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3 minutes ago, Leicester_Loyal said:

Missed this post, apologies.

 

I will speak to my mortgage advisor, you may both be right, but it seems the wrong way round to me as I'll have to keep reapplying. If they said look we'll accept the offer but you need an AIP, I'd have it within 24 hours.

 

You won't need to keep reapplying each time you make an offer. Have one document and use that each time. It's likely that your broker will end up finding you a new mortgage with a different provider by time you actually get into it but that doesn't matter because by then your offer has been accepted anyway. 

 

All that document is for is to tell the agent yes I can get the money for this house and here is a statement from the bank proving it. 

Edited by Christoph
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18 minutes ago, Christoph said:

 

You won't need to keep reapplying each time you make an offer. Have one document and use that each time. It's likely that your broker will end up finding you a new mortgage with a different provider by time you actually get into it but that doesn't matter because by then your offer has been accepted anyway. 

 

All that document is for is to tell the agent yes I can get the money for this house and here is a statement from the bank proving it. 

Will it not matter that the AIP is expired though? That's what my broker said, so I'd end up applying for an AIP every 28 days or 6 weeks, which would cripple my credit score.

Edited by Leicester_Loyal
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21 minutes ago, Leicester_Loyal said:

Will it not matter that the AIP is expired though? That's what my broker said, so I'd end up applying for an AIP every 28 days or 6 weeks, which would cripple my credit score.

It honestly won't matter. Agent's dont care that much i doubt they'll even check the date. I'd just keep sending them the same one unless they question it and by that point you can let them know you'll get an updated one. But the agent at least knows you have been accepted for one in the past and so will have more confidence you'll be accepted for one again. 

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58 minutes ago, Leicester_Loyal said:

Missed this post, apologies.

 

I will speak to my mortgage advisor, you may both be right, but it seems the wrong way round to me as I'll have to keep reapplying. If they said look we'll accept the offer but you need an AIP, I'd have it within 24 hours.

From the EAs perspective, the fact you've gone that far proves to them how interested you are.

 

It can be inconvenient if you don't manage to find something in that 3 month period, but hopefully you do. You're in a position of maximum flexibility, which should be a position of power.

 

If you don't, it's obviously an annoying inconvenience, but one you'll have to take on the chin in a seller's market.

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2 hours ago, Leicester_Loyal said:

Woke up to an email this morning saying the vendor wants a Mortgage In Principle arranging before they'll consider my offer. I said surely that's pointless because if they reject my offer it's a waste of everyones time, or I'll have to apply for another AIP for a different amount if I do want to raise my offer. They responded that I could get an AIP for my maximum amount then lower the actual borrowing amount when a price is agreed, so basically they'll know what my financial situation is and try to squeeze as much out of me as possiblelol I responded no chance, you have my offer, let me know if it's accepted or rejected, if it's accepted you'll have an AIP within 24 hours.

I can see the logic in the EA wanting to be sure you will be accepted for a mortgage at this time, lending criteria is changing constantly at the moment. We were accepted for a mortgage last July but declined in February. That said, the agent acting for our vendor accepted our offer without asking for any evidence we could afford it.

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33 minutes ago, Leicester_Loyal said:

I've sent off an AIP from last year, we'll see if that gets accepted. EAs are even asking for AIP before you even view some properties, it's gone mad!

I think a lot of it is increased demand and it just being a lazy way of them filtering out some of the crap to be honest. Annoying for those that are actually serious about buying, but I suppose if they can afford to be lazy they're going to be.

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7 hours ago, Leicester_Loyal said:

Woke up to an email this morning saying the vendor wants a Mortgage In Principle arranging before they'll consider my offer. I said surely that's pointless because if they reject my offer it's a waste of everyones time, or I'll have to apply for another AIP for a different amount if I do want to raise my offer. They responded that I could get an AIP for my maximum amount then lower the actual borrowing amount when a price is agreed, so basically they'll know what my financial situation is and try to squeeze as much out of me as possiblelol I responded no chance, you have my offer, let me know if it's accepted or rejected, if it's accepted you'll have an AIP within 24 hours.

I understand your reservations, but just because you can afford to pay £10 for a Mars bar doesn't mean you're going to. Explain that your offer is what you think it's worth, also remind them of your no chain position. i.e your can happily work around the venders timescale.

