Guide to buying a house?
- Thread starter ColdAsIce
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Associate
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- 9 Jan 2006
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- 1,440
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- Nottingham
find house > get mortgage > move in is pretty much it. www.moneysavingexpert.com has a mortgage guides. we're in the process currently, our solicitors sent us a pack saying what needs to happen and when once we'd instructed them after we'd found a property and approached a FA for a mortgage. we actually got turned away from barclays as they said there was no point talking about mortgages unless we'd found a house to purchase.
Get a rough budget by talking to lenders, find a house within said budget, get mortgage in principle on property you like, make offer on property, if offer is accepted then apply for the mortgage and appoint a solicitor.
I've currently done all that!
I've currently done all that!
Get a mortgage agreed in principle before you start looking - estate agents and sellers just won't take you seriously unless you have one. Once you find somewhere you like, put an offer in with the estate agent, once the price is agreed get yourself a solicitor and it all just happens from then on with your solicitor managing the process.
Associate
- Joined
- 9 Jan 2006
- Posts
- 1,440
- Location
- Nottingham
the average selling price is apparently 6% under the asking price. any property that is on the market for around £130k is unlikely to sell for over £125k as that's the stamp duty threshold (as our FA told us) - he also told us that the first offer is always refused so why not make cheeky offer!
edit: and don't forget it is a buyer's market - if you are a cash buyer or a first time buyer (and can get a mortgage) you're in a strong postion.
Guys, you do realise that every single one of you has described the English system. Taking a stab based on the OP's location his parents may well also be in Scotland in which case a lot of the processes are very different.
For example the estate agent's role is vastly smaller - all offers etc are handled by the buyers and vendors solicitors.
Normally properties are sold on a blind auction "offers over" pricing although in the current climate a much higher number are going to fixed price. Remember in Scotland once an offer has been accepted that's pretty much it, none of this backing out with two days to go because you think someone will give you more money.
There is some advice which is common of course - scoping out mortgages first etc. I would suggest talking to a solicitor first, preferably one who is recommended to you, they be able to give you an idea of costs, timescales etc.
For example the estate agent's role is vastly smaller - all offers etc are handled by the buyers and vendors solicitors.
Normally properties are sold on a blind auction "offers over" pricing although in the current climate a much higher number are going to fixed price. Remember in Scotland once an offer has been accepted that's pretty much it, none of this backing out with two days to go because you think someone will give you more money.
There is some advice which is common of course - scoping out mortgages first etc. I would suggest talking to a solicitor first, preferably one who is recommended to you, they be able to give you an idea of costs, timescales etc.