House Buying/Selling - unnecessary stress?

My word reading this thread fills me with dread. Planning on buying our first home next Christmas most likely. Made the fatal mistake of going on Rightmove and looking at houses already - school boy error, the Mrs has already seen some houses she loves haha.

Its going to be a long 12 months!

I don't think that is the bad thing to do - get a feel for the market, and what money can get you.

You will find that the same money can get you a gem of a house, or an ill-maintained disaster. Also get a feel for the areas - drive by them at different times of the day and in different weathers to see the effect this has on vehicles/pedestrians/drainage etc.

And, finally, never get your heart set on a property, remain level headed as much as possible - work out floor space for the main rooms and work out a rough £/m^2 costing ratio just to see how much the location (or inflated ideas of the seller) is potentially going to cost you.
If you're feeling quite adventurous, you can also contact Land Registry and check the plot and if it has lost/gained anything. Remember that every inch you gain is ££.
 
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No harm in surfing the market to get a feel for typical ticket prices, turnover (speed properties come and go on the market) etc. Of more concern is if your partner is 'loving' houses based purely on looking online, which shouldn't come until physical viewing.

My guess is if you keep it up sooner or later a 'bargain' dream house will crop up before next Xmas and one or both of you will decide you need to move quickly or you will never get another chance like it. To which I would say, bearing in mind there are typically around 1 million properties for sale in the UK, there will always be another house you could find and don't rush into something that seems too good to be true.
 
My word reading this thread fills me with dread. Planning on buying our first home next Christmas most likely. Made the fatal mistake of going on Rightmove and looking at houses already - school boy error, the Mrs has already seen some houses she loves haha.

Its going to be a long 12 months!

I wouldn't worry. Forewarned is forearmed. Took me 13 years of renting to get around to buying, and then it was just a case of learning how all the various parties do their job and what they need in order to get the whole process moving between each individual stage.

We're about 4-5 weeks in from the point where we first put the offer in, and the biggest hold up so far was getting the various bits of paperwork in place to actually submit a mortgage application, ready. Having a full proof of deposit and multiple forms of ID ready to go will help you immensely as they probably have cost us 2 weeks in delays so far. Make sure you have paper forms of things like utility bills, credit card statements, bank statements, drivers licenses all with your current address on them (we moved a few months ago to a cheaper place and half our stuff was still in old addresses being forwarded, or bills were being handled by our current landlord - no good). We also did not have our deposit fully saved up till a fortnight after we put the offer in, which the solicitor and broker both needed before they would get moving (We decided to put down 15% instead of 10% deposit to get our rate down, which make things much tighter).

A willingness to have land searches and the like all done before or during surveys are arranged will save you weeks and weeks than if you had stuck everything end to end waiting around for X to finish before you do Y. This will mean you are taking a 2-300 pound leap of faith but its chickenfeed in the grand scheme of things.

A decent broker will be worth their weight in gold. Ours has cost 700 odd quid as I'm a contractor and had to jump through all manner of hoops just to get an offer (they have to go directly to underwriters), and they will be on the case better than doing it yourself, or going for a cheap one trying to save yourself some money. Yes they make money from you and THEN make fat commission from the lender, but it's a price you can decide to pay to make your life easier.
 
Your experience differs from ours in regards to lenders.

We did our own research into the mortgage and who to approach. Visited a couple of banks and brokers but they could not beat the deal we had found ourselves. Just took 2 forms of ID and latest payslip and that was enough. Applied for the mortgage and the survey was done within a week and approved 2 weeks later. But our occupations are stable and straight forward.

In the end we have managed to get our total fee's (legal and lending) to about 1.3k but the rate is not the best but over the 5 year fixed period, there was only £100-200 in it which is peanuts. I would rather have the extra cash available now and pay a slightly higher repayment.
 
Well, our survey came back 2 grand under the asking price, and had a load of 'serious' items flagged up, including damp issues on one wall, and cavity wall ties needing investigation.

In the spirit of putting my money where my mouth is, my email to the estate agent looked like this :

As you can imagine, we don't quite fancy purchasing a financial time bomb, so we'd like to leave the recommendations of the home buyers report by our surveyor, back with your vendor. If the vendor can have the items referred to in section E4 examined and signed off as not requiring further investigation, we will be happy to proceed based on a revised offer of £xxx,000. In this instance we would be willing to ignore, as a gesture of goodwill, the other remaining severity items that have been highlighted in the report, relating to some cracked render around the chimney absence of various gas and electricity safety certification.

