First Time Buyers support group

[schrutefarmbeets]

I don't know if there's already one floating around but is anyone else out there about to buy their first home?!

I saw a flat on Monday and fell in love with it and now the ball is rolling so quickly and I'm freaking myself out about it. The offer got immediately accepted and they're talking about moving in in 5 weeks time....!

I keep flicking between being crazy excited and hugely freaking myself out. Anyone else?

[Ghostonthedancefloor]

Yes we are hoping to buy ASAP. Had our DIP a few weeks back but the market is so slow at the moment we have only viewed two properties. Viewing a promising looking one tomorrow so fingers crossed. This has been a dream for us - we thought the only way we'd be able to have our own house is through inheritance in many many years. But I know exactly what you mean about the apprehension and nervousness around it. It seems such a long and scary process! And after many years of renting and problems only being a phone call away from being sorted, it's a daunting thought being responsible for everything.

[NewDayNewBeginnings]

Hiya. I'm in the process of buying my first house.. On my own too. I'm hoping to exchange soon... But I have no idea if it's actually even close. Had a bit of a glitch yesterday with planning permissions and building regs, but I think it's all sorted note and we back on track.

Can't wait... Feel all giddy inside

[schrutefarmbeets]

Ahh so exciting! Ghost - I totally know what you mean. My monthly outgoings will be a lot lower but if anything suddenly breaks down, I'm going to have to get it fixed...or fix it myself?! Let us know how the viewing goes today :)

Newday, that is so so exciting. When do you think you could be moved in by?

My mortgage application has been submitted so everything is dependent on that at the moment... it's basically all I think about

[Moomintroll85]

Best of luck everyone! I am in the same position too, had an offer accepted last week. This is my second try, last month we pulled out of a purchase due to building survey results. We were gutted at the time but the second house is more suitable and still lovely.

This time we're trying to keep more level headed as we got a bit over excited for the first one (until the survey came back). Didn't think I'd ever be able to own my own home but getting close now. It is daunting but we can't wait to escape from renting

[NewDayNewBeginnings]

Just one last thing to get sorted then as far as I know we will be ready to sign... Unfortunately the last thing is apparently slow so still waiting.

I'm hoping for mid November really but that could be wishful thinking. I really want to be in and furnished (I currently have a TV and that's it) by Christmas

[NotAMammy]

We're at the looking stages too. Although we thought we found one last week but the location is slightly off so parking would be a nightmare and it's right beside the highstreet so we'd be concerned about drunken nastiness happening. We'd even put in a low offer, but it was rejected and in the meantime someone else had said to DH about the parking issues being worse than we originally thought.
Maybe it's the same everywhere, but I find where we are there's such a difference in safety, etc, depending on which street you're one. The one we're on now is ok, but the street next to us has some dealers, etc and just seems a bit dodgier. I have my heart set on a block of victorian terraces that are practically perfect in every way, except none have come on sale since we've been in a position to buy. At least 3 were sold earlier in the year!
We're in contract with our landlord until July so on one hand I'm telling myself to be patient and that we've got time to wait and find the perfect place, on the other I'm a bit scared that interest rates with skyrocket soon! And I really want my house!

Exciting times for all though, especially those that have made and accepted offers!

[user1469456533]

We're also first time buyers. We had our offer accepted at the beginning of October have had our mortgage application through and have also submitted loads of paperwork to the solicitors. Does anyone else feel like they don't know whats going on or what happens next?

[cantthinkofanythingwitty]

We complete 2weeks today all going well

[Leatherboundanddown]

Hi, I'm hoping this will be me next year. I'm going to sort my DIP and start viewing properties in January.

Did everyone find their places listed through estate agents/rightmove etc? Anyone doing a private sale at all?

Things rarely come up in the areas I'd like to live so was thinking of putting the word out there to existing owners, is this a good idea or not?

[IHeartHoumous]

Started looking in January 2016 once we had MIP back and knew how much we could borrow.

