[Closed] First time buyer - found a house I like, what next

Find a mortgage "in principle" based on the asking price/offer you wish to make. Not much point putting in an offer if you havent already got the capital wherewithall.

If this is England/Wales, contact the estate agent, put in an offer " subject to survey and valuation". Go 5-10% below the asking price. If the offer is accepted fine, if not, improve it until either it is or you hit your limit.

If it is accepted, go to bank & apply for mortgage* and they'll arrange for survey/valuation. If it's an old property, go for full structural survey, if it's new (say 10 years or less, under NHBC guarantee), a simple valuation may be enough.

<edit> * assuming you don't already have a "mortgage in principle" agreed </edit>

then wait

and wait

and wait some more. There's bound to be a chain further up

you need a mortgage 'promise' (your bank agree that they'll lend you £XXX,XXX - offer valid for 6months blah blah blah)

then you can make an offer.

i've seen too many friends buggered about after they've accepted offers from people who then prat about getting a mortgage sorted.

don't forget that your mortgage will be £xxxx/month, you'll also need buildings and contents insurance at around £50/month, and maybe some income insurance at around £20/month, and maybe some life insurance at around £20/month.

my numbers are for illustrative porpoises only.

Your offer letter should also state something along the lines that "it is under the condition that the property is taken off the market with immediate effect and no further marketing/viewings/etc. should take place."

oh, if your offer is accepted, and all goes well, you are AT LEAST 2 months away from moving in, probably much, much, longer.

or maybe even longer than that.

double post nonsense.

go 20% below the asking price, you have no idea what the sellers situation is. if that's rejected and it may not be, go up 5%. leave it a week, then make an offer in odd figures, looks like you've raided all the piggy banks and that is the max you can offer. in this market offering 90% straight off is crazy. always feel a bit more sorry for yourself than the seller.

Dont forget the legal fees as well

Lucky you! I wish somebody would buy mine. 🙁

As an aside, what's the Massive's opinions on Sunday morning viewing times? Had a request for 10.30 am, I was not happy. Am I being unreasonable?

Am I being unreasonable?

Yes, don't you want to sell your house?

you're the one who wants shot of the house. roll over darlin' and put the coffee on nice and early 🙂

yes arraneg a mortgage in principle which should take about half an hour or so with a mortgage adviser i fyou take id utility bill and three wage slips
Re price depends on how much you want it. has it bene on long tome or new to market? Where I am three bed house go very quickly [weeks if they ar ethe right price] but you can get baragin prices on two or four bedroom ones. Pay what you think is fair for it and what you value it at. 90% of asking price may be ambitious but if the seller has ridden the market and gets a similiar discount in there who knows
If it is a chain it can be a huge waiting game
Fees will be about £1k solicitor -my life assurance is £6 per month depreciating terms [ only pays off mortgaeg at what is owed and nothing at the end. Insurance £30 with M & S mortgage fees depend on whether you use a broker or a bank but I suspect stoner can advise better than I can.

Thanks guys! That's me told then. 🙄

Did I mention that I also like to ride my bike?

put your VERY practical head on
- car parking (is it needed, is there any)
- review street/area at various time (ie pub kicking out, rush hour, nearby international football stadium game time.. etc etc), especially directly connected bits - what are neighbours like, .... etc etc
- flooding history ...(look at house condition, garden condition, paintwork, roof condition etc etc etc - it's an indicator nothing else), you cold even try knocking on nearby doors Hallo, I'm doing a study for a thesis on the local area on what it's like to live here ........
(*I once bought a flat where the neighbour complained about the noise I was making when I was moving in ........... guess if I enjoyed living there ...)
- re mortage (I'd understand the options properly, e.g fixed rate vs variable etc etc, mainly as IMHO (and get other advice on this) there is probably/likely/???who knows to be a rise in rates over time 5% is payable is 9% (and FYI I've paid interest at 14%........)

if it's leasehold(probbaly not with a house) review lease carefully, be clear of costs and speak to other leaseholders about how well it's all working

edit - phone up and get building/contents quotes (and for similar properties in slightly different areas), as a high premium may indicate potential problems
- re cellar, I'd deffo door knock and ask about damp with nearish neighbours

ride your bike in the morning, miss a potential sale

ride your bike in the afternoon, don't miss a potential sale

🙄

Look, I'm trying really hard to keep my house tidy ie no bikes in the lounge, no wheels or tyres in the kitchen, no chain in the kitchen sink, no maps on the floor. There's always some 5:10s by a radiator though.

Now seem to be missing the snowdrops. 🙁

On buildings insurance, something good i heard the other week. Cover your house on rebuild value, not purchase/market value, there can be a big difference (if you live somewhere posh especially)