The nervous wait to exchange....

[Resistance]

RICS Condition Report
The RICS Condition Report describes the condition of the property, identifies any risks and potential legal issues and highlights any urgent defects. It’s most suitable for new-build and conventional homes in good condition; no advice or valuation is provided in this survey.

A Condition Report is a very basic ‘traffic light’ survey and the cheapest, costing around £250.

RICS HomeBuyer Report
A HomeBuyer Report is a survey suitable for conventional properties in reasonable condition. Costs start at £400 on average.

This will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.

The HomeBuyer Report doesn’t look beyond the floorboards or behind the walls.

Some home-buyers’ reports include a property valuation, so you might be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.

If there’s no valuation included, you could use the report’s suggestions for repairs to renegotiate the price.

For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, it’s reasonable to offer £5,000 less than the asking price.

RICS Building Survey
The RICS Building Survey provides the same level of in-depth inspection as a building survey, but uses a simple a clear presentation style and a 1, 2, 3 rating system to ensure that you can easily identify the most serious issues. . This is mainly aimed at larger or older properties, or if you’re planning major works.

A detailed report provides you with an in-depth analysis of the property’s condition highlighting a range of issues which includes advice on defects, repairs and maintenance options. Included with the RICS Building Survey are advice sheets on how to deal with some of the more common problems that have been found at the property including an outline of repair options and the consequences of not dealing with any potential issues highlighted within the report.

The typical cost is around £400-£500.

Building or full structural survey
This is the most comprehensive survey and is suitable for all residential properties. It’s particularly good for older homes or homes that might need repairs. This type of survey typically costs upwards of £600 and provides detailed advice on repairs.

It’s very extensive and in some circumstances worth the extra money but it does not usually include a valuation. Although this survey can’t look under floorboards or behind walls it should include the surveyor’s opinion on the potential for hidden defects in this area.

The surveyor should also provide information on potential repair options. Again, you could try to save money by comparing the details of the repairs required against the lender’s valuation.

New-build snagging survey
A New-build snagging survey is an independent inspection to look for any issues with the property.

Costs typically start from £300 depending on the size of the property.

https://www.moneyadviceservice.org.uk/en/articles/a-guide-to-homebuyer-surveys-and-costs

 

[Ace Modder]

chase your solicitor every 5 minutes, they are utterly useless human beings that are incapable of talking between each other

This...

 

[Casdawer]

Ok, your offer will be subject to contract I assume.

What age is the house? You really need to get a building surveyor to have a decent look at the house. Get one that is a member of RICS and check they have some form of insurance. An investment now can save you some money in the long run. Anything that is picked up by the survey could put you in a strong position to negotiate reducing the offer and or insisting the work is carried out before completion. People normally cheap out on this by getting just the condition survey you can pay a bit more and get the home-buyers report or you can pay even more and get a full building Survey, typically the full building surveys are carried out for larger older or renovation projects.

Built in the 70s.

We will be getting a RICS Building Survey completed. I 100% agree it's worth the extra cost.

 

[Guest2]

So, we finally exchanged on Tuesday and complete on the 26th. Am quite exhausted be the whole thing.

Congrats!

How long has it taken? I exchanged today and complete on October 1st. From offer accepted to completion has taken 7 weeks. Not bad for a leasehold apartment in a city centre

If I have learned one thing from this, it’s to get any gifted deposit money 3 months in advanced to purchasing a property then not declare anything.
Forms, gift letters, bank statements all needed from people gifting the money is just daft. GDPR has made it even harder and more data has been required because of it.

Don’t get me wrong, its fantastic I have family willing to help me but then asking them for 3 months of their bank statements, getting them to sign multiple forms and provide copies of their ID is extracting the urine

 

[ubern00b]

Just had an email from Nationwide saying my funds will be released on 11/10. I complete on 12/10. Eeeeeek. Getting super real now!

 

[Guest2]

Just had an email from Nationwide saying my funds will be released on 11/10. I complete on 12/10. Eeeeeek. Getting super real now!

I’ve heard nothing from Halifax but only exchanged today and due to complete on 01/10 so guess completion is the day the funds are released - usually 10 days for funds to be released so i understand

 

[Skillmister]

Congrats!

How long has it taken? I exchanged today and complete on October 1st. From offer accepted to completion has taken 7 weeks. Not bad for a leasehold apartment in a city centre

If I have learned one thing from this, it’s to get any gifted deposit money 3 months in advanced to purchasing a property then not declare anything.
Forms, gift letters, bank statements all needed from people gifting the money is just daft. GDPR has made it even harder and more data has been required because of it.

