First time buyer thread

[SecondhandTable]

Any other FTB hopefuls about? DH and I have just started looking as we just realised we actually have enough to put down a 10 per cent deposit on houses in our area. We've both been off work this week so had our first few viewings which was strangely fun, felt very grown-up but in future I am either going to have to do viewings alone whilst DH is at work or we will have to take toddler with us on weekends, neither of which is ideal...! Any other FTBs want to chat as we go through this potentially looooong process?

Oh my gosh that sounds so bad

Sorry to read that queen. What an absolute nightmare!

How old is the property?

1936, with two extensions built in 1955 (a garage and a back extension housing a downstairs loo and a tiny utility).

I hoping that my step dad and the surveyor are both going to say that actually the majority of it is just par for the course with a house of that age and not to get too stressed about it.

I get a phone call with the surveyor to discuss it all, where I assume he’ll probably be a bit more informal about things and be able to explain it all in layman’s terms. I’ve asked to put it off until next week when I’ve been back to the property and viewed it again with the survey in hand, and also had chance to talk to my step dad so I can then make best use of my phone call and ask the right questions.

The surveyor has said that if they want any proof of his findings to assist with price negotiations he’s happy to liaise with the EA directly so I’m not playing piggy in the middle.

I just hope the vendor realises he’s going to keep coming across these problems no matter who he sells to, and they’re going to need rectifying by someone eventually, so it’s easier for everyone if he takes a lower offer from me now. The only type of purchaser who wouldn’t bat an eyelid is probably a builder who wants to flip it, but it wasn’t ever priced for that kind of buyer so he’s shit out of luck with that option.

Other gems;

The only lintels in the entire property are above the arched porch entrance and to the front and back of the garage.

There’s bamboo leeched it’s way over into the garden from next doors plant.

He even thinks the recently (last 6-10 years) replaced UPVC windows have manufacturing defects as there’s three blown glazing units already.

I feel so naive for wistfully picking out a new kitchen and a fancy Solidor in a nice pastel colour to reinstate the original porch and rip out the ugly UPVC. They’ll be the least of my worries now 😂

It just looks so nice and normal 🥺

Oh god Queen, poor you. That sounds like a nightmare.

Queen it looks lovely you are right and if I was the vendor I would agree the same problem would happen over and over but who knows what people will think.

You have made me think though. My mortgage company has valued my house at the same price as the vendor.

I have ordered a survey for a private home buyers pack myself. Cost £500 I nearly cancelled until I read your post. Mine was built in 1937 too.

Did you have the building survey ( third option )or just the home buyers (2nd option).

@Lassolarry1980

I am genuinely interested and zero judgement.

90% LTV... is this not a terrifying prospect?

Completely normal for a FTB. I bought my first house over 20 years ago and I had a 5% deposit and took a 30 year term.

Hopefully what I’m about to say will reassure anyone wobbling after reading the above type of comments.

• my first house increased its value by a third over 5 years which then gave me a big deposit for my second purchase
• my rent back then was £800 pcm, the mortgage was still lower
• my rent now (renting while we wait to exchange on our third purchase) is £2000 pcm, our previous mortgage repayments were £1200 pcm and we’d almost paid off the mortgage
• due to owning homes we now have 900k equity to port into our new home. The house more than doubled its value over 10 years
• once you remortgage with better LTV you can access more favourable interest rates, our next one is 1.2% fixed, you are normally then able to reduce the term if you wish
• mortgages generally get easier with time and eventually you stop paying them, rent is the opposite

I’m much more terrified about the prospect of young people staying in rented accommodation. Renting in the private sector is only useful for short term convenience. Get on the housing ladder as soon as you can.

I’m feeling a bit more chilled about the survey today. I spent two hours reading old threads on MSE of people getting bad surveys back on 1930’s houses and everything working out okay. With the surveyor etc ultimately saying verbally basically that “it’s a lovely house, and these problems are no more than you’d expect for something of this age, and all houses will require ongoing repairs and replacement”.

I was so bamboozled by it yesterday and couldn’t get my head around any individual item because there was so many different things to focus on.

I’ve spoken to my boyfriend and dad again today and they both feel a bit more chilled about things too.

There’s nothing on Rightmove in my price range with the same potential and on such a lovely street so I’m going to do my best to think positive that these things will turn out to be okay.

@RigaBalsam

I had homebuyers. I initially approached the surveyor asking for the full buildings survey, he asked for a link to the sale listing to he could have a look at it, and then got back to me and said he didn’t think the full buildings survey was necessary for this kind of property.

It cost £595 incl VAT, but he has clearly been very thorough and detailed in his inspection and report. I don’t think that’s the experience everyone gets with a homebuyers and especially not if you just pay the fee to the lender to upgrade the mortgage valuation.

Lots of them use generic report writing software where they just tick the applicable box for the general condition of each aspect that the report is mandated to cover. This surveyor sold himself on not using the software and writing his reports manually with a 48hr turnaround.

@RigaBalsam

Don’t cancel your survey, but I guess try to view the things that come back on it as a future “to-do list”. In reality very few of them are going to need doing immediately, and lots of them will be good for ten more years, if not more.

[quote QueenOfPain]@RigaBalsam

Don’t cancel your survey, but I guess try to view the things that come back on it as a future “to-do list”. In reality very few of them are going to need doing immediately, and lots of them will be good for ten more years, if not more.[/quote]
Thanks you are right. Spending so much on the mortgage . I may as well spend £500.
The free one from the mortgage company was actually more detailed that I thought. The guy stayed an hour but it was just ticky boxes.

Glad you are feeling more chilled. You are right not everything needs doing at once.

I’ve just been back to my house with my stepdad and the Structural Engineer (for a visual inspection, rather than the recommended invasive) and he was far more reassuring than the original surveyor.

He’s only pointed out three small issues which weren’t mentioned on the original survey at all, and has give actual constructive solutions or advised that it’s safe to watch and wait.

I’ll get his written report in a few days time. But I’m feeling so much better about it all and still going ahead with the purchase. I don’t think I’m going to try and negotiate on price, everything is in place for the offered that I originally made and had accepted so I don’t want to cause problems this far down the line. The vendor has shown willing to go to the house and remove some old junk in the loft and get rid of the rotting shed and Wendy house off the back garden so I’m happy to continue as we are.

How is everyone else getting on?

That’s great, Queen.

My conveyancers are still reading the site pack & looking at the search results, so no idea how long that’s going to take them.

Brilliant Queen.

I am waiting on the searches coming back. Expected back mid may. I had another viewing of the house as the man who has inherited the house travelled over (not from here) to sort some things out. He showed us around and showed us more than the estate agent such as hidden safes in the wall.

Has anyone managed to complete yet? Still waiting here.

I’ll join. We are waiting for the mortgage offer, the house was valued on Thursday so fingers crossed! Got a surveyor lined up if all goes well, we are opting for a full building survey. No chain on either side here so hopefully won’t be too long a process!

We have 90% LTV.

We’ve been renting for more than ten years and I just worked out we’ve spent over £130,000 on rent in that time. We couldn’t get a mortgage until now though, so it’s a bit irrelevant, we needed to pay to live somewhere.

I maybe completing on Friday if all goes well. It has all suddenly become real.