Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

House buying for dummies 🙈

13 replies

Deebee90 · 16/07/2024 00:14

I really need help. Don’t have anyone I can ask as they all rent or bought a place years and years ago .

so I’ve seen a house , sent my offer and proof of funds to the agent and the agent expects it’ll get accepted but she will tell me later on today.

what happens now or when it gets accepted. Can someone give me a breakdown because this is my first buy and frankly even in my 30s I’m clueless 😩🙈. I wish stuff like this was taught at school. I’ve got my deposit ready and I’ve done a mortgage in principle already.

OP posts:
Dotto · 16/07/2024 00:25

Get quotes for a conveyancing solicitor.

If accepted, the estate agent will ask for your conveyancer's details so they can put together the memo of sale. This is a document sent to both the seller and buyers' solicitors with all the key details to get the ball rolling.

You will be asked for ID when signing up with your conveyancing solicitor, who will then pass on the seller's pack - forms and enclosures including the property information form and fixtures and fittings form. They will commence searches and return to ask the seller questions about things in the forms.

Most online conveyancing solicitors have a progress tracker to keep you up to date on the various stages.

Links ike these are good:

hoa.org.uk/advice/guides-for-homeowners/i-am-buying/conveyancing-made-easy-for-buyers/

CheshireDing · 16/07/2024 02:53

Basically what Dotto said in a nutshell.

Your Conveyancer should guide you through the process. I always have an initial conversation with my clients about what will happen as we are going along and their expectations and timelines etc.

Happy to assist if you want to message me. I can give you my work number and we can have a chat.

Fingers crossed for your offer being accepted.

FranceIsWhereItsAt · 16/07/2024 03:44

I think that maybe previous posters have been less thorough with their explanations than you may be looking for OP, simply because they are familiar with the process. For example, do you know what Searches are? If not, it is something which your solicitor requests from the local council to tell them if there are any works planned around the area of the home you want to buy. For example, there could be plans in the works for a new dual carriageway to be built 50 metres from your proposed new home, which of course is likely to put you off the property you want to buy. Or there may recently have been planning permission for a huge new housing estate to be built right next door to the quiet little house in the country that you have your heart set on. A 'Memorandum of Sale' details who owns the property, who wants to purchase it, solicitors details, and the proposed purchase price. You will also receive a 'Fixtures & Fittings List', which goes through all the rooms of the property, and the Seller (Vendor) states, what is, and what isn't included in the sale, so for example, they may include the curtains in some rooms, but not in others. They may include a fridge/freezer or washing machine, which although not built in, they won't need at their new home so don't want to take with them. You should check this thoroughly to ensure that everything you are expecting to get for your money IS actually included, so that you don't get any nasty shocks when you move in, for example, you may be expecting the garden shed and greenhouse to be left, but when you arrive, the Seller has taken them to their new house. These should be listed on the documents you are given.

You will also have to pay for a 'Home Buyer's Report' usually this is undertaken by a 'Surveyor'. This is a very basic report, which will tell the Lender whether the property is in good order, and worth the money that you are proposing to pay for it. If there are any problems which the Surveyor finds, for example damp, or woodworm, you will usually be advised to get quotes done, to get the work required completed, so for example, getting the damp treated may come in at a cost of £4,000, (don't panic, thats just an example), once you know how much it will cost to put right, you can then go back to the estate agent (who remember is NOT working for you) and tell them that in view of the work needed, you have got quotes, and it's going to cost £4k to get it sorted, so accordingly you wish to revise your offer down by £4k to get the work done. You could of course be cheeky and say you want £5k off the price, to allow for the inconvenience of having the work done but you do, you do risk the Seller refusing to lower the price, in which case you'll have to decide if you're prepared to pay that extra £4k to get the work done, on top of the purchase price. The Seller will be informed of your reduced offer, and will either negotiate, agree to the lower price, or possibly withdraw the property from the market, because they need the full purchase price in order to fund their onward move. You should be aware, that there are 3 different types of Survey, although if you need a mortgage, the cheapest one won't apply, and as stated previously, the minimum usually required by the Lender, is the 'Homebuyers Survey', or you can pay a lot more money and have a 'Full Structural Survey', which would be advised if you are buying a 'doer upper', and goes into a lot more detail about the property. Although, BE WARNED, this report is full of reasons why the Surveyor can't tell you stuff, ie, they won't move furniture to look at the state of the wall behind it - a large wall unit might be hiding damp. They won't lift carpets, so there could be rotten floorboards underneath, which unless you ask the Vendor if you can lift the carpet yourself, you won't know until you move in, and will end up with another unexpected cost. Surveyors will usually only inspect a roof with binoculars, so could easily miss something. However, they will tell you whether there are further inspections that you should get done, for example, a 'Drains Report'. This is where a special camera is put down the drains to check that they are not damaged or blocked anywhere, which could lead again to major further expense, which you won't know about until you have a problem.

Once all of the questions asked by your Solicitor, and yourself, have been answered to your satisfaction, you will be asked if you want to go ahead and commit to the purchase, which is done by 'Exchanging Contracts'. At this point, you usually have to pay at least a 10% deposit, and once contracts are exchanged, you are then legally committed to go ahead with the purchase, and there are MASSIVE fines involved if you fail to do so. Usually at the point where contracts are exchanged, a 'Completion Date' will be agreed, and this is the date on which you pay the remainder of the purchase price, and finally get the keys to your new home. Assuming that you are at the bottom of the 'Chain' you will likely get your keys fairly early on the day of completion, but if there are any delays with the money going through the banking system, be prepared you won't get the keys until its sorted out. At that point, you should get a call from your solicitor, to tell you that the money has been paid, and that you should be able to collect the keys soon, which means once the Seller's solicitors have received your money. You usually collect the keys from the Estate Agent, who will ring you once they have been given permission by the Seller's Solicitor to release the keys.

