This year we are buying our first house. As first time buyers, I wanted to document the process in plain english to help anyone going through the process. This is part 3…
We went back to Zoopla and got searching again setting our top budget a little big higher as we had had time to save up a bit more since starting this process. We arranged to view 4 houses:
House 1: A total do-upper however lovely and cheap and near town. It would be a great house to buy, flip and make money on however aren’t those kind of people. We want a family soon and an easy life so we had to pass.
House 2: A complete top budget house that needs zero work however there’d be about £80 left in our account after we paid the deposit. However no work and ready to go.
House 3: A lovely and cheap how but only 2 small bedrooms. Also, if you’re trying to sell your house, don’t have your adult son and husband watching the viewing every movement – it makes things very awkward.
House 4: A total fixer-upper however cheap again (which was very similar to house 1). However, we had decided we weren’t interested in a project even if there’s a profit to be made. Also, another pro tip if you’re an estate agent – don’t turn up with the wrong keys after you’ve clearly been in the pub for a few hours.
It was a no-brainer that we loved house #2 however it’s going to take some budgeting to get there with still some pennies in our pocket. Fortunately, I’m the queen of all that so bring it on!
We made an offer on the house at 7K below asking price knowing that we would probably meet somewhere in the middle. What I then found out is that it was previously listed for 5k higher. So potentially in their minds we were offering 12k below ”asking price”! Of course they said no. So we went back in at 5k below asking price. They said no. Okay.. so we went back in at 2.5k below asking price and they accepted!
When we viewed the house we found out that the sellers had originally sold the house to a couple at £5k above asking price. However that couple broke up and the sellers had to put it back on the market. This meant that they already had a house lined up to move into so we are hoping this means they are quick and ready to move out asap.
This is the breakdown the solicitors provided for their services – I thought you’d want to see if you’re interested in this process. It’s specific to each area you’re buying in but I felt it was interesting to show what we are paying:
£00.00 HMRC – Stamp duty
£400.00 Solicitors professional fees
£80.00 VAT thereon
£93.32 Local Search fee
£56.40 Drainage Reports
£43.60 Mining report
£95.00 HM Land Registry fee
£30.00 Solicitors CHAPS fee inc. VAT
£7.00 Land Registry/Bankruptcy searches
We had to go back to the mortgage advisor to reapply for our mortgage. Thankfully Chris made it look easy. If you’re in need of a mortgage advisor I recommend contacting www.lyonsmortgageandinsuranceservices.co.uk. Not an ad! Just a genuine recommendation for an amazing service.
Chris reapplied for us and we got our mortgage letter in the post
We got 6 documents from the solicitors initially. I’ll try to sum them up succinctly here:
The fittings and contents form is my favourite as I love detailed information about what we are actually buying. Thankfully, unlike the first house, there’s nothing there I’m unhappy about!
I don’t like having bills hanging over our head and wanted to pay the solicitors fees all in one go however we have to be smart and budget with what bills to pay first so we actually have enough money to move. Thankfully the solicitors only required £195.32 up front to get started with the searches which we paid and will take approximately 2 weeks.
Our solicitors also asked me what time frame we are interested in looking at and we said September 20th! Let’s see if we hit that deadline.
I’ll write a post monthly about my process as I hope these posts help someone understand the process in plain english rather than legal talk. You can keep up to date with my house buying process here.