The nervous wait to exchange....

[HungryHippos]

Well my partner just spoke to her sister-in-law again and the solicitors based at the estate agents she works at offered to do us family discount brining the entire package down to about £1100 but the caveat is that they're near London and we are in Bristol. She said more or less everything is done online via a secure portal though.

My solicitor was about a 10 min drive away but I didn't have to go and see them at all, I did most stuff via scan to email using the big scanner at work, so I could just email them docs.

Some stuff had to be delivered like the contracts though.

 

[peige]

Not advice which is very useful imo. I have bought and sold an above average number of houses i would say. I have always used a solicitor miles away, and done everything via post. It has always been fine but of course isnt worth bothering with unless you make a saving.

Well I think you've been just lucky then. Granted that I have only experiance of 5 house purchases but every time its been important and when there has been a hold up its been due more often than not to a poor solicitor in the chain, the rest of the time due to people just trusting there solicitor to get on with it!

For example, my 3rd house had a strange clause in the land that a certain company needed to supply a cert for a cost before a sale could proceed which took a number of weeks to obtain. All the locals knew this but the online conveyancer did not and the whole chain nearly fell due to this.

 

[Junglist]

We ended up going with the recommended solictor in the end. Would have been nice saving money with my partners Sister-in-law but as it was in Kent and we have an exchange date of 13/02 to meet in order to get the incentives we figured it would be the less painful route

 

[mid_gen]

Another question...I'm buying this place with my other half, but it's just me putting up the deposit, but she'll pay half the mortgage payments. With me having 100% of the equity at the start, and her gaining half the share of the equity as the capital is paid down.

Can we just do this in a separate legal agreement, or does it need to be written into the mortgage? We don't really want her on the mortgage as she's not working at the moment and I can easily cover it with my income so it'll be easiest to just apply in my name.

 

[Junglist]

I'm now starting to feel sick with nerves.

The broker will be applying tomorrow but I think I like the house so much I'm desperate for it to go through. We've had the credit checks, passed the stress test, had all the affordability checks completed, got the agreement in principle and we are even asking to borrow significantly less than what all the online calculators say we could borrow up to. The broker has reassured us that everything seems like it will go through fine and we have nothing to worry about but I literally feel sick in my stomach.

What sort of things could throw this out?

 

[HungryHippos]

I'm now starting to feel sick with nerves.

The broker will be applying tomorrow but I think I like the house so much I'm desperate for it to go through. We've had the credit checks, passed the stress test, had all the affordability checks completed, got the agreement in principle and we are even asking to borrow significantly less than what all the online calculators say we could borrow up to. The broker has reassured us that everything seems like it will go through fine and we have nothing to worry about but I literally feel sick in my stomach.

What sort of things could throw this out?

Don't stress over it, just make sure the house is removed from sale so no one else can come along and see it.

 

[Junglist]

Don't stress over it, just make sure the house is removed from sale so no one else can come along and see it.

They made us get an agreement in principle but we reserved it as soon as that came through

 

[b0rn2sk8]

What sort of things could throw this out?

Assuming your employed and don’t have any recent defaults on any other credit or silly outgoing then not a lot really.

The main reasons people have issues with mortgages are:
They are self employed and don’t produce accurate accounts and tax returns.
Poor credit history.
High outgoing which are contractual (cars, loans, etc) which you can’t get out of.
Borrowing too much which is unaffordable.

Another question...I'm buying this place with my other half, but it's just me putting up the deposit, but she'll pay half the mortgage payments. With me having 100% of the equity at the start, and her gaining half the share of the equity as the capital is paid down.

Can we just do this in a separate legal agreement, or does it need to be written into the mortgage? We don't really want her on the mortgage as she's not working at the moment and I can easily cover it with my income so it'll be easiest to just apply in my name.

You said ‘other half’, are you married?

 

[Kill_Phil]

@mid_gen you should get it written into the mortgage, I believe its tenants in common although it would likely go out of the window should you ever get married or have kids...

And @JunglistE I feel your pain but try to relax. You've passed the initial hurdle by getting the MIP and brokers know the market and which provider you will most likely get accepted for. Should have a decision in a few days depending on the demand. Good luck!

 

[Vanquish-Storm]

Relax, I don't know if this is right or not but I feel going through a broker always gives you a better chance.

The biggest thing that would stall or stop you getting what you want is if the mortgage provider do not feel the house is valued correctly. But how many times this happens I would not know.

 

[e36Adz]

Hi all, some advice please. I'm currently in the process of selling my property and buying a new one, my mortgage will be porting over, I will be borrowing extra - the new house is worth around 60k more. Its been around 2 months now since I first went to the solicitors and ever since then things have been moving very very slowly. Anyway, today I get the property information form along with loads of other forms that I need to check and sign, and although I anticipated we are right near the end now, almost at completion, I've noticed a huge potential spanner in the works.