Don’t get me wrong, its fantastic I have family willing to help me but then asking them for 3 months of their bank statements, getting them to sign multiple forms and provide copies of their ID is extracting the urine

A) GDPR makes no difference to the gifted deposit process
B) Suggesting people should knowingly breach their mortgage conditions and lie about it is stupid
C) it really isn't much extra hassle in the scheme of things

 

[Guest2]

A) GDPR makes no difference to the gifted deposit process
B) Suggesting people should knowingly breach their mortgage conditions and lie about it is stupid
C) it really isn't much extra hassle in the scheme of things

Where do you get your info from?

A. Yes, it does. Signed 'Consent to process personal information' forms are now required. These were not required before the new GDPR laws. I know because a purchase fell through a few months ago, these were not needed then.
B. It's not breaching any mortgage conditions by 'lieing about it' You simply do not need to say if you have had money in your account for over 3 months. Otherwise I might as well tell the bank that my family and friends have also given me £5000 over 30 years for birthday present gifts
C. Have you been in this position yourself or just guessing? I have an elderly grandparent who kindly gifted me some money. Getting bank statements, copies of ID and signed letters and forms was not the easiest task when she finds it hard to do simple things

 

[Terminal_Boy]

Congrats!

How long has it taken? I exchanged today and complete on October 1st. From offer accepted to completion has taken 7 weeks. Not bad for a leasehold apartment in a city centre

If I have learned one thing from this, it’s to get any gifted deposit money 3 months in advanced to purchasing a property then not declare anything.
Forms, gift letters, bank statements all needed from people gifting the money is just daft. GDPR has made it even harder and more data has been required because of it.

Don’t get me wrong, its fantastic I have family willing to help me but then asking them for 3 months of their bank statements, getting them to sign multiple forms and provide copies of their ID is extracting the urine

Buyer #1 made an offer on 13th of June (3 days after the house went on the market), so three and a half months from listing to completion.

 

[Skillmister]

Where do you get your info from?

A. Yes, it does. Signed 'Consent to process personal information' forms are now required. These were not required before the new GDPR laws. I know because a purchase fell through a few months ago, these were not needed then.
B. It's not breaching any mortgage conditions by 'lieing about it' You simply do not need to say if you have had money in your account for over 3 months. Otherwise I might as well tell the bank that my family and friends have also given me £5000 over 30 years for birthday present gifts
C. Have you been in this position yourself or just guessing? I have an elderly grandparent who kindly gifted me some money. Getting bank statements, copies of ID and signed letters and forms was not the easiest task when she finds it hard to do simple things

I deal with gifted deposits on an almost weekly basis and received a gift from my father when I bought my place last year so I'm fairly familiar with the process.. I've never had anyone complain that it's "extracting the urine" despite some people having relatives across the globe.

Of course you don't need to report birthday gifts of money, those gifts weren't for the explicit purpose of helping purchase a house. But if that is the purpose of a sizeable gift and you transfer it a bit before the time to avoid telling your bank and/or solicitor you are lieing about where your deposit has come from.

I know people do this, I've had many a person say they are not receiving any gifted money and then inadvertently send bank statements going back too far showing a lump sum coming from a family member.. Then guess what, they moan that we need to sort out the ID and forms the week they should be completing Well if it had just been sorted when the question was asked it would have been fine..

I just hope none of these people that avoid doing things properly ever fall out with their family members because they might find themselves in a position where they lose a chunk of their house.. The purpose of the forms isn't just to nosey at people's finances and tick a few anti money laundering boxes, it also confirms the money is a gift and the family member waives any right or interest in the property they may otherwise have had.

 

[Guest2]

My family said it was "extracting the urine slightly"

Anyway... Not that it's happened but what would happen if for example a family member came into some money, sent me 50k to buy a 100k house. Then years down the line they say they gave me 50k and want half of my house, surely law is not on their side as they game me the money. Or does law just presume that the money they gave me was so they could own half of the house themselves? Even though at the time they did not say this, nor go on the deeds. If that's the case then the mortgage deeds are useless

 

[Skillmister]

My family said it was "extracting the urine slightly"

Anyway... Not that it's happened but what would happen if for example a family member came into some money, sent me 50k to buy a 100k house. Then years down the line they say they gave me 50k and want half of my house, surely law is not on their side as they game me the money. Or does law just presume that the money they gave me was so they could own half of the house themselves? Even though at the time they did not say this, nor go on the deeds. If that's the case then the mortgage deeds are useless

I'm not a litigation lawyer and I'd imagine you would need to delve into the intentions and what was said and done at the time. But I'd definitely be concerned that is a possibility. There is a reason why gifts have paperwork to fill in and why contributions from third partys are protected by declaration of trusts when it isn't a gift. Here's an example of the mortgage conditions (for solicitors) relating to gifts

We do not require you to report a gifted deposit subject to you being satisfied that the following conditions are met:

The property is being purchased to live in and will not be let.

