Just bought my first property! Help/advice needed please!

[pooper]

I put in an offer for a flat the other day - and it's just been accepted! (well - yesterday morning).

I'm a first time buyer, so im a bit od a n00b when it comes to home buying, so i was wondering if any experienced homebuyers could give me some tips/advice?!

The stage im at now is as follows:

Spoken to the estate agent, confirmed that i'll accept the offer price. He then asked for my solicitors details so he can then take the property off the market.

Only thing is, i haven't 'yet' sorted out a solicitors... although i'll probably be doing this today.

What happens next exactly? Will the estate-agent as as the middle-man for both my and the sellers solicitors?

I'm also hearing back from my mortgage broker today.... who needs to tell who about the mortgage arrangements?

I'm getting so paranoid that i'm going to get gazumped... and im also freaking out thinking that >i< should be doing things instead of sitting here twiddlign my thumbs!

ARGGGGGGGGGGGGGGGGGGH!

Any advice gratefully received

[superbiatch]

Have you had a 'mortgage in principle' decision?

Get yourself a decent conveyancer (solicitor) also asap. You may well be able to get one recommended by your financial advisor/mortgage company who's costs may be added to your mortgage.

The estate agents tend to do a lot of the legwork between yourself and the seller, although most communication between solicitors is done with their client. Be sure to have an idea of when you want to complete and stipulate this to your conveyancer, otherwise you may end up like a friend of mine recently who had his mortgage in place and was moving into a vacant property (so the easiest type of purchase!) and its took 5 months to complete due to his idiot conveyancer.

[mightyeye]

I think you mean you made an offer the owner accepted, the actual purchase might take three months to complete. If you live in England and Wales you can change your mind with no problems in Scotland there is a very different process.

I think if you go to the rightmove web site there are downloads available concerning property purchases and advice. Look for buying guide:

rightmove

Your broker will probably tell you the lender will arrange a survey of the property you wish to purchase. There are various survey options of course depending on what you wish to pay, some lenders offer a free survey.

Your solicitor deals with the conveyancing: enquiries, searches, property fixtures and fittings enquiries. planning and developments nearby. You need to obtain projected costs.

In the meantime: is the flat the one you really want, check what is the area like? Will it suit your needs for at least the next two years? Actually, flats - check the neighbours - is there graffitti etc. I write from experience in regard to flats!

Good luck

[pooper]

I've checked out the area - got no problems with it whatsoever, it's really nice and the flat itself is awesome - needs zero work done on it and inside it's new!

I think i have had a 'mortgage in principle' and i think my broker informed the estate agent when they called.

My broker is going to come back to me today once he's decided on the best Mortgage lender for me, then i guess i need to sort out my solicitor ASAP.

Do the costs vary a lot between solicitors? I really want to get all this done ASAP (well - all the stuff >I< have to do.. i understand that the overall process will take a month at least) :S

[Gareth]

Originally Posted by pooper

Do the costs vary a lot between solicitors? I really want to get all this done ASAP (well - all the stuff >I< have to do.. i understand that the overall process will take a month at least) :S

You betcha! Unfortunately it's not just a case of the better ones being the more expensive... I know some dodgy ones that are very expensive and conversely some great ones that are (relatively) cheap. The best thing you can do is ask friends and family for recommendations.

I think completion within a month is maybe a bit too optimistic... 6-8 weeks tends to be normal for uncomplicated moves.

Good luck

[LiamTG]

we sll feel like that mate. it will all be ok I have done it twice now and the second time was worse than the first as my buyer was a hopeless liar - we had to involve his wife who was kicking him out to pay the deposit!!

rest assured those of us that have been there have had similar worries.

good luck mate and enjoy your new shagging palace - unless your moving your missus in too!

LTG

[superbiatch]

Originally Posted by pooper

Do the costs vary a lot between solicitors? I really want to get all this done ASAP (well - all the stuff >I< have to do.. i understand that the overall process will take a month at least) :S

I think i ended up paying about 750 in total for an apartment just under 100k. Although i was lucky enough to have 350 added onto my mortgage so in effect only paid out £400. Not sure if thats the going rate or not, but my friend paid a similar amount.

