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On 20/07/2020 at 15:19, Ric Flair said:

In a real dilemma, remortgage and do £20-30k worth of improvements to our house but essentially still have certain problems with whether the house is ideal for us long term or sell and buy another house and likely increase our mortgage by £75-100k in the process. Keep changing our minds on what to do, our current house has some incredible perks but it also has it's quirks that make it unsuitable now we are soon to have a 2nd child. I vowed i'd never move again as I hate it but can't see another option really.

£100k mortgage is about £450 a month at current long term rates…. Work that out v a loan for £30k for improvements and it’ll probably be more monthly in the short term…. If you and yours are in stable employment with reasonable prospects…. If you are  comfortable stretching a little go for it…

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1 hour ago, Happy Fox said:

I found a property that I see as a good investment (I am bit nervous about the whole process of buying a property ) I am first time buyer, I am going to view it and see if it’s worth it. I have saved for a 20% deposit which is a lot of money for me!

Welcome!

 

Well done on saving 20%, it's hard to do. Let us know if you need any help, plenty in here have been through what you're currently going through.

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10 hours ago, Happy Fox said:

I found a property that I see as a good investment (I am bit nervous about the whole process of buying a property ) I am first time buyer, I am going to view it and see if it’s worth it. I have saved for a 20% deposit which is a lot of money for me!

It's good to think of it in terms of whether it is a sensible way to spend your money, but don't forget that primarily what you are buying is a home. When I was first looking the most important thing for me was location as I wanted to be within walking distance of my friends and so while I could have got more for my money slightly further down the road, I narrowed my search that way. I am sure you will have factors which are important to you too (sub conscious or otherwise!). Good luck! 

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11 hours ago, Happy Fox said:

I found a property that I see as a good investment (I am bit nervous about the whole process of buying a property ) I am first time buyer, I am going to view it and see if it’s worth it. I have saved for a 20% deposit which is a lot of money for me!

 

Embrace and enjoy being a first time buyer. Enjoy not having to faff with selling a property to buy a property. Enjoy being attractive because you come with no chain. Enjoy that first day when you start bringing your stuff into the home you've chosen, the fact it's all yours, the fact it's more than likely to mature in price for you to take the next step.

 

 

39 minutes ago, rachhere said:

It's good to think of it in terms of whether it is a sensible way to spend your money, but don't forget that primarily what you are buying is a home. When I was first looking the most important thing for me was location as I wanted to be within walking distance of my friends and so while I could have got more for my money slightly further down the road, I narrowed my search that way. I am sure you will have factors which are important to you too (sub conscious or otherwise!). Good luck! 

God this is so critical. We're moving to New Lubbesthorpe, but there's a house in Sapcote which is a bit better all round. Unfortunately, it's in the arse-end of the village. I've spent my entire life living within walking distance of Fosse Park, town and as much as the village life sounds nice, the location was what drew us to NL in the end.

 

I'd be interested to know what other people's small non-negotiables were? Mine was the necessity for an off-road for two cars, but I know there are many who are happy to just park on the road. I also wanted an en suite in the master bedroom. No massive logic to those, really, just huge preference!

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8 minutes ago, Footballwipe said:

God this is so critical. We're moving to New Lubbesthorpe, but there's a house in Sapcote which is a bit better all round. Unfortunately, it's in the arse-end of the village. I've spent my entire life living within walking distance of Fosse Park, town and as much as the village life sounds nice, the location was what drew us to NL in the end.

 

I'd be interested to know what other people's small non-negotiables were? Mine was the necessity for an off-road for two cars, but I know there are many who are happy to just park on the road. I also wanted an en suite in the master bedroom. No massive logic to those, really, just huge preference!

Everyone is different i guess. My friend had a particular style of house that she wanted which was being built by I think Barratt at the time, and she just ended up going with the area where she could get that house for the best price within a certain radius of her workplace, and really didn't care what the town was like that it was in. She moans from time to time about the crime rate in the area, but once she is inside the sanctuary of her perfect home she is more than content. 