In the event that further, more extensive works are required, we will need to have this work quoted for (we would require multiple quotes for comparison) and would be willing to work with the vendor in this instance to have the value of that work deducted from the revised value advised by our surveyor, to form a new offer price. As we know the vendor is keen to move and complete on their own house purchase, we would be willing to bear the inconvenience of having works completed, provided the cost of these works was reflected in a final agreed price.


Let's see if that works ;)
 
Well, our survey came back 2 grand under the asking price, and had a load of 'serious' items flagged up, including damp issues on one wall, and cavity wall ties needing investigation.

In the spirit of putting my money where my mouth is, my email to the estate agent looked like this :

As you can imagine, we don't quite fancy purchasing a financial time bomb, so we'd like to leave the recommendations of the home buyers report by our surveyor, back with your vendor. If the vendor can have the items referred to in section E4 examined and signed off as not requiring further investigation, we will be happy to proceed based on a revised offer of £xxx,000. In this instance we would be willing to ignore, as a gesture of goodwill, the other remaining severity items that have been highlighted in the report, relating to some cracked render around the chimney absence of various gas and electricity safety certification.

In the event that further, more extensive works are required, we will need to have this work quoted for (we would require multiple quotes for comparison) and would be willing to work with the vendor in this instance to have the value of that work deducted from the revised value advised by our surveyor, to form a new offer price. As we know the vendor is keen to move and complete on their own house purchase, we would be willing to bear the inconvenience of having works completed, provided the cost of these works was reflected in a final agreed price.


Let's see if that works ;)

This is a tricky situation for all concerned...

Surveyors will never find a faultless house. It just never happens. Nor will it ever. They also virtually never value the property at the offer price unless there is something seriously wrong (i.e. quick sale due to bereavement etc).

Case in point, our house. We had our electrics rewired 9yrs ago, and a snazzy new RCD box put in. We plastered every room in the house and new carpets etc.

We came to sell our house, and our first survey said we had no electrical safety certificate (this is just a money making venture for electricians, much like Photocard ID 10yr expiry is for the DVLA).

We arranged for an electrician to come round to do our certification, and he said 'Oh sorry mate, that is the old version of the RCD box, can't cert that. I'll need to replace it.'

We get a second opinion, and it is the same thing. Electrician comes to replace RCD box with the 'new' version (looks just like the 9yr old one), and he says, 'Oh bad cabling back here going into the box, i'll need to rewire the house'.

And so you can see where this is going... the fact is, i've PAT tested on the most sensitive setting all the power outlets, and all pass perfectly. This is just to do with a certificate and work generation.

At the end of the day, the certification is purely optional to consider for the Buyer, as is the 'Home efficiency' rating when you come to put your house on the market. It is simply more expenditure within a captive audience.


From your POV nucastle, you may be concerned by the elements raised by the survey, however please bear in mind that these things NEVER come back perfect. Even in new builds they find faults and criticisms.
 
Yep, absolutely, the surveyor in this instance is paid for by me and they are always going to lean towards being more negative about any items they flag up.

Having said that, we have 8 items flagged up as serious, 8 items flagged up as mildly important and the other 2 items deemed as fine, so from our POV it's only a single point we are picking up on. They did mention things like the lack of electricity and gas certificates, some cracked render which I'm willing to ignore, but even pointed out that kitchen window lintels needed to be hacked out and replaced. As a vendor, like with selling a car you just can't be expected to sell something in immaculate condition after spending months and thousands fixing them (Unless it's a Bugatti Veyron), so I can appreciate their position and I reckon I'm being pragmatic here.

So, structural and damp issues are my own personal 'limits' so I'm drawing my own line in the sand with that. I've went over plan B, C etc with my partner which involve walking away and suffering the 1300+ pound non recoverable costs and being willing to accept the vendor might tell us where to go and wait for a buyer who wont stall on these issues.

As this might totally shaft the plans of the vendor who has already committed to a house purchase, we're hoping they will have some 'motivation' to make progress on this, but who knows eh.

Today will be fun ;)
 
Cracked render is not a structural issue.

Gas and electricity certs are NOT required unless the property is being rented out.

Surveyor covering his backside once again - who can blame them!

Buyer using it to drop the price.

Best of luck! Let us know how it goes.
 
Cracked render in a horizontal line, suggesting cavity wall tie failure - that's a structural issue my friend ;) A collapsed wall while you are tucking into your xmas dinner would take the shine off the festive period.

You are completely right about the certs, that's just back covering.

The damp up various walls - also a cause for concern if the damp proof course has failed or been bodged.


In any case, our vendor is now commissioning a damp survey and wall tie investigation on the basis of what we said to them.
 
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