Found one we liked in March which was a couple of thousand over our budget but that was OK as vendors hadn’t found anywhere to buy yet. We managed to save the last couple of ££ within 6 weeks. In a nutshell, after 13 weeks of accepting offer they decided they didn’t want to sell anymore. At the time it was heartbreaking as we’d imagined ourselves living there and what we would do to the property. Luckily we didn’t lose any money as we were advised not to have a survey done until the vendors had an offer accepted; our solicitor hadn’t done any real work so no charge from them.

Brexit happened the following week and we immediately saw reductions (anything from £5k-£25k) and it seemed vendors were keen to sell asap. Back on the lookout we went – in late July we had an offer accepted, all still going through now but I already know this one will actually suit us much better. If i’m honest we’d viewed about 15 properties (probably not a lot by some people’s standards but felt a lot at the time) with no joy before we viewed the March property. Looking back it would have been too small and i’m much happier with the one we’ll (fingers crossed) be in soon.

My top tips:
Try not to fall in love until you’ve signed on the dotted line – this was my problem with the one that fell through, I’d imagined us in it too much and when I realised we wouldn’t be it was a harder knock than it would have been if we’d continued to keep our options open and view other places.

Don’t be afraid to use your leverage a bit more, the vendors of the first property majorly messed us and the EA around by rarely answering phone calls or emails for weeks on end, in hindsight i wish i’d threatened to pull out (and been prepared to do so) if we didn’t hear more updates from them on what was happening with the search. When they said they’d changed their minds about moving it felt like we’d wasted 3 months.

Obviously have a maximum budget but consider property sales don’t happen overnight, can you stretch a bit more knowing you will have that amount (and more even) in another 6 weeks+?

We have a really great solicitor who is very responsive and happy to answer any question no matter how silly it may seem. user1469456533 I felt the same at first about not really knowing what the next stages are but feel i’m kept well informed via our solicitor.

Don’t be afraid to chivvy the EA if you haven’t heard an update for a while since offer accepted – it’s their job to keep the conversation going between all parties.

[IHeartHoumous]

Leatherboundanddown We spent a few evenings putting letters through letterboxes of roads we were interested in to see if anyone was interesting in selling privately. Of 200+ notes through letterboxes we got no responses. My guess is the majority were rented so homeowner not there, or maybe it just so happens nobody was interested in selling at the time. It’s worth a shot though, nothing to lose! I put my email address down as the contact rather than telephone number.

[sarahd100]

My partner and I are looking at the moment - unfortunately we are technically in a chain as we are waiting for my mum to sell her house so that she can lend us some money for the deposit!

We're buying in London (Greenwich), and the prices have been a real eye opener. Property also seems to get snapped up much quicker, there have been a couple properties we've seen that have gone for way over the asking price, and usually get offers within a few days of going on the market - you have to be really quick

All the properties we've found have been through RightMove so far. The estate agents have ranged from very kind and helpful to incredibly pushy and rude!

[VitaPuffin]

We are first time buyers too, and I know exactly what you mean user1469456533 - our solicitor and the EA have both been v helpful at explaining the process.

We have reached the stage where the solicitor is doing searches and everything's gone disconcertingly quiet.

Hoping to complete by Xmas if possible. Good luck everyone!

[thenewaveragebear1983]

Good luck all you FTBs! I would say come and join us on our 'in a chain support group' but it will probably terrify you!
First time buyers are like gold dust, chain free little lovelies that start off these long chains. My only advice is to get your EA on side and keep in regular contact. I ask my EA and my solicitor for a weekly update of the whole chain and jot down what they say so I can ask them if they've done it. Things can move quickly but chains are complex and slow and sometimes the bottom of the chain can have unrealistic expectations (all they want is to get out of rented /parents) and don't always consider the fact that the rest of the chain are buying and selling.
It's been a stressful few months for us, offered on 16th July, sold ours on 1st September, exchanging Monday (hopefully) and completing 11th (Friday)
Hope all your moves go well!

[GazingAtStars]

I'm a FTB I've been stalled for about 6 weeks now due to problems with the vendor. The estate agents honestly couldn't be more useless. They have lied, failed to pass on messages, deliberately misled me and ignored various phone calls and emails. Have been telling everyone I know how awful they are

[NewDayNewBeginnings]

Should I be talking to the EA as a buyer or is that just for sellers?

