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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To forget about buying a property just now?

43 replies

Maria53 · 07/08/2020 16:08

As a first time buyer I am now able to buy my first home and I have a large deposit. However I have just spoken to a mortgage advisor who told me the market is flooded with people wanting to buy and not enough properties.

He said because I have a large deposit I will be in a fortunate position and more likely to win a bid. My main concern is this: if I see a place I like and want to put an offer on I'll need to get a solicitor. A solicitor will have fees and what if I dont actually get anywhere this year due to the state of things? Those fees will be money down the drain wont they?

I am really getting my head round it all because it's all new to me but just wondering what peoples thoughts are. I was very keen to secure a new home this year.

OP posts:
easterflowerss · 07/08/2020 16:12

You don't need to instruct a solicitor until your offer's been accepted and you're ready to order searches.

So if you don't see anything you like / don't have any offers accepted, you won't need to incur the fees :)

Glitterb · 07/08/2020 16:13

I am in a similar position however I am currently in a property that I have inherited, I am frightened that I will sell this and then not be able to find another property!

newyearnoeu · 07/08/2020 16:14

But you don't need to get a solicitor until your bid is accepted. In fact you can't because often a solicitors fees for a property purchase are at least partly based on the cost and tyoe of housr you wsnt to buy. if you really wanted to get ahead of the game you could contact one or two local/online ones to get an idea of how much their fees might be but they won't give you an exact quote until you can give them the details of the specific property you are planning on buying..

So on that basis I think it would still be very worthwhile viewing any housea you like and getting a mortgage in principle agreement in place (as that costs nothing) so if you do see something you want you are ready to go. If you don't see anything, or you put in a quote that's outbid you haven't lost anything.

Original poster
Maria53 · 07/08/2020 16:14

I am confused. I was told it is the solicitor that has to make the offer on my behalf?

OP posts:
Original poster
Maria53 · 07/08/2020 16:14

Sorry I mean I thought the solicitor sends a note if interest first?

OP posts:
7to25 · 07/08/2020 16:16

Are you in Scotland?

MrsKappa · 07/08/2020 16:16

Are you in Scotland? I think the process is that you the solicitor acts on your behalf from the offer there. It's different in England so I think this is why you are getting conflicting information!

BabyMoonPie · 07/08/2020 16:17

Is this Scotland?

Original poster
Maria53 · 07/08/2020 16:17

Yes I am in Scotland. So if I am in Scotland, am I right in thinking I need a solicitor from the early stages ?

OP posts:
angelopal · 07/08/2020 16:17

Are you in Scotland? If so yes you need a solicitor. They will not charge for a note of interest. Also I don't think they will charge for submitting an offer but you should check with them.

Lifeisabeach09 · 07/08/2020 16:19

Are you in Scotland? England has a different process.

7to25 · 07/08/2020 16:19

As Angelopal says, you should not be charged unless you are successful.

sleepyhead · 07/08/2020 16:20

We put in a couple of offers before we got our place a few years ago. I dont remember that being a factor on charges until we had one accepted and the actual work started. It's literally a few quick phone calls.

Butchyrestingface · 07/08/2020 16:21

I am in Scotland and definitely needed a solicitor to make an offer or event a note of interest.

I had an offer accepted this week, OP. Mine's is a cash purchase and even then I struggled. Property is flying off the shelves as soon as it goes on the market.

I suppose it may depend where in Scotland you're looking at.

Original poster
Maria53 · 07/08/2020 16:22

Any ideas for finding a good solicitor?

Other than through word of mouth

OP posts:
chipsandpeas · 07/08/2020 16:23

speak to solicitors and find out what their process is, as mentioned some may not charge for notes of interest
the one i used i think from memory only charged once a offer was made but they are all different

NoRoomInBed · 07/08/2020 16:23

I've just had my offer accepted. My solicitor dosent charge for putting in a written offer. Shop around for one.

Original poster
Maria53 · 07/08/2020 16:24

Yes the advisor says most properties are gone in a few days! He also said he thinks a lot of people arent comfortable putting their property on the market as they dont want people in their homes.

OP posts:
MissRabbitIsExhausted · 07/08/2020 16:25

Maybe best speaking to a financial advisor. I'm in Scotland and wasn't sure of the process so we had a financial advisor who acted on our behalf and done pretty much everything for us. He also recommended a solicitor. We didn't pay him upfront either his fees were added to our mortgage.

MissRabbitIsExhausted · 07/08/2020 16:25

Sorry just noticed you have, I really should read the op properly Blush

Butchyrestingface · 07/08/2020 16:32

Yes the advisor says most properties are gone in a few days!

It's true. It's absolutely surreal. A lot of going to closing dates but there are others you phone up about that have literally gone on the market the previous day and have sold because (presumably) owner has been offered silly money.

Original poster
Maria53 · 07/08/2020 16:33

The advisor suggested I go with my bank potentially or someone else rather than him!

Apparently this is because I would only be looking for a small mortgage as I have large cash deposit already. Seems it wouldnt be worth their while or mine.

OP posts:
tttigress · 07/08/2020 16:49

"the market is flooded with people wanting to buy and not enough properties"

Are you sure the mortgage advisor isn't talking his/her book up?

As per my knowledge, for the UK as a whole (don't see why Scotland would be different), property sales are almost at an all time low (they have been trending down for years).

I suggest doing your own independent research.

LoopyGremlin · 07/08/2020 16:54

@tttigress

"the market is flooded with people wanting to buy and not enough properties"

Are you sure the mortgage advisor isn't talking his/her book up?

As per my knowledge, for the UK as a whole (don't see why Scotland would be different), property sales are almost at an all time low (they have been trending down for years).

I suggest doing your own independent research.

I’m in Edinburgh and properties here are selling in less than a week and going for way over the asking price!
tttigress · 07/08/2020 16:55

www.bbc.co.uk/news/business-53485109

This link shows property sales not doing well.

My suggestion is if you want to buy now, you should be in a good position to negotiate down. I would not listen to what the mortgage advisor is saying about you competing with 100's of people for a particular property.