 

The deal breaker for me in our current house was the garden. When something came up on rightmove I would just flick through the inside photos until I got to the garden to see if were a contender or not. After saying all that earlier about location (which was the key factor for my first house) we ended up moving a couple of miles down the road from friends. In hindsight it has been much better for us - being on the trainline into Birmingham city centre, easy access to work, and a lot better value for money in to be honest what is a much nicer environment. I just had to accept we wouldn't get what I wanted garden wise in the first area we were searching in as the prices had gone ridiculously high due to the way school catchments worked out.

 

I think some people are a lot more laid back about what they want in a house, but for others the process of viewing houses can be a bit of a time of self discovery as you find out what is and isn't important to you. 

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3 hours ago, Footballwipe said:

 

I'd be interested to know what other people's small non-negotiables were? Mine was the necessity for an off-road for two cars, but I know there are many who are happy to just park on the road. I also wanted an en suite in the master bedroom. No massive logic to those, really, just huge preference!

Mine is location…. I loved where we have spent the last 10 years, but, it was a big compromise (schools etc.)…. We’d have never have chosen it otherwise…

 

i don’t care about off road car parking as I am not that bothered about cars…. If I have to walk a few yards with my shopping every now and then, so be it!

 

Our new house must be in the right spot…. Walkable to bars/ restaurants/ life

 

Must be old/ have charm character and an open fire place…. Must have a second sitting room for my stereo and records!

 

I want to avoid stepping into my car as much as possible l!

Edited by Wolfox
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29 minutes ago, Wolfox said:

Mine is location…. I loved where we have spent the last 10 years, but, it was a big compromise (schools etc.)…. We’d have never have chosen it otherwise…

 

i don’t care about off road car parking as I am not that bothered about cars…. If I have to walk a few yards with my shopping every now and then, so be it!

 

Our new house must be in the right spot…. Walkable to bars/ restaurants/ life

 

Must be old/ have charm character and an open fire place…. Must have a second sitting room for my stereo and records!

 

I want to avoid stepping into my car as much as possible l!

Sounds perfect to me! I love that we have a high street in walking distance with cafes, restaurants, etc. 

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Location is definitely key for me, nothing urban and non estate. Currently live in the corner of a field 2 miles from anywhere so my definition of urban is probably different to most. Would like to be able to walk to a shop and pub from the new house though.A small village would be ideal. Good kitchen/dining/living space. Nice garden is a must, as is parking/garage.

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8 hours ago, Footballwipe said:

 

I'd be interested to know what other people's small non-negotiables were? Mine was the necessity for an off-road for two cars, but I know there are many who are happy to just park on the road. I also wanted an en suite in the master bedroom. No massive logic to those, really, just huge preference!

Driveway for me, with space to park two cars (minimum) and also I wanted a decent sized garden. Depending on my final price I pay, I'd like a garage or space for a garage, one where you can pull a car up to or into preferably.

 

Went to look at my first house today, was pretty nice and I liked it. He told me what he'd previously rejected as an offer (if true), and it was roughly what I'd want to pay for it, so think he wants a bit more than I think it's worth. Got a couple more to view in the next few days, so I'll see how I get on with them.

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1 hour ago, Leicester_Loyal said:

Driveway for me, with space to park two cars (minimum) and also I wanted a decent sized garden. Depending on my final price I pay, I'd like a garage or space for a garage, one where you can pull a car up to or into preferably.

 

Went to look at my first house today, was pretty nice and I liked it. He told me what he'd previously rejected as an offer (if true), and it was roughly what I'd want to pay for it, so think he wants a bit more than I think it's worth. Got a couple more to view in the next few days, so I'll see how I get on with them.

This is a personal bug bear. Property listed with garage and when you read the dimensions you can't actually get a car in it. Ours go in the garage every day but think we're in the minority there. 

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2 hours ago, Leicester_Loyal said:

Driveway for me, with space to park two cars (minimum) and also I wanted a decent sized garden. Depending on my final price I pay, I'd like a garage or space for a garage, one where you can pull a car up to or into preferably.

