To forget about buying a property just now?

[Maria53]

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.

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).

Several posters in Scotland (myself included) have confirmed that properties are selling like hot cakes.

Of course, we could all be liars saying it for the LOLZ but my experience as an almost hourly browser in recent weeks of Rightmove and ESPC is that the market is brisk generally but absolutely manic in the East and Lothians.

But YY to independent research.

Op the issue is if you wait then prices could increase and you loose a lot more. I’d go for it if I was you. Don’t gamble what you can’t afford to loose.

First of all, a mortgage advisor advises on mortgages, not the property market so ignore that. Secondly, you can find a solicitor to be ready, but you don't need to pay and instruct them until you have an offer accepted, many don't do that until they've had a mortgage offer through. Usually the most you'd lose out on if it collapses after mortgage and solicitor in place (which is after offer accepted) is valuation, survey and solicitor's searches (I go for no purchase no fee solicitors or buy their insurance which was only £80 this times so it's only a few hundred lost).

It's frustrating you have to pay for services and it fall through, but statistically it's still more likely you will purchase and in the scheme of things it's not a huge amount of money. Don't let it paralyse you getting started.

If you google I think there is a type of insurance you can buy for about £50 too but I didn't bother as we only had to pay searches as no valuation fee.

Sorry ignore all of that just seen you're in Scotland!

It must be different in different parts of the country as I am also in the process of buying our first house and there seemed to be loads of properties on the market and none really selling. We got accepted on the one we wanted and received a mortgage offer straight away with a 10% deposit it has actually been a breeze compared to what I was expecting due to Covid.

Yea we're in Scotland too and have been researching and are now seriously looking and 2/3 bed houses are selling in less than a week!

We are very rural so there is less choice but still!

Are u buying a house or a flat? I a city in Scotland or I. The county side?

I would personally wait until end of November/December to start looking , the market has gone a bit crazy at the moment, but I don’t think it will last, two many people are losing there jobs or about to lose there jobs.

IF you can wait then maybe a good idea to see what’s going to happen.

I am a FTB and can’t get a mortgage at the moment. I could in March! I have 10% deposit but my broker says 90% mortgages are very scarce and the few lenders doing them only release a limited amount at a time.

I live in a city and want to buy a flat.

Hmm I am very torn! I feel restless as I wanted to buy a place in 2020 (I mean, I know there was a lot people wanted to do this year, but you know). Not sure about leaving until towards the end of the year. Also we stop wfh in November/back to office so I have time to go and see places.

Yes @Sparklesocks I heard there is a 95% requirement atm !

Conflicted - some of you saying dont wait, prices may go up. And others saying go for it.

Even the mortgage advisor sounded unsettled about the uncertainty of it all.

Are you currently paying rent, because I think that would have a bearing on whether buying is a good idea.

We bought at the height of the property market in 2007. Weeks later and the houses on our street were probably worth about 10 per cent less. Did I regret the purchase? No, because once the crash happened we wouldnt have been able to secure a mortgage offer and would have had to continue paying rent until mortgages picked up again. The loss of value was less than we would have paid in rent for the same period.

@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.

My daughter is currently looking for her next house up and over the past two weeks 5 houses have sold within days of going on the market and before they had a chance to view. England, so definitely not true that UK property sales are at an all time low, the market is actually bonkers.

@RhubarbBikini I am paying rent - quite a high amount actually. Why do you ask?

My daughter is currently looking for her next house up and over the past two weeks 5 houses have sold within days of going on the market and before they had a chance to view. England, so definitely not true that UK property sales are at an all time low, the market is actually bonkers

It’s the same here. Houses are SSTC almost the minute they hit Rightmove. It’s London buyers who hungered for green space during lockdown. There’s lots of it here and we’re less than an hour from King’s Cross.

It’s the same here. Houses are SSTC almost the minute they hit Rightmove. It’s London buyers who hungered for green space during lockdown. There’s lots of it here and we’re less than an hour from King’s Cross.
^^
This exactly. I live in a lovely part of the South Downs. Houses are selling very quickly - "sold" boards everywhere! There seems to be a lot of interest from people who have realised they can now WFH most of the time.

Now might be good time to sell up and go back to Wales....!

You're in Scotland, so you do need to use a solicitor right from the start. Most sellers will only consider "notes of \Interest" and formal bids, if they come from the intending buyers solicitor.

IME Solicitors don;t normally charge for a note of interest or formal offer, if the deal doesn't go ahead.

 The property market in Scotland seems to be red hot at the moment,. So, what you need is to find a solicitor (preferably one recommended by an existing client who is someone you trust) , introduce yourself,  ask about their charges and the other  expenses .   Mine offers a fixed price deal. Ask your mortgage lender how much they will lend you.   Then when you see a place you  want to make an offer on, you're all set to go, and can move quickly.

   If a property goes to a closing date, a good  solicitor in Scotland should be able to advise you where to pitch your offer. 

 If MN permits   I can recommend an excellent solicitor in Scotland ;  in the last decades she has done three conveyances  for us at a very reasonable price and I just can't fault her service.

@Lyricallie

Yea we're in Scotland too and have been researching and are now seriously looking and 2/3 bed houses are selling in less than a week!

We are very rural so there is less choice but still!

We're in Scotland too (city) . Properties are selling in days and prices rising.

@2bazookas could you send me the solicitor name in a message? Or here.