Friday 09/06/17 - Appointment with mortgage advisor
Friday 16/06/17 - View flat, newbuild(10 yrs), good home report, generous size layout (compared to old tenements)
Monday 19/06/17 - AM - Mortgage advisor puts 'note of interest' on flat. - 5 other notes in place.
Monday 19/06/17 - PM Mortgage advisor has 'mortgage agreed in principle'
Wed 21/06/17 - Closing date set Wed 28th, put in contact with a solicitor.
Wed 28/06/17 - Offer submitted and accepted.
Mond 03/07/17 - Appointment with mortgage advisor to sort mortgage
Frid 18/08/17 - Proposed key handover.
Did not expect things to move this quick... I am a first time buyer with my girlfriend. The week before I booked an appointment with an advisor we had agreed to start a lease on a flat on 25th August.... A few days later I told my girlfriend I was making an appointment with a mortgage advisor. We have the cash sitting, so why would be blow £7k of it in a years rent when we could possibly buy? The rest is fast history!!
The property is in Edinburgh. We were advised post April 2017 it was a 'buyers market' with properties going 10% over market value. Reading several reports, 10-16.8% above market value for a 1 bedroom flat seems to be the norm, I noticed properties were showing as sold within a week or two of being advertised. We had viewed many flats in edinburgh and most were small, dated, non energy effiencient victorian tenements which were a risky buy (IMO) finally we viewed a new build which was generous in size, quality fittings, energy efficient. It made sense to me that this was a safe buy, and we both loved it from the moment we stepped in, and compared to the rubbish we had previously viewed!!!!
We offered what we could afford without going completely skint, with the mindset that we would rather offer an extra thousand or two on this really nice flat, than loose it and potentially have to offer similar money to small, dated victorian tenements. In the end we offered 16% over market value, which was accepted. My solicitor said that we have done extremely well having that offer accepted on the day, as other 1 beds she had bid for went for much, much more.. ?
Anyhoo. My story so far. Any thoughts or questions?