 

Went to look at my first house today, was pretty nice and I liked it. He told me what he'd previously rejected as an offer (if true), and it was roughly what I'd want to pay for it, so think he wants a bit more than I think it's worth. Got a couple more to view in the next few days, so I'll see how I get on with them.

How long has it been on the market? And how much under the asking price are we looking? I wonder if he's either got delusions of grandeur, or it's been on for such a short space of time he wants to explore the market.

 

Depends on his situation, too. We went to see a house that had been on the market for nearly two years, but because of their situation they weren't going to take a penny less than the asking price (and the lady seemed like she was being ripped away by her husband and daughter's enthusiasm to move house!)

 

Remember you've still got a good situation being a FTB and it was your first house. If nothing else it's a good starting point for your ambitions/what you'll get for your money.

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On 20/07/2020 at 18:58, kenny said:

All surveys exclude what cannot be seen. So a structural survey would not have picked up dry rot unless it was visible on the exposed timber.

 

In that case, it should have been picked up in the valuation report. 

 

The other tricky thing to navigate, is that the valuer has a contract with the mortgage supplier, not the vendor so they are under no obligation to assist.

 

If Rumble wished to claim, he would need to claim from the mortgage supplier in the first instance.

 

if it's a structural survey they lift the floorboards so it would have picked this up. 

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42 minutes ago, Footballwipe said:

How long has it been on the market? And how much under the asking price are we looking? I wonder if he's either got delusions of grandeur, or it's been on for such a short space of time he wants to explore the market.

 

Depends on his situation, too. We went to see a house that had been on the market for nearly two years, but because of their situation they weren't going to take a penny less than the asking price (and the lady seemed like she was being ripped away by her husband and daughter's enthusiasm to move house!)

 

Remember you've still got a good situation being a FTB and it was your first house. If nothing else it's a good starting point for your ambitions/what you'll get for your money.

Tbf it was originally listed for 10% more than he is willing to accept for it now. Not sure how long it's been on the market, I think it's been a couple of months. I think it's worth 86% of the original asking price, but he's already rejected an offer of 88% previously.

 

*I've used percentages incase someone knows the owner of the property or whatever*

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1 hour ago, Leicester_Loyal said:

Went to view another house this morning, was very disappointed, didn't like it at all and looked completely different to the pictures put online.

That’s often the case mate, it can be very frustrating.

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1 hour ago, Leicester_Loyal said:

Went to view another house this morning, was very disappointed, didn't like it at all and looked completely different to the pictures put online.

A bit like the photos on a dating app then?!

 

It is something which concerns me, especially as we'll only have a reasonably short window to get over and view. We've a couple that look great on paper, they've been on the market for a while and I can't not wonder what's wrong, that you're not seeing in the advert.

A lot of our agents are doing 360 tours, which are great. You get a full tour of everything not just a few pictures.

 

With regard to viewings if you're buying and selling, I understand you can only book an actual viewing if you're 'viable'. Does that mean you have to have an offer on yours or is it acceptable to just be on the market?

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5 hours ago, FoyleFox said:

A bit like the photos on a dating app then?!

 

It is something which concerns me, especially as we'll only have a reasonably short window to get over and view. We've a couple that look great on paper, they've been on the market for a while and I can't not wonder what's wrong, that you're not seeing in the advert.

A lot of our agents are doing 360 tours, which are great. You get a full tour of everything not just a few pictures.

 

With regard to viewings if you're buying and selling, I understand you can only book an actual viewing if you're 'viable'. Does that mean you have to have an offer on yours or is it acceptable to just be on the market?

It seems like it's a bit up to the agent.

 

I'm sure there is guidance what agents need to do, but we've been on the market for a week and viewings started with first time buyers only, then it went to proceedable buyers, and we've just had a couple of people who have viewed who are on the market but not yet under offer.   

 

And to be fair, they let us view the house we've offered on before we put ours on the market.

 

To be honest, we're not in a rush - so if someone wants our house we can wait until they sell theirs.

