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Post by: Mad Doc Grotsnik
How do.
So out of recent unpleasantness comes a strong chance of lifelong financial stability. Once Dad’s estate is all done and dusted, I’m far more likely than not to find myself able to buy a home outright, and still have a reasonable nest egg left over.
I’ve started window shopping on Right Move to see what might be available within my budget, and not having lived in this town terribly long, have been relying on Genuinely Reliable Friends as to which areas to avoid - cheap often being cheap for established reasons. Like smackheads and other assorted wrong’uns you’d rather not live next door to.
And of course I’ll be using a solicitor and following the standard process to ensure all is done properly, legally and above board.
But what I’m entirely in the dark on is the process of making an offer. Whilst it most likely won’t be on the market once I’m in a financial position to make offers, one that’s caught my eye is now £255,000.00 as a reduced asking price (down from £270,000.00).
In your experience as a buyer and/or seller, do you offer over, or under? Money Saving Expert says I can ask the seller’s agent how many offers have been made etc, but said nowt about whether to offer the asking price.
Now in terms of extra spangly brass knobs, I know I’ll be somewhat desirable as a bidder, as I’m not only chain free myself (I rent), but will be a cash buyer, which removes a number of hurdles, such as a mortgage offer being withdrawn, my buyer dropping out leaving me in the lurch and the chain collapsing etc. But does that let me offer under the asking price?
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Post by: Crispy78
Not sure what the market is like at the moment, and it depends on the individual sellers circumstances - but yeah you can absolutely offer under the asking price. They can always say no. If it's on for 255k you could maybe try a cheeky 220-230 but realistically you might find it goes for more like 245. If they've only just dropped the asking price they may not be prepared to go lower just yet - but maybe they just want to get it sold now...?
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It often ends up as something of a negotiation - you don't just make a single offer that is either accepted or you get told to sod off...
On the flip side, it can get very competitive for the right property. When we bought our current place about 10ish years ago, we had one purchase fall through. Smallish house on a very large plot in a very desirable area - they had one open weekend when it first went on the market, and that apparently generated 15 offers. We were one of the 3 bidders invited to go forward to make best and final offers. Ours was the one they accepted at, if I remember rightly, 90k over the asking price at 560k. Then we had the survey done and found out it had ongoing subsidence and noped out...
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Post by: Syrup_of_Fig
Something to consider here is stamp duty.
The threshold is £250k, so a seller putting £255k as the asking price is probably looking for £250k knowing buyers will be wanting to avoid stamp duty.
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Post by: Mad Doc Grotsnik
Being a first time homeowner, I’d be exempt from Stamp Duty (up to the first £300,000 of a £500,000 purchase).
So maybe that is another string to my “chain free, cash buyer” bow?
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Post by: Flinty
It’s a black art basically. Just be prepared for it all to fall through at a moments notice. You are in an excellent position not being in a chain though. Our last move was hit by Covid. We had packed the house up and got the removals guys sorted, then a week before the move lockdown hit. There was no point unpacking most of the stuff so we lived around boxes for 4 months, and then when it all opened up again the munchkins buying our place had screwed up some of their paperwork, so another 4 week delay. Thankfully everyone in the chain was sufficiently eager to let it go and wait. The delays also meant they we couldn’t get the removals guys in on the day, so they turned up a few days early and took everything away. We didn’t find out until mid-day on the moving day whether or not we were going to move into a new place or if our furniture had basically gone on a little holiday just to be delivered back to the old house.
Total nightmare. Oh and in England there is the wonder of gazumping, so even if your offer is accepted, the vendor could just decide to self to someone else whenever they like.
On topic, you’ll probably need to go through a few offer experiences before it sticks. Also don’t take to long over viewings and defining about an offer. We got our place basically because we were the first through the door, and my wife made an instant note of interest. I didn’t even see the place until we moved in!
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Post by: Jadenim
Yeah, it’s classic negotiation, which means you have to do lots of un-British things like exaggerating and being selfish. But yes, offer as low as you like, they can only say “no”. It’s actually better to go in with an almost insultingly low offer, as it psychologically conditions the seller to assume you’ll drive a hard bargain and then be happy to settle when you make a more reasonable offer. Be prepared to go around the loop a few times.
Things to look out for: covenants, property management arrangements, etc. if the property has shared facilities, such as a car park, or even the street in front if it’s not been adopted by the council.
Also, property lawyers are generally useless. Every single person I know has had the same experience, endlessly chasing them to do the basic things that you’re paying them to do. Watch them like a hawk and don’t assume they’ve done anything.
