by completion? When you move in?
    Completion is when you pay up all the money and get the keys. Exchange is when you pay your deposit and set completion date normally, and is the point of no return for either party.
    Yeah this...although they only want 10% now...my deposit is 15% so I guess I give the 5% on completion.

    Come and get it cumslingers!

  • FWB 23 Jan 2013 17:28:00 45,627 posts
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    elstoof wrote:
    FWB wrote:
    What do you mean by completion? When you move in?
    Completion is when you pay up all the money and get the keys. Exchange is when you pay your deposit and set completion date normally, and is the point of no return for either party.
    K. Well then I exchanged a while before completion. But then I had questions concerning the build before so I held off till they were answered. Cunts procrastinated for six weeks, until the sales staff ( was a new build) got fed up and miraculously managed to get my answers in one afternoon. Amazing, eh?
  • elstoof 23 Jan 2013 18:33:05 8,321 posts
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    Ah, new builds run a bit differently to your standard house deal, they generally want deposits well in advance because they need to fund the actual build. Ordinarily, you transfer 10% to your solicitor who then agrees with their solicitor that everything on contract, deeds, mortgage etc is in place because once you agree you can't complain about things like shared walls or condition or the roof or whatever. Completion is usually set for a week after exchange - because the mortgage lender needs to ok the funding and you need to transfer the rest of your deposit - but cash deals can be completed same day. If the seller needs to live there a while longer you might agree to complete even a year after exchanging, depends how nice you are basically.

    Edited by elstoof at 18:33:43 23-01-2013
  • AccidentProne 24 Jan 2013 13:43:49 1,174 posts
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    Just bought my first place recently and completed three days after the exchange. Told the previous owners we could delay the completion if they wanted to stay on a while longer, as I didn't plan on moving right in, but they were happy to get it all sorted asap.

    Whole process was actually surprisingly simple in the end, made me regret not taking the plunge earlier. All those years of wasted rent payments...

    I ended up leaving myself 10k for sorting out the new place, but so far, haven't really eaten into that too much. Few new bits of furniture here n there, but basically just taking my time and replacing what needs it, as FWB suggests. Probably use most of that overpaying on my mortgage, or at least keep it in the offset savings account.
  • mcmonkeyplc 24 Jan 2013 14:31:20 39,570 posts
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    I've got about 3k after taking everything into account. I'm not going to be doing much for a while!

    Come and get it cumslingers!

  • boo 24 Jan 2013 15:47:03 11,943 posts
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    We're on the other side of it. We lost my Mum this time last year, and because my Sister didn't want to rush anything, we only got round to putting the house on the market in Sept.

    Accepted an offer in November, paperwork went off to the solicitors, and then...

    ...it all went quiet.

    Buyers weren't returning calls, solicitor wasn't returning calls...

    Bastards!

    Been back on for a while, and we've accepted another offer now. Just waiting for them to have a survey done, at which point they'll no doubt come back with a long list of reasons why they want to drop their offer by 15k.

    Just Another Lego Blog

  • henro_ben 24 Jan 2013 15:54:33 2,244 posts
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    mcmonkeyplc wrote:
    I've got about 3k after taking everything into account. I'm not going to be doing much for a while!
    Think I completed with about 5k left. So far haven't bought much as I'm concious I'm going to have to be replacing the boiler in April/May - luckily removing the exciting wallpaper / artex / painted wallpaper combo I've discovered in the front room is providing cheap evening entertainment!
  • AccidentProne 24 Jan 2013 15:58:09 1,174 posts
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    I put off buying for so long (10 years), that by the time I actually got my arse in gear and started looking properly, I'd managed to save a pretty decent deposit. The mortgage on my new three bed house isn't a great deal more than the rent I was paying on my old two bed flat.
  • THFourteen 24 Jan 2013 16:00:27 34,477 posts
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    localnotail wrote:
    THFourteen wrote:
    isn't gas saftey covered by the housebuyers survey? they should have an annual gas saftey inspection every year and a signed bit of paper its the law.

    just put offer in on a house... REJECTED
    Bad luck - how low did you go?

    Annual gas inspections are only the law for rental properties btw.
    So we went back in for the house just before Christmas, and our offer was accepted!

    The owner has also found somewhere to go with no chain.

    Currently jumping through hoops with Natwest who have been utterly useless from start to finish. So no real idea when we might complete yet!
  • mcmonkeyplc 24 Jan 2013 16:00:37 39,570 posts
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    It's a newish build (2005) so I don't have much to do but move in and buy shit for it. I shan't be buying anything apart from a bed though.

    Also the Inland revenue decided to increase my tax this year cause they screwed up last year. So I'm slightly lower on the income front than I thought I'd be...pay review soon though so I better fucking get a decent rise...i.e more than 1%.

    Come and get it cumslingers!

  • mcmonkeyplc 24 Jan 2013 16:01:15 39,570 posts
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    @THFourteen at this rate we might move at the same time :)

    Come and get it cumslingers!