The gift is from an immediate family member(s), who confirms it is not repayable. Gifts from unrelated third parties, including friends and employers are not acceptable.

The family member(s) must be related to one of the borrower(s) by any of the following (see also the definition in Part 1, paragraph 1.13);

• birth/blood relative
• spouse or civil partner, child, step children, adopted children and in-laws
• A co-habitee

A Deed of Trust or Second Charge to protect the gifted deposit is not acceptable.

You must continue to report a gifted deposit from a family member who is also the Vendor. Note we do not accept family gifted deposits in Buy to Let transactions where the Vendor is a family member.

Where a gifted deposit is acceptable you must obtain and retain on your file a letter, addressed to you, signed by each individual family member(s) gifting the deposit which confirms the following information;

• The name and address of the family member gifting the deposit
• Their relationship to the borrowers(s)
• The name and current address of the borrower(s)
• The address of the property being purchased
• The amount being gifted and the source of the funds
• That the gift is not repayable and the family member(s) providing the gift will not acquire an interest in the property
• The letter must be dated within 3 months of completion

You must ensure clear bankruptcy searches are carried out against the borrower and all parties contributing to the balance of the purchase price. You must notify us if you cannot obtain clear searches.

You should report any other circumstances where the balance of the purchase price is not being provided in accordance with Part 1 and in doing so must wait for our written instructions prior to proceeding. Please write to our Customer Services Centre (see offer for address and fax number).

From the bit I bolded you can see a lender considers that an interest could/would be acquired by the person contributing even if they don't go "on the deeds"

 

[Guest2]

That's all fine but what if I was given a 10k gift for a birthday, say 10/20/30 years ago? Would there be an assumption that was being used to buy a property?

 

[Ancientpencil]

Congratulations - depending upon the relationship - let her choose the colours!

 

[Jamesyboyjim]

Make sure the mortgage offer is as expected. Nothing worse than having to try and come up with 1000's because of someone telling you can can borrow more than you really can.
Also see if you can get a fixed price quote from a solicitor, it will save you having to pay more every time you even fart in the general direction of the solicitor. Also, just keep on top of everything, reply to requests asap and chase up anything you feel is taking too long.

Don't feel bad about asking to go see the place again for a cheeky measure up. Most people wont mind

Keep each other sane throughout the process and just remember that anything can happen! With a bit of luck everything will go smoothly and you'd have exchanged contracts before you know it ready for completion

 

[fastwunz]

Umm no, get to know your solicitor on a lot of the process they are the only people who can act for you. Don't get them annoyed.
If possible get a solicitor who has been recommended. Do not take an estate agents solicitor.
Be patient, but I suppose you don't have much choice here. Xmas will be so stressful
Andi.

Andi most of what you say is true however, never ever underestimate the power of a good solictor/agent relationship - it can make a truly massive difference in particular situations.

Similarly a good agent and good solicitor is worth the money. You pay for what you get.

Online conveyancers are fine provided you want a legal temp handling the transaction for you - and provided you dont like talking to human beings whilst spending the most you have ever spent in your life.

 

[Guest2]

What type of mortgage did you get from Nationwide, how many years and what interest rate?

I ask because I've banked with Nationwide for many years but their rates (5 year fixed) were rubbish compared to Halifax and the max borrow was also less.
Me;
Mortgage offer - £192,349 (inc £999 product fee)
5 year fixed (Rate - 2.21%)
25 year mortgage

Nationwide would only borrow something like 170k

I presume your DIP is only with Nationwide and you can still apply for a full mortgage application with anyone else.
Do you have a mortgage broker? (to find you and your wife the best deal)
I used an independent one - £200 broker fee, £99 admin fee

Also, don't get your hopes up picking out colors for curtains etc. as it can fall through at any point up until completion. I had one fall through after the valuation because it valued at £0
I'm due to complete on my first property next Monday. Fingers crossed!

 

[rhysduck]

Do you have a mortgage broker? (to find you and your wife the best deal)
I used an independent one - £200 broker fee, £99 admin fee

I don't understand this. Why?
Why have you gone to an independent broker that charges fees where you can get exactly the same information for absolute zero.
My advisor finds me the best deal, and contacts me towards the end of the fixed term period to negotiate/find another deal, for nothing. I've not paid him a penny.

Get your money back (the broker should have a policy on this) and go to someone that doesn't charge.

 

[ubern00b]

Yea, my mortgage broker didn't charge a penny because he got paid by the lender (Nationwide in my case). Stated on my paperwork that on successful completion he will get paid £650. Can only imagine your independent bloke is getting paid by both sides!

 

[Buffman]

What type of mortgage did you get from Nationwide, how many years and what interest rate?
!

You should give loan to value to allow a good comparison