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4 hours ago, Nod.E said:

I think a lot of it is increased demand and it just being a lazy way of them filtering out some of the crap to be honest. Annoying for those that are actually serious about buying, but I suppose if they can afford to be lazy they're going to be.

 

2 minutes ago, Otis said:

I understand your reservations, but just because you can afford to pay £10 for a Mars bar doesn't mean you're going to. Explain that your offer is what you think it's worth, also remind them of your no chain position. i.e your can happily work around the venders timescale.

Yeah I was probably looking at it from the wrong angle, as the ball is still in my court.

 

I've sent an old AIP from a few months back, so hopefully that should be enough to convince them I'm a serious bidder.

 

Got a viewing tomorrow and two on Friday so I'm keeping my options open, will keep you updated if I hear anything else:fc:

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Might be a stupid question, but how much does buying a house actually cost? I don't mean the purchase price/deposit etc - that's pretty clear and I think we're almost sorted on that - but all the different fees, surveys etc. that go alongside it. Obviously its a case-by-case thing, but is there a ballpark figure which would likely cover it? I've seen all sorts of info online but its hard to know whats relevant and what isn't, and having some rough total would at least give us an idea of when we could start properly looking.

 

FWIW in case it changes things, me and my partner are both FTB with H2B isas, probably looking for something in the £130-170k range depending on which area we settle on looking in (so no stamp duty, etc, as far as im aware).

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16 minutes ago, Xen said:

Might be a stupid question, but how much does buying a house actually cost? I don't mean the purchase price/deposit etc - that's pretty clear and I think we're almost sorted on that - but all the different fees, surveys etc. that go alongside it. Obviously its a case-by-case thing, but is there a ballpark figure which would likely cover it? I've seen all sorts of info online but its hard to know whats relevant and what isn't, and having some rough total would at least give us an idea of when we could start properly looking.

 

FWIW in case it changes things, me and my partner are both FTB with H2B isas, probably looking for something in the £130-170k range depending on which area we settle on looking in (so no stamp duty, etc, as far as im aware).

I guess there are a few fees to consider:

 

Mortgage broker fees (there is a lot of free advice available but it could cost around £500-700 if you go with an IFA (independant advisor)

 

Solicitor fees (in your case the biggest cost and unavoidable) - probably looking around £1,500 mark

 

Valuation fees - lenders will charge you this but depending on who you choose, it could be free. Halifax for example charge £200 (they do seem to have the better rates though currently and come out cheapest in most cases)

 

Product fees - again, charged by the lender. Usually they have the same product but one with no fee (slightly higher interest rate) and one with a fee, can be anywhere up to £2,000 (this will give a slightly lower interest rate). However, as you are not borrowing a huge amount, it is highly likely that you will be better off with a no fee product if offered. Basically, the lender charges you an up front fee just to take out the mortgage you want. Keep an eye out for this.

 

Survey - it is always a good idea to get a basic survey as a minimum on the property you are buying to ensure the price you are paying is fair. Basic survey is around £250, this is more for new builds or houses you trust as it is a very simple check. Homebuyers report which I would probably recommend is around £400-450 mark but the inspection takes over an hour and is a bit more thorough. For ancient buildings or ones you don't trust structurally there is the top survey Full Structural which costs about £650.

 

I think those are the main costs. Also think about removals and how much you may need to spend on that (if you are not DIY'ing that).

 

So without picking a mortgage with up front costs, which you shouldn't need to, and having free mortgage advice, then you would look at around £2,000 (including the middle tier survey).

 

I personally have no bad experience with free mortgage advice and unless you have a really complex situation (e.g. low income, credit history etc.) I don't see a need to get any special mortgage advisor in.

 

Hope that helps. Feel free to add if I have missed anything but as you are both FTBs, it should be fairly straightforward.

 

Also worth noting that some HTB schemes, not sure if you are looking into those, incur extra solicitor costs. I think we paid £250 extra for HTB Equity Loan. Not sure if they charge extra for HTB ISA redemption but shouldn't be much if they do. The £1,500 estimate should still cover it.

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16 hours ago, Nod.E said:

I think a lot of it is increased demand and it just being a lazy way of them filtering out some of the crap to be honest. Annoying for those that are actually serious about buying, but I suppose if they can afford to be lazy they're going to be.