 

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Interesting thoughts about location etc.

 

She wanted Kirby Muxloe. I suggested an acceptable area -  ours was the villages on the outside of the A46 (Kirby, Ratby, Groby etc).

 

A three bed semi in Kirby is smaller and more expensive then a detached with a big garden in Anstey.

 

If its in the ball park area wise then why not?

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On 21/07/2020 at 22:50, Happy Fox said:

I found a property that I see as a good investment (I am bit nervous about the whole process of buying a property ) I am first time buyer, I am going to view it and see if it’s worth it. I have saved for a 20% deposit which is a lot of money for me!

We are in the same position albeit it sounds like we are slightly further down the line. 

 

First time buyers, this is 5 years of hard saving for us and arguably lifetime savings too from money we've kept behind from birthdays etc. We too are at 20% deposit.  

 

We've found a house, offer accepted, so we've applied for our mortgage, decided to go it alone and without a broker. We had a meeting with one back in January when we nearly bought and First Direct comfortably beat his best deal that he could offer. Slightly lower rate, lower monthly cost, significantly less product fees and not paying his fee. That's why we didn't bother this time round. It was definitely worth seeing one though, gave us a few hints and tips given our position that we have taken forward. 

 

Got a mortgage deal we are comfortable with, fixed for 5 years as interest rates are outrageously low. In my head I'm overpaying already and we've not even got it yet. 

 

Does anyone know how long the full offer etc takes to come through? I'm assuming it varies by lender, in my head I've got 10 working days but no idea where I've got that from! 

 

Looking forward to finally getting on the ladder and owning our own place. Expecting a bit of a longer purchase due to the pandemic, usually 6-8 weeks I'm thinking perhaps 12-15 might be more reasonable. 

 

Any experience or tips anyone can share appreciated. 

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8 hours ago, HowardsBulletHeader said:

We are in the same position albeit it sounds like we are slightly further down the line. 

 

First time buyers, this is 5 years of hard saving for us and arguably lifetime savings too from money we've kept behind from birthdays etc. We too are at 20% deposit.  

 

We've found a house, offer accepted, so we've applied for our mortgage, decided to go it alone and without a broker. We had a meeting with one back in January when we nearly bought and First Direct comfortably beat his best deal that he could offer. Slightly lower rate, lower monthly cost, significantly less product fees and not paying his fee. That's why we didn't bother this time round. It was definitely worth seeing one though, gave us a few hints and tips given our position that we have taken forward. 

 

Got a mortgage deal we are comfortable with, fixed for 5 years as interest rates are outrageously low. In my head I'm overpaying already and we've not even got it yet. 

 

Does anyone know how long the full offer etc takes to come through? I'm assuming it varies by lender, in my head I've got 10 working days but no idea where I've got that from! 

 

Looking forward to finally getting on the ladder and owning our own place. Expecting a bit of a longer purchase due to the pandemic, usually 6-8 weeks I'm thinking perhaps 12-15 might be more reasonable. 

 

Any experience or tips anyone can share appreciated. 

Cracking hell the excitement here is palpable and I love it.

 

In terms of mortgage offer, have they been out for their valuation on the property yet? If so, and if you've send them all the documentation they need, I reckon it'll be another week maybe.

 

We had our valuation sorted a couple of weeks ago, and we had to send them a fourth month of payslips as they're corona jumpy, but after that the offer came through via email on Monday, with the postal one to sign still awaiting. The rate we're getting of 1.26% is just mind blowing, tbh.

 

How's your chain looking? It depends how long these things drag on. Our buyers are FTB and very keen, we're moving up to the next level of house for us and also very keen. The people we're buying from seemed keen, but it turns out they hadn't even registered their brand new house with Land Registry yet, and the solicitors they're using seem very slack.

 

Again, this only my experience, but I'd try and mentally reign your expectations to 12 weeks. If it's sooner than that, amazing, but from personal experience setting a goal less than that can really frustrate you when it digs on longer.

 

But enjoy the damn journey!

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