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Post by: MarkNorfolk
It all seems to be covered. You can always pull out of the deal if you get cold feet, although the later you leave it the more douchey it is.
Watch out for vacant plots next door (is an ugly block of flats going to be built there?), don't buy leasehold, what's the council tax band like? What else is nearby? Schools or pubs just down the road appeal to some people, but will you be picking litter out of your front garden/drive every morning?
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Post by: Mad Doc Grotsnik
Jadenim wrote:Also, property lawyers are generally useless. Every single person I know has had the same experience, endlessly chasing them to do the basic things that you’re paying them to do. Watch them like a hawk and don’t assume they’ve done anything.
Ever been in the room when an ombudsman is chasing their conveyancing solicitor?
I have. It was hilarious. And I’ve got some of that flex in my pocket should I need it.
Home Buyers Survey Report and Solicitors should do most of the covenant and “is there a limit on the land” type thing.
The one I’m eyeing up at this early stage does back on to a bus station, which could be a downside. Or…an upside. As if that’s shut down there’s a chance I can extend my land rearward.
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Post by: Flinty
I lived 3 storeys up overlooking a busy bus station for a few years. This may be stating the obvious, but they are noisy and they smell. The double glazing caught most of the noise, but not all of it, and in the summer it made opening the windows unpleasant.
I put up with it as I knew I was only there temporarily. If they shut the bus station down, then there is virtually zero chance that the land would then be offered to local residents. It would be packaged up to developers.
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Post by: Mad Doc Grotsnik
I may drive round there at fairly random times during the day, park up and wander near the bus station.
It’s mostly open air, so noise wouldn’t be echoing as if it were covered.
Hmm
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Post by: El Torro
Very good points so far. The most important one being the location you’re buying in. Some locations won’t even entertain offers below the asking price, some expect a 10% or more reduction on the asking price.
Being chainless and a cash buyer make you a very attractive buyer. Some sellers will value this more than others though. Also the fact that you’re not paying Stamp Duty is not relevant to the seller, it’s your cost not theirs.
I think you are planning to get a survey, even though a cash buyer doesn’t need one. It’s definitely a good idea to get one. Since you’re paying hundreds of thousands of pounds for a property it’s worth knowing whether you’re paying a lot of money for future problems.
Sorry for your loss as well.
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Post by: Mad Doc Grotsnik
In England, most if not all (I think it may be law now?) mortgage providers will require a surveyors report, to ensure there’s no hidden wonk about the building they’re securing a significant sum of money on, which upon discovery could drastically devalue the property, leaving the buyer and lender with the sticky issue of negative equity.
Of course, as a cash buyer I won’t have that level of oversight - but I absolutely will be getting one done.
There’s little to stop me snooping around, and I know some of the signs of damp and electrical/plumbing bodge jobs. But I don’t kid myself for a second I know even a fraction of the sort of stuff a surveyor has forgotten, let alone knows.
The house I keep mentioning has an attic. And as my ex has a near identical house I know that to be a pretty substantial area. But…..there are no pics of it. Now that’s not terribly unusual like. At least sticking my head through the hatch and ideally having a wee crawl around would be on the cards. That can reveal a whole host of possible problems,
Likewise it *may* have a basement. My ex’s place has a fairly shallow one, but storage is storage. And it’s a handy way to get some idea of what sort of state the foundations might be in. If I pop down there and I need wellies? No offer for you!
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Post by: MarkNorfolk
If you can take a light step ladder with you to the viewing you can have a peek in the attic - but the surveyor should to that too.
Basements can be damp, watchout on storing paper or card elements of your games collection. Want to buy my classic Heroquest boardgame and all the expansions? I wouldn't recommend it - the board has been destroyed by mold.
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Post by: Mad Doc Grotsnik
Also, from an experience in earlier life? Check for previous fire damage! I didn’t start it, but house fires suck. And you’d be surprised at what damage can be repaired - as well as the sort of bodge jobs it can lead to.
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Post by: The_Real_Chris
Mwhahahahahaha. My own little hell. If you are ever in London I can show you round mine and what I learnt buying it, or if you drop me a PM happy to sort out a call/facetime/whatsapp to go over my experience and the many many things I wish I had known...
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Post by: Bran Dawri
As far as bidding's concerned, yeah it's location, location, location.
We're in the process of buying a house in Portugal - we're emigrating.
There, we agreed on a final price well below the seller's asking price (and got a good deal on a ridiculously big house).