 

This. Sold my house a year and a half ago, probably had 30 odd viewings (2 offers, the first was well cheeky) on a very fairly priced house in Birstall. From some of the feedback and the lack of offers, I bet at least 20 of them had zero intention of buying before they even viewed. If I was selling now I'd probably tell the agent not to allow viewings without an agreement in principle. Annoying as fvck having to tidy up with very short notice sometimes, and knowing people often take their whole family traipsing round your house with their shoes on while you still live there

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2 hours ago, Xen said:

Might be a stupid question, but how much does buying a house actually cost? I don't mean the purchase price/deposit etc - that's pretty clear and I think we're almost sorted on that - but all the different fees, surveys etc. that go alongside it. Obviously its a case-by-case thing, but is there a ballpark figure which would likely cover it? I've seen all sorts of info online but its hard to know whats relevant and what isn't, and having some rough total would at least give us an idea of when we could start properly looking.

 

FWIW in case it changes things, me and my partner are both FTB with H2B isas, probably looking for something in the £130-170k range depending on which area we settle on looking in (so no stamp duty, etc, as far as im aware).

This calculator is quite good and covers most of the things you've mentioned..

 

https://www.comparemymove.com/house-removals/cost-of-moving-house-calculator

 

We're looking at moving this year and the estimated 'costs' involved for us come out at about £15k 

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7 hours ago, Izzy said:

This calculator is quite good and covers most of the things you've mentioned..

 

https://www.comparemymove.com/house-removals/cost-of-moving-house-calculator

 

We're looking at moving this year and the estimated 'costs' involved for us come out at about £15k 

Interesting, that calculator has our costs at £4500 which is wildly out for ours, the removal people are quoting us £5k alone!

Edited by FoyleFox
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10 minutes ago, FoyleFox said:

Interesting, that calculator has our costs at £4500 which is wildly out for ours, the removal people are quoting us £5k alone!

Are you moving to Australia?

 

The average cost to move within the UK is just over £1k (based on 3 bed contents moving 50 miles)

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15 minutes ago, Izzy said:

Are you moving to Australia?

 

The average cost to move within the UK is just over £1k (based on 3 bed contents moving 50 miles)

Northern Ireland to England, it's a 4 - 5 day job with full packing - I imagine it's about £1k just for the lorry on the ferry, given that it's £400 for a car.

Edited by FoyleFox
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35 minutes ago, FoyleFox said:

Northern Ireland to England, it's a 4 - 5 day job with full packing - I imagine it's about £1k just for the lorry on the ferry, given that it's £400 for a car.

Could you sell your stuff in Ireland and buy new stuff here??!! 

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My eldest is in the middle of buying a house. Quite stressful, and she hasn't even got a house to sell.

Arrange mortgage - 995

conveying - 1500

survey - 600 to 800

Also transaction fees , depends on your bank.

Edited by Webbo
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3 hours ago, Milo said:

Could you sell your stuff in Ireland and buy new stuff here??!! 

That would be far less cost-effective I would've thought. I could sell a sofa for £100 or so but would need £1000 to buy a replacement, and we've got 3. If we got £250 for the cooker we'd be lucky and a new one would be £1500. That's before you consider all of our clothes and personal belongings, they've still got to be moved.

 

It wasn't an unexpected cost to us, it was £3k to move here 11 years ago.

 

Just highlighting that the calculator had discrepancies in its estimator - it asked if I was changing countries and I added the mileage as 500. The Solicitor costs were £1200 out too.

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1 hour ago, Unabomber said:

Had mine on the market for just over a week now. Just nothing about though for us to buy. Hopefully more come on the market soon but it seems very slow currently.

It does seem very slow at the moment, I've only seen about 12 - 15 listed for our search criteria. However, Property Industry News were reporting that after the stamp duty holiday extension last week and the move into spring, they expect an influx of property being listed in the next couple of weeks.

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9 minutes ago, FoyleFox said:

It does seem very slow at the moment, I've only seen about 12 - 15 listed for our search criteria. However, Property Industry News were reporting that after the stamp duty holiday extension last week and the move into spring, they expect an influx of property being listed in the next couple of weeks.

Yeah it’s weird. Most are getting snapped up very quickly where I am yet a few are hanging around. Crest have a site near me that they are struggling to sell, today they dropped a few by £15k. 

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