I'm sure there are probably other things which I haven't covered OP, but it's late and I'm tired, lol. So I'd advise you to Google and THOROUGHLY read, everything you can about the process, so that you don't make any expensive mistakes.

Above all, there is no such thing as a 'silly question', especially when buying a house, so if there is ANYTHING that you don't understand, ask, ask, and ask again, until you completely understand what you are being told.

I'll keep my fingers crossed that your offer is accepted, and that all goes through as easily as possible, although do be prepared for delays and problems along the way, as house buying is not a simple process. Finally, there is an old adage which says 'BUYER BEWARE', and basically means you need to make every single enquiry about things you need to know, before committing to purchase. Oh, and bear in mind that all these extra searches and investigations all cost money, so I hope you have a contingency fund to cover them. GOOD LUCK OP!

Interl0per · 16/07/2024 09:27

@FranceIsWhereItsAt thanks so.kuch for this! I'm about one week further down the process than OP. Offer accepted, trying to understand what I'm doing next. This was very helpful 😀

mitogoshi · 16/07/2024 11:11

Get quotes from a few conveyancing solicitors, there's big specialists who do it all via an app now or your estate agent may have local recommendations. Get the numbers/websites ready for mortgages, I used a broker l&c which don't charge fees.

Once you are accepted you will need to engage the solicitor and give the details to your estate agent, also apply for your mortgage. Once both are done it should then be handled for you by all these orgs who will be telling you when you need to do certain things, as just buyers there's less to do

MereDintofPandiculation · 16/07/2024 11:36

If there's anything odd about the property, eg Victorian or earlier, a DIY extension etc, worth getting a "full survey" (more expensive of course).

Deebee90 · 16/07/2024 14:56

Thank you . I’m currently waiting to hear if my offers been accepted but I’ve had quotes and found people for the conveyancing side and then a level 3 full survey as I’m not taking chances. I know the property needs updating as the people that lived there were elderly but luckily I have a family friend who’s a builder and he’s said he’ll give me rough quotes to see how much I’d be paying etc.

OP posts:
Bramblecrumb · 16/07/2024 14:59

I'm the same as you and we're just about to complete! I found Martin Lewis guide on house buying super useful - definitely check it out, it goes stage by stage. Main thing I found useful was - getting a mortgage broker. Ours was free and honestly brilliant. Then, we booked a solicitor that wasn't local to us as we live in London and they're more expensive here. That was great. Surveyors, we found a recommendation on Reddit. We also did a few visits during the process just to check everything was okay and haven't completed and exchanged on the same day. Good luck, you'll be grand. Also - don't use the solicitors your estate agent recommends, they're always shit and v expensive.

Deebee90 · 17/07/2024 19:35

Well mine was a wasted thread sadly, found out yesterday that while the sellers would have accepted my offer apparently the house was sold months ago and the buyer was struggling to get a mortgage. The day I put my offer in the buyer miraculously got her mortgage . So they wasted my time, the agent said if it doesn’t happen in the next 2 weeks the sellers have said they’ll come back to me but I’ve said no thanks. To let me view a property 3 times and not tell me the history has pissed me off.

OP posts:
Dotto · 17/07/2024 20:34

That's a shame, but be wary that the path is hardly ever smooth when buying and selling. A lot of houses will have had sales previously fallen through, things cropping up in surveys, and sellers being annoying with timescales, not to mention all of the above multiplied by however many parties are in a chain. Careful not to cut your nose off.

Deebee90 · 17/07/2024 20:42

Dotto · 17/07/2024 20:34

That's a shame, but be wary that the path is hardly ever smooth when buying and selling. A lot of houses will have had sales previously fallen through, things cropping up in surveys, and sellers being annoying with timescales, not to mention all of the above multiplied by however many parties are in a chain. Careful not to cut your nose off.

Oh yeah 100% I think I’m more annoyed that they didn’t tell me . I viewed the house twice with an agent and then once with the seller and not one of them told me. I know some houses have past sales on them but this one is still going through and they didn’t say anything. To me that’s deceptive. But it’s ok they want to sell and if the others person has there things sorted they get it. I’ll keep looking everything hall for a reason

OP posts:
Trees6 · 17/07/2024 20:50

If they come back in two weeks’ time, you don’t necessarily have to offer the same.

My parents’ sale fell through when the buyer changed her mind. The vendors of the bungalow that they were buying weren’t prepared to wait for them to get a new buyer so pulled out of the sale and put the bungalow straight back on the market, unsuccessfully. Four weeks later, my parents got a buyer and made a new marginally lower offer on the bungalow, which was accepted.

FranceIsWhereItsAt · 18/07/2024 10:30

So sorry to hear that you've been messed about over the house you wanted to buy OP. Sadly, it seems that buying and selling houses, brings out the absolute worst in people, perhaps because so much is at stake, but nevertheless, it's really not good for the stress levels, and as you said, if it's meant to happen it will happen, and if not, it doesn't matter what you do, it won't.

Good luck with finding the right house for YOU!

New posts on this thread. Refresh page