[thenewaveragebear1983]

We've found the EA really helpful and she's driven the whole chain especially in the latter stages. So yes, talk to the EA.

[littlemissneela]

Another FTB waves and another who thought we would only be able to buy once the kids had left home and dh inherited from his parents. Thankfully they have given us a gift so we have a substantial deposit and have been searching very hard for the past few weeks (I have a post about the houses we've seen so far).
Currently waiting to hear about viewing a potentially good, and cheap compared to what we have seen, house.

I remember reading a while ago about some sort of insurance you can take out on boilers so if you move in and the boiler doesn't work, you can get money to fix it. Anyone else heard of that? There is also a chance I may have read it incorrectly

[Vunderbaa]

De-lurking to wave dejectedly at other FTBs.

We are only at the negotiations stage and I am already fed up with the whole process.

House on the market for four months. Was on at 310. We offered 290. Rejected. Increased to 295. Rejeted and they said they would take 300. We attemped to meet them in the middle at 297,500. Rejected. So we have left the offer 'on the table'. Does anyone have any advice or opinions? Part of me thinks we should stick to our offer. Then I think - what if the survey unearths stuff and we have to ask for more money off? If we have been too stubborn, they may be less willing to reduce the price for anything that needs doing. Should we just offer 300? Argh!

[thenewaveragebear1983]

If you want the house vunder would you be prepared to let it go for the sake of 2500? If you consider that by the time you move in and decorate you will probably have increased its value to 300k anyway, if you can stretch to it then I'd offer it. If the survey comes back with extensive work you can always reduce your offer, but the price you offer now is the price based on what you can see and already know about.

[littlemissneela]

We have viewed a house today that could be the one! We are doing a second viewing tomorrow with my dad and all being well, we will making an offer! Argh!
I need to find an online guide as to what the correct or best order to do things in is as it feels there is so much to do, but I have no idea where to start!

[schrutefarmbeets]

Ahhh that's so exciting!!! It's interesting what different experiences people are having up and down the country. I found the Shelter website really helpful with a step by step guide of what to do when - my solicitor is also so helpful so I've been emailing her with any questions.

My mortgage has been accepted so now I'm just waiting for my solicitor to get in contact about contracts and dates etc.... eeee! I know I shouldn't have my heart set on my flat as much as I am but it's just too exciting. I have about 3 pinterest boards on the go.

[littlemissneela]

Its amazing what a second viewing does. We were all for buying this house after the first view, but looking at it with my parents (dad is a joiner and did all the work in their house and it is exactly the same layout as theirs was!) and mum just loves to view houses ;)
When I emailed my dad about the one we wanted him to see, they went for a drive around to have a look, and on their way back home droved down the road thats next to theirs and they saw a for sale board up in a front garden. They drove around again and checked it was a for sale and not rent etc so they told me about it. I checked online and on the estate agents website but no info, so dh phoned them and it has literally just gone on the market! It already has an extension built and scope for the downstairs bedroom we are after. Its in a much better location, and although a minutes walk from my parents house, its around a corner and neither of us will feel watched. It is £10,000 more than the previous one, but we could end up spending £50,000 + on that one to make it what we need. We are the first viewers tomorrow and it is currently a rental. The back garden doesn't face the direction we (I) would want, and it has a block of flats behind it, but the garden is big and I'm sure a few trees planted at the end will make the view nicer We are very excited about seeing it, and my parents will come along to see it with us, to offer constructive advice as it apprently needs a 'bit of work'.

[littlemissneela]

Oops forgot to finish my first sentence!
"but after looking at it with my parents, we aren't so sure."

[Ghostonthedancefloor]

SO the property we went to see last week we "fell in love with" and put an offer in within the hour, first declined, second accepted. Only on the phone all to the broker did we find out that they won't do mortgages to properties owned for less than 6 months. It's only been owned just more than 4 months (investor). So for the last week my broker has been trying to find alternative. Apparently it's pretty common across the lenders.

iheart definately going to take on your advice and not get overly attached too soon again :(

Our only hope is that the vendor is prepared to wait around another 6 weeks or so.