probrox Posted February 19, 2009 Share Posted February 19, 2009 After make four offers on a house i'm interested in I finally managed to agree a price with the owner today. I started off with a cheeky offer of 105k on a 140k house, and we settled at 127k. Still thought I did well to get 10% off as it was already very cheap for the area. Both nervous and excited now. I can't wait to get in there and start working on the place, but I've got a hell of alot of packing to do and rubbish to get rid of (2 skip fulls in the loft I reckon). Being a first time buyer I really don't have a clue about how the whole process works other than I know I have to find a solicitor tomorrow. Is there anyone who can give me a quick run through of the steps now involved. There is no chain from either side so hopefully it should be relatively straight forward? Link to comment Share on other sites More sharing options...
Stonkin Posted February 19, 2009 Share Posted February 19, 2009 Cant advise you mate, but congratulations. You've obviously been for mortgage meetings lately. Without wanting to know personal details, how is mortgage lending at the mo? Link to comment Share on other sites More sharing options...
colsoop Posted February 19, 2009 Share Posted February 19, 2009 Im suprised your mortgage company didn't give you some booklets about the process. im feeling helpful so here is a brief synopsis of the "doing the paperwork section" from my booklet: Find a solicitor in your area: http://www.lawsociety.org.uk They will contact the owners solicitor to get more info about the property. Copies of deeds property history Any guarantees related to the property Plans, extension etc Environemental searches You should be able to get a fixed price for the conveyancing but see what is included as some searches cost extra. Make sure you are happy with everything and ask questions if you don't understand it. Link to comment Share on other sites More sharing options...
probrox Posted February 19, 2009 Author Share Posted February 19, 2009 Cant advise you mate, but congratulations. You've obviously been for mortgage meetings lately. Without wanting to know personal details, how is mortgage lending at the mo? Was fine for me. I got offered a mortgage of upto 187,700, but at an interest rate of 6.2% from C & G through an independant advisor. I then got a better deal from the post office at 5.85% fixed for five years. This was with a 10% deposit. Im suprised your mortgage company didn't give you some booklets about the process. im feeling helpful so here is a brief synopsis of the "doing the paperwork section" from my booklet: Find a solicitor in your area: http://www.lawsociety.org.uk They will contact the owners solicitor to get more info about the property. Copies of deeds property history Any guarantees related to the property Plans, extension etc Environemental searches You should be able to get a fixed price for the conveyancing but see what is included as some searches cost extra. Make sure you are happy with everything and ask questions if you don't understand it. Thanks for your help . Very useful link, i was just going to head for yell.com. Haven't had any literature as the mortgage approval was all carried out online. I'll have a ring round a few of the solicitors in the morning and see if I can get some prices. Link to comment Share on other sites More sharing options...
DamanC Posted February 19, 2009 Share Posted February 19, 2009 Nice one Phil We have just started looking Link to comment Share on other sites More sharing options...
SatSport Posted February 19, 2009 Share Posted February 19, 2009 I then got a better deal from the post office at 5.85% fixed for five years. Am i missing something here but doesn`t 5.85 fixed seem a tad high?. Wasn`t the whole idea of the BOE cutting interest to 1% supposedly to be passed on to the end user? Wouldn`t a Tracker offer better value with falling interest rates? Did you shop around much? Link to comment Share on other sites More sharing options...
Aero-M Posted February 19, 2009 Share Posted February 19, 2009 Well done phil , At least he knocked something of the price. Andy said If you need a hand I can use the van to help you move, Oh and a nice electric garage door for a nice price too. Link to comment Share on other sites More sharing options...
keener Posted February 19, 2009 Share Posted February 19, 2009 The estate agent should have friendly solicitors they often work with so might be worth an enquiry there. Just get a few quotes and go from there. At least you don't have to worry about stamp duty. I've just moved and the government just basically said 'now sir, come over here, bend over and just take it like a man.' I was crying for days tho! Am i missing something here but doesn`t 5.85 fixed seem a tad high?. Wasn`t the whole idea of the BOE cutting interest to 1% supposedly to be passed on to the end user? Wouldn`t a Tracker offer better value with falling interest rates? The best deals only get offered to people with big deposits. 10% doesn't count as big. Look in the financial section of the sunday papers for the best deals or go through price comparison websites like http://www.moneysupermarket.com and get some tips from http://www.moneysavingexpert.com definitely. Link to comment Share on other sites More sharing options...
SatSport Posted February 19, 2009 Share Posted February 19, 2009 This one well worth a look http://forums.moneysavingexpert.com/showthread.html?t=1501677 ING Direct 0.89 above base ?? Link to comment Share on other sites More sharing options...
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