The property I am buying has a double storey extension which was done approx 20 years ago (according to a conversation I remember having with the owner - havent verified this.) According to the form in front of me, the extension was 'not signed off'. What are the implications of this? I'm furious this wasn't mentioned earlier tbh.

 

[Rroff]

ccording to the form in front of me, the extension was 'not signed off'. What are the implications of this? I'm furious this wasn't mentioned earlier tbh.

Look into FENSA (this is relevant to doors and windows but should also provide you with an idea of other areas of consideration such as building regulations relevant to an extension).

 

[Kill_Phil]

@e36Adz we had something similar. Our solicitors just asked for the sellers to pay for indemnity insurance to cover you in the event legal action is taken against you.

But if you are worried get legal advice,i guess that's what you're paying your solicitor for

 

[mid_gen]

You said ‘other half’, are you married?

Not married. But been together a long time so not someone I met last week and am worried about running off Just want to get ourselves both covered legally so we're each entitled to the equity we put in.

 

[e36Adz]

Cheers guys, I just didn't expect something like this to pop up at this late stage. Been sat googling for a while and yes, others have also mentioned indemnity insurance. Will keep searching for information and also email the solicitor back asking for advice on how to proceed.

Anyone else had this happen to them?

 

[HungryHippos]

Not married. But been together a long time so not someone I met last week and am worried about running off Just want to get ourselves both covered legally so we're each entitled to the equity we put in.

Hmm tough one, if it's all in your name then technically it's all a gentlemans agreement that she owns any of it, but as long as you can keep things civil (no matter what happens - gotta consider all eventualities) then the best way is for you to simply count your deposit % of the house separately, then share the value of the rest 50/50.

i.e. house is 100K, you put down 10K, but then pay 50/50 on everything else thereafter. It's in your name, but you would always own that extra 10% on top.

If you wind up getting married then it would probably all be consumed 50/50 anyway due to sharing of assets on marriage, unless you had something drawn up at the point of getting married to the contrary that was legally granting you an extra share in the house on divorce.

I'm not a lawyer or anything obviously, but I don't think your solicitor can draft up agreements on % ownership on the property if it's all in your name, as the bank will want to know about other interested parties. If you really want to share it from the start then maybe she would need to jointly apply for the mortgage with you.

 

[mid_gen]

Hmm tough one, if it's all in your name then technically it's all a gentlemans agreement that she owns any of it, but as long as you can keep things civil (no matter what happens - gotta consider all eventualities) then the best way is for you to simply count your deposit % of the house separately, then share the value of the rest 50/50.

i.e. house is 100K, you put down 10K, but then pay 50/50 on everything else thereafter. It's in your name, but you would always own that extra 10% on top.

If you wind up getting married then it would probably all be consumed 50/50 anyway due to sharing of assets on marriage, unless you had something drawn up at the point of getting married to the contrary that was legally granting you an extra share in the house on divorce.

I'm not a lawyer or anything obviously, but I don't think your solicitor can draft up agreements on % ownership on the property if it's all in your name, as the bank will want to know about other interested parties. If you really want to share it from the start then maybe she would need to jointly apply for the mortgage with you.

Well, there's another problem, which is that we've been living out of the country for a long time, and while I kept a bank account and credit card in the UK with a small payment going out and being paid off every month, she didn't...so her credit score is rubbish. I think it's just going to be easiest to keep it all in my name and we'll just have an agreement between ourselves for now. Can always add her on when we come to remortgage.

Got my agreement in principle now, time to start viewings!

 

[413x]

Cheers guys, I just didn't expect something like this to pop up at this late stage. Been sat googling for a while and yes, others have also mentioned indemnity insurance. Will keep searching for information and also email the solicitor back asking for advice on how to proceed.

Anyone else had this happen to them?

On A less severe scale

Got tub has been on installed without an electrical certificate.

I need to ring an insurance company and check whether this invalidates buildings insurance.no one else can give me an answer.
The indemnity insurance I'm also unsure exactly what that covers. I bet it happens a lot

 

[e36Adz]

Update: The extension went up in 1990, planning permission was received and the building inspector came to view it at one stage during the build but never returned to sign it off. I've been informed their solicitor is dealing with it and will most likely issue an indemnity policy. Mind is a little more at rest now.

 

[HungryHippos]

Update: The extension went up in 1990, planning permission was received and the building inspector came to view it at one stage during the build but never returned to sign it off. I've been informed their solicitor is dealing with it and will most likely issue an indemnity policy. Mind is a little more at rest now.

It's been there for 30 years, so I wouldn't be too worried, seller should pay for an indemnity policy and then you're sorted.