How exactly do I go about buying a house?
Discussion
Hi guys,
Complete novice at this, I've been to see a house I like and decided I'd like to go for it. The home report values it at £90k and the asking price is offers over £90k (is this normal? Who pays over the valuation?)
I'm going to phone the local agent tomorrow and express my interest and submit an offer at about 90 I think.
So what's the deal with offering on a house, am I going about it the right way? Bearing in mind I'm 20 and have gotten a go ahead from a financial advisor.
Thanks
Complete novice at this, I've been to see a house I like and decided I'd like to go for it. The home report values it at £90k and the asking price is offers over £90k (is this normal? Who pays over the valuation?)
I'm going to phone the local agent tomorrow and express my interest and submit an offer at about 90 I think.
So what's the deal with offering on a house, am I going about it the right way? Bearing in mind I'm 20 and have gotten a go ahead from a financial advisor.
Thanks
Magic919 said:
Mention in your post if you are from Scotland.
It would appear OP is. The system is different up there isn't it ? IIRC offers become binding early on ? And isn't there a weird thing whereby houses are advertised at "offers over" but typically will sell for 25-30% more than that ?Might be worth a read OP http://www.hastingslegal.co.uk/Legal%20Services/bu...
Crafty_ said:
It would appear OP is. The system is different up there isn't it ? IIRC offers become binding early on ? And isn't there a weird thing whereby houses are advertised at "offers over" but typically will sell for 25-30% more than that ?
Might be worth a read OP http://www.hastingslegal.co.uk/Legal%20Services/bu...
Offers submitted via solicitors too.Might be worth a read OP http://www.hastingslegal.co.uk/Legal%20Services/bu...
Anything that removes Estate Agents has got to be a good thing.....
The "offers over" thing up here is pretty much dead in the water at the moment except for really exceptional properties. In the main the Home Report Valuation sets the ballpark figure that the seller will be hoping for so it is likely that offers there or thereabout will be expected. How much less than that you can buy for will depend on the sellers individual circumstances mainly.
You need to go to a solicitor and have them register a note of interest in the property on your behalf rather than you doing it via the sellers estate agent. You will then find out if there are any other notes of interest or even offers. You will also probably find your solicitor will give good advice as to how you might go about offering.
You need to go to a solicitor and have them register a note of interest in the property on your behalf rather than you doing it via the sellers estate agent. You will then find out if there are any other notes of interest or even offers. You will also probably find your solicitor will give good advice as to how you might go about offering.
Might also be worth mentioning.....You mortgage is based on the Home report value.
I.e Home report value = £90,000 say for arugument sake they seller wont budge past £92,000. That extra 2k wont be added onto the mortgage so the deposit needed for a 90% LTV (10% = £9,000 + the £2,000 over valuation = £11,000)
Also keep in mind stamp duty and Fees. But once your past this hurdle it will be worth it, my mortgage is 25% cheaper than some on my friends rent (Aberdeen) So definatly worth it in the long run!
Ive just bought and sold my first flat (Scotland aswell) and a few viewers back out because they thought they could "offer" up to the mortgage in principle they had set. but didnt realise that after you exceed the home report value it can get expensive.
As other have mentioned.....Well done for being brave/smart enough to invest in property.
I.e Home report value = £90,000 say for arugument sake they seller wont budge past £92,000. That extra 2k wont be added onto the mortgage so the deposit needed for a 90% LTV (10% = £9,000 + the £2,000 over valuation = £11,000)
Also keep in mind stamp duty and Fees. But once your past this hurdle it will be worth it, my mortgage is 25% cheaper than some on my friends rent (Aberdeen) So definatly worth it in the long run!
Ive just bought and sold my first flat (Scotland aswell) and a few viewers back out because they thought they could "offer" up to the mortgage in principle they had set. but didnt realise that after you exceed the home report value it can get expensive.
As other have mentioned.....Well done for being brave/smart enough to invest in property.
Edited by cupraajy on Friday 4th October 14:57
Simpo Two said:
And as an aside, well done to you for buying your first house at 20. Most of your colleagues will be drinking their deposits for many years yet and then wonder why they are still paying a mortgage at 65.
This^^^ Whilst I didnt drink away my deposit I wished that I had got on to the propery ladder 10 years earlier than I did!Simpo Two said:
And as an aside, well done to you for buying your first house at 20. Most of your colleagues will be drinking their deposits for many years yet and then wonder why they are still paying a mortgage at 65.
Agreed, i bought my first house when I was 21. It was paid off about a year ago and its great to know that I have a place to live for the rest of my life.I just wish I'd been savy enough to over pay and finish it about a decade ago
Edited by 98elise on Saturday 5th October 13:47
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