But when selling our house in the Netherlands, we're putting it up for about 10% less than we're expecting to get; overbidding is pretty much the rule there.
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Post by: OrlandotheTechnicoloured
get a full (structural/level 3) survey even though its going to cost more
while you might think the homebuyer/level2 survey should be good enough it's only 'a visual inspection of areas that are reasonably accessible.' so may well not catch the massive crack in the wall with the full wardrobe put in front of it or the aging roof that needs replacing that's been bodged with new tiles over old timbers
as to over or underbidding, it really depends on where you are, some places you'll be expected to pay (significantly) over the list price, and others you should be paying significantly under. It used to be you'd have to rely on the estate agent (or solicitor) to know that, but now the various online sites that tell you what properties in the area most recently sold for should help, especially if you can find the original adverts for what the places were originally listed at
and yes almost everybody you have to deal with will seem to be fairly useless and unbelievably slow
I'd also suggest visiting the area at night to see if it's a kerb crawling hotspot, or on the route home for drunks leaving the local pub, it's amazing how different an apparently peaceful area can be
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Post by: Slipspace
Definitely this. The survey that was done on my old flat for the home report wasn't worth the paper it was printed on. They got the style of boiler wrong despite me watching them check it and the age of the building was out by 40 years. That came as a surprise to my neighbours who'd been there since before my surveyors said it had been built. My comments on the draft report were basically "give me a refund since my corrections amount to doing the entire thing myself".
Of the three solicitors I've dealt with when buying and selling, 2 were useless. The 3rd was an old guy about to retire who actually answered questions and prepared for meetings. I suspect his type are literally a dying breed. The other 2 were too up themselves to engage with the people paying them and not nearly as intelligent as they believed themselves to be while also being as lazy as your average teenager. If you can find a good one you'll be lucky, but don't be afraid to push back if you don't think they're providing good service. Remember, you're paying them - they work for you. At the very least they should have knowledge of the local areas and pricing to help you making an offer and suggesting decent properties in your price range.
The offer system is annoying, but if you're paying cash you're in a much better position than most because you have good flexibility in your price range. We ended up buying a new build because it was fixed price and by far the best value at the time in our area and we could wait the 6 months for the house to be ready. Don't get too attached to properties. It's a good idea to visit the area at different times of the day just to check it's not got crowds of screaming schoolkids twice a day, or it's in the middle of some sort of gang war every evening (or other, less severe problems).
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Post by: Mad Doc Grotsnik
If there’s something Dad taught me, it’s Don’t Skimp On Important Things. And one of those checks is most definitely an Important Thing.
I mean, the house is almost certainly, barring a Lottery Win, going to be the most expensive thing I’ll ever buy in my life. And it a house I want to buy. Not a long list of things that need fixing.
Well. Not if I can’t use that to negotiate a better purchase price, depending on exactly what’s on the wonk and needs addressing.
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Post by: Flinty
One of my friends bought a house that had clearly been owned by an electrician. the wiring was basically made up of random bits and pieces of offcuts 
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Post by: Crispy78
 Flinty wrote:One of my friends bought a house that had clearly been owned by an electrician. the wiring was basically made up of random bits and pieces of offcuts
This one??? 
https://metro.co.uk/2019/11/03/house-worth-1350000-enough-plug-sockets-everyone-street-11033568/
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Post by: Flinty
That… is a lot of sockets…
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Post by: Mad Doc Grotsnik
I think I preferred the Borg’s classic alcove and ship design.
Beige is so…..Federation
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Post by: The_Real_Chris
 Mad Doc Grotsnik wrote:If there’s something Dad taught me, it’s Don’t Skimp On Important Things. And one of those checks is most definitely an Important Thing.
The reports I got (fire, building, electrical, gas/boiler) were a) expensive and b) mostly rubbish. I have no idea how you get someone to do a credible report. My ex for her flat paid £1500 and received a report that looked like it had been written by a chat bot and was full of comments that they couldn't access roof, walls etc to check them, so nothing written in this section.
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Post by: Madreamer
Removed
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Post by: Madreamer
.
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Post by: Mad Doc Grotsnik
Me again, with mild threadomancy.
With an offer on Dad’s place my brother and I are amenable to, things may be about to start moving rapidly.
Which means I now need to weigh up the pros and cons of buying a fixer upper.
The difficulty there is I’ve absolutely no clue how much certain common remedial works might cost, and how reliable related quotes might be.
Let say, Damp Coursing. There are a few decently sized homes near me at a decent price, because among the modernisation needed, you can clearly see evidence