  • THFourteen 24 Jan 2013 16:08:11 34,477 posts
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    Where are you moving from/to? All in twickers?
  • mcmonkeyplc 24 Jan 2013 16:11:42 39,570 posts
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    Yup all in Twickers. You can't run away :p

    Come and get it cumslingers!

  • FWB 24 Jan 2013 16:17:53 45,627 posts
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    elstoof wrote:
    Ah, new builds run a bit differently to your standard house deal, they generally want deposits well in advance because they need to fund the actual build. Ordinarily, you transfer 10% to your solicitor who then agrees with their solicitor that everything on contract, deeds, mortgage etc is in place because once you agree you can't complain about things like shared walls or condition or the roof or whatever. Completion is usually set for a week after exchange - because the mortgage lender needs to ok the funding and you need to transfer the rest of your deposit - but cash deals can be completed same day. If the seller needs to live there a while longer you might agree to complete even a year after exchanging, depends how nice you are basically.
    Yeah. Hence my holding out till things were answered. A few things were still ignored. Nothing major, but amazing how fucking incompetent my lawyer and theirs seemed to be. When I suggested we go round and sit down for 10mins at THEIR office, my lawyer had a mini-fit and told me I couldn't do that.

    Guess you get what you pay for. He was cheap and probably expected to just sign and few things and be done with it.
  • THFourteen 24 Jan 2013 16:23:06 34,477 posts
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    mcmonkeyplc wrote:
    Yup all in Twickers. You can't run away :p
    Lol!

    Whereabouts are you moving to, north or south of the station?
  • mcmonkeyplc 24 Jan 2013 17:14:43 39,570 posts
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    Errm south I think...near the stoop stadium.

    Come and get it cumslingers!

  • mcmonkeyplc 25 Jan 2013 15:46:13 39,570 posts
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    Exchange completed!

    /GULP

    Come and get it cumslingers!

  • THFourteen 25 Jan 2013 15:51:40 34,477 posts
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    Completion exchanged?
  • boo 25 Jan 2013 15:57:09 11,943 posts
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    Expletion comchanged?

    Just Another Lego Blog

  • mrpon 25 Jan 2013 16:25:40 29,587 posts
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    Sexchange completed?

    Give yourself 5 or gig, you're worth it.

  • mcmonkeyplc 25 Jan 2013 16:46:47 39,570 posts
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    Completion end of March
    Expletion com won't be changed
    Sexchange end of year.

    Come and get it cumslingers!

  • Orange 25 Jan 2013 18:44:32 4,899 posts
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    Hmm ran into couple of issues on mine. Conservatory they built needed covenant permission (regardless of planning permission), something the seller seems to be unaware of. So likely to need indemnity insurance to cover it. They also built a second driveway with dropped curb, however half the driveway is outside of the property boundaries (!) and need to see paperwork that they got the council to drop the curb (or approve it).
  • sport 25 Feb 2013 09:07:56 12,811 posts
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    I reckon I'm gonna buy this to get on the property ladder:

    http://www.screwfix.com/p/kinver-log-cabin-3-5-x-4-1m/66481?kpid=KINASEKPID&cm_mmc=AffiliateWindow-_-Datafeed-_-Outdoor%20and%20Gardening-_-Kinver%20Log%20Cabin%203.5%20x%204.1m&source=aw&source=aw#

    Just need to find a spot in the Heath somewhere.
  • elstoof 25 Feb 2013 09:31:26 8,321 posts
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    Put a GENTS sign above the door and you'll be sure to make friends with all sorts of the influential people who frequent the Heath of an evening.
  • THFourteen 15 Mar 2013 08:12:41 34,477 posts
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    woot, exchanged! contracts, not bodily fluids!

    moving on the 28th of March.... Twickenham here i come

    shit so much to do in 2 weeks
  • elstoof 15 Mar 2013 08:27:41 8,321 posts
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    Well done, big weight off your shoulders now. Enjoy packing! You got removals and stuff sorted? I can recommend Rogers Removals if you've got a lot of stuff to move, they give you free boxes to borrow as well.
  • MrWonderstuff 15 Mar 2013 08:51:31 1,970 posts
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    Just started on this lovely experience with me and the girlfriend. Offer accepted and I have sorted the solicitors and surveyor. Let's hope the vendors sort out a place to live soon (one offer rejected). We can wait as we are renting in a nice place but I just hope it doesn't drag on. How long does all this take normally (from offer to completion)?
  • PazJohnMitch 15 Mar 2013 08:54:30 8,737 posts
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    Quickest 6 weeks
    Average 8 to 9 weeks
    Obviously could take longer. (Mine took 12 weeks without a chain).
  • Orange 15 Mar 2013 08:55:09 4,899 posts
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    At least 6 weeks with any kind of chain, longer if vendor's don't sort out their next place quickly (and then depends if there's a chain higher up). Also then depends on when everyone in chain wants to complete.
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