First time buyer-help please!

[Kaloobear]

We have seen maaaany houses and finally today saw one that we loved. It is ideal in lots of ways-good area, 3 good sized bedrooms, private garden, off street parking and, mainly, it has been done up to a very good standard-in the past 5 years it's had a new roof, new drive, new double glazing, new insulation, new kitchen, new bathroom and new decor throughout. We are not DIYers and would be crap with a 'project'. Also, significantly, it's the same price, if not slightly cheaper, than other very similar houses in the same area that we've seen that need a fair amount of work.

So our worry is this-it is on the market for £128,995. It's only been on since Tuesday and they showed round 4 lots of people today alone. We don't know whether the whole thing could be completed before the stamp duty exemption for first time buyers ends in late March, and if it can't then we'd have to pay stamp duty of £1289. We have a deposit of £17000 and the bank will lend us £112000 so we can ONLY just afford it (though the repayments will be fine). We will then have £5000 cash left (in the world, so the car better not break down) to pay for fees, surveys etc. Is this enough, particularly if we have to pay the stamp duty out of that too? We have credit cards but would rather avoid using them unless absolutely necessary.

We'd obviously rather pay less and get it at under the stamp duty rate but it's in such good nick compared to others that are otherwise similar that I reckon they won't accept less. Is it worth offering less anyway initially? I have committed a cardinal sin and fallen in love so am scared someone else will get it before tomorrow lunchtime!

Thanks for any advice, hand holding, calm words etc. (It is probably telling that although we've been together a decade, have been living together for 7 years, have a child together etc, the prospect of actually buying a house is making us feel like grown ups for the first time!)

[Kaloobear]

Eek, that is good news! Do you think it would be enough if we did have to pay stamp duty out of it? Though good idea about trying to push it through before the deadline if possible. I think they're keen to move which could be in our favour. I think it will be very popular though...oh I'm so excited

[oreocrumbs]

I think 5k is more than enough inc stamp duty, I didnm't pay that much for fees and stamp duty on my 195k house.

Do you have written mortgage offer from the bank? If you do you can send a copy to the agents if they accept your offer.

It sounds like it will be popular so don't bid too low, go in with a strong bid to show you mean business (not your max - you need to be able to go somewhere).

Don't forget to tell them that your offer is subject to them taking the house off the market on accepting the offer.

If you do get outbid, don't get carried away and push your selves. There will be others.

And relax. Its not that scary! I tell lies

[Kaloobear]

We have a written offer ('in principle') but I scribbled notes on it...oops, I didn't realise the ea would need it! Will have to go back to the bank to do the proper application but am a bit worried as when I last spoke to them they said it might take 3 weeks to get an appointment to do that. I don't want that to slow things down...

We are thinking of offering £124,950 and if they say no then offering the asking price. Sound sensible?

[oreocrumbs]

Book your appointment asap, especially if you want to try and push sale through before the stamp duty cut off. You can always cancel if it falls through.

Doesn't matter that you have scribbled on the agreement in principle - its just to show the EA your finances are in order.

I would offer around 126,500. If they turn it down go to asking price as a best and final offer. I would usually go in lower, but if others are like you sitting there planning to put offers in, you don't want to be bottom of the pile.

. Its so exciting buying your first house!!

[oreocrumbs]

Oh and if you have an agreement in principle, and they accept your offer you can still get the ball rolling while you wait for the bank, instruct a solicitor and start searches etc. Then the money will catch up with the process.

[Kaloobear]

deep breath we're not going to sleep tonight I can tell!

[oreocrumbs]

No you won't and I bet you will be on the phone first thing!

Come back and tell us how it goes - I will be at work but I'll pop in and have a look!!

[Kaloobear]

Should we go and see it again before we make an offer? We don't want to rush but we equally don't want to dawdle and so lose it. We didn't do things like turn on taps to check water pressure. Am I worrying unnecessarily? Would we look stupid if we put in an offer and then went and had another look? They might think we're not serious

[oreocrumbs]

OK. I wouldn't put an offer on a house I hadn't seen a second time and given a good look over. I would ring agent first thing, get a second viewing and tell the agent you are very keen and you want to be informed if any offers are put in.

If they are, make your bid, and still go back to see the house, the vendor won't think it odd, I always went back to houses after offer was accepted, to measure up etc. You can always pull out.

From what you said about it being newly done but for sale at the same price I would be looking at the quality of finish (has it been well done), and asking the vendors questions like where are they going, etc.

Also scope out the outside, visit the house at rush hour and school time, will it be hellish? On an evening are there any groups of kids hanging around etc.

[oreocrumbs]

Feel free to link 'cos I'm super nosey

[Kaloobear]

oreocrumbs you're a star!

House

It's not pretty on the outside but we're not bothered. Also the photos are a bit crap-it's the only house we've seen where the rooms were bigger than the way the photos made them look, as opposed to the other way round! For instance they don't show that the bedrooms all have quite large wardrobes in (and other furniture too) so it looks like you can just fit in a bed and nothing else which isn't the case. No pic of garden either.



Will phone in the morning and ask to have another look ASAP. Didn't know I could ask to be told about other offers-good tip, thank you.

[Kaloobear]

No pic of bathroom either thinking about it.

[worzelswife]

It's super! Good luck. Love the kitchen.

[Kaloobear]

Thanks eeeeeeeee! It's small but perfectly formed. (I'm a giant snob too. Never thought I'd be so excited about an ex council house! Ah how my youthful dreams of mansions in Kensington have been replaced by a teacher's salary and an interest in local nurseries!)

[oreocrumbs]

That looks great! Good price for York too. I'm jelous, I want to move to York but can't!

It all looks to be in good order and well finished, but obviously have a close look IRL.

I think you should go for it! Ex council houses are well built and good sizes. I think its a lovely home, and it will be a good investment in time.

When you go back to visit make friends with the vendors. If they have multiple offers they might think fondly of the little family rather than an investor. It might make no difference but it won't hurt!

Good luck!!

[Flatbread]

Why not offer £125k and see what they say? You can always up your offer later.

[Flatbread]

It is very possible that you will not get the deal completed before the stamp duty relief deadline. Why add stress? You are in a good position and no reason to go too high.

[MarjorieAntrobus]

Looks a good buy, and ready to move into straightaway too.

Tiny question mark came up in my mind when I read that it said central heating was installed in 2005 but not used for 5 years. Seems odd really. Has the house been empty? Have the owners been too hard up to put the heating on? Do they just wear jumpers all the time and take hot water bottles to bed? Maybe they bought in 2005, did the heating first, then didn't move in until they had gradually done the other work.

Do hope it goes well today!

[Kaloobear]

They installed it for the wife's mum (whose house it was) but she then got ill and moved in with them until she died. They moved in and did it up (and started using the heating!).

[Kaloobear]

They have viewings until 6pm today and are fitting us in for a second viewing at 1.30. DH thinks we should offer the asking price as there's a good chance someone else will offer today too. I think if we can get it at under 125k we should but would kick myself if someone else offered more and got it.

My God this is stressful.

[MarjorieAntrobus]

Aha, that makes sense about the heating.

Do hope it goes well today. Talk to EA to gauge interest so far. They will try to exaggerate obviously, but you may get a hint of who else is in the running. You need to stress your FTB status (deposit and mortgage agreed in principle) with nothing to sell and your readiness to complete speedily.

[Kaloobear]

We've put in an offer for £124,995. They haven't phoned back yet. They have another viewing at 6pm and I'm scared they're waiting to see if that goes well. Aaaaaaargh.