Manybe do a search and check out a few different prices

One thing i would be aware of is these conveyancers whom you never see (phone/e-mail contact only anywhere in the UK). Cos you can guarantee on the day of completion they'll have forgotten something and you'll have to go to them, so make sure they are close to you

[pooper]

thanks for all the advice

I think i'm going to use the solicitors that my broker is recommending - should keep things a little bit simpler (in regards to communication anyway!).

I saw on some property program that as a buyer, once your offer has been accepted, you can instruct the estate agent to cancel any pending viewings? is that right? (My broker just told me that they only generally take the property off the market once they have your solicitors details).

[Acathla]

you can ask the estate agent to cancel any pending viewings and take the property off the market but they are unlikely to do this without any firm paperwork to say that you are going ahead with the purchase.

That's just life in the property market - oh how I wished I lived in Scotland again

[Julian]

If you can afford to pay your solicitor in full then do so.

Adding solicitors fees to a 25 year mortgage is a VERY costly business.

[superbiatch]

Originally Posted by pooper

I saw on some property program that as a buyer, once your offer has been accepted, you can instruct the estate agent to cancel any pending viewings? is that right? (My broker just told me that they only generally take the property off the market once they have your solicitors details).

You've been watching location location location?

You really should have agreed that with your offer. My friend mentioned above did the same. He offered the asking price with a request that no one else viewed the property. What my friend didn't realise was it wasn't legally binding and although no one else viewed the property - it remained on the market in full view. Therefore if his saga had gone on any longer, the seller may well have chosen to start viewings again and my friend had no recourse.

[pooper]

lol nah, wasn't location location location - i think it was the 'property channel' on sky

Hmmm well i've just agreed to use my broker's recommended solicitors, so i guess once i have their details, ill pass them onto the estate agent! woo!

[superbiatch]

Originally Posted by pooper

lol nah, wasn't location location location - i think it was the 'property channel' on sky

Hmmm well i've just agreed to use my broker's recommended solicitors, so i guess once i have their details, ill pass them onto the estate agent! woo!

Keep on the conveyancers case, otherwise things don't seem to happen to schedule, at least in my experience

[Rob]

Remember the estate agent is working for the seller, not the buyer. Don't assume everything you are told by them is 100% fact. Any thing they can do to push the sale through they will do as otherwise they won't get their commission.

Make sure your conveyancer properly checks out a lot of things:
1) Lease - has it got a good unexpired term (60 years is an absolute minimum, but realistically you want it to be over 70 years when you want to sell so your own buyer at that point won't have concerns)
2) Management Company / Freeholder - who is responsible for controlling the lease and enforcing it. For example a noisy neighbour playing music at all hours, leases ususally say no to this sort of thing, but who would take action? Are they some nameless organisation just there to cream off a percentage of any service charges building work or are they likely to be proactive. Residents that own a share of the freehold are frequently preferred.
3) What are the service charges? Can you afford them? Are there any sinking funds towards future major works. Are there any major works proposed?
4) Is your property double glazed, yet others in the block aren't? If so you might still have to pay towards decorating other windows depending on how the lease is worded.
5) As routine solicitors should check for any building regulations stuff, service records on boilers, etc. If the property has recently been refurbished, did they touch the electrics, heating and stuff. If they did there must now be completion certificates for the electrics (unless it was that minor they only changed a socket), and there may be guarantees for boilers and the like.

The survey. If you are having a mortgage the property might have a mortgage valuation. Some lenders now do desktop valuations so there might not even be an inspection. If there is an inspection, the surveyor is looking only briefly at the property to see if there is adequate security for the loan. They aren't advising you and the inspection is only cursory. Unless you are absolutely convinced the flat, and block, is perfect, consider having a Homebuyer Survey. This will identify any urgent or significant matters affecting the property, at least enabling you to proceed with your eyes opened.

[cookie_365]

If you cant get a recommendation for a conveyancing lawyer, see if you can get a recommendation for a family lawyer instead - where there's a divorce, there's a house changing hands somewhere so they'll have done a bit of conveyancing

General advice at the CLS Direct website and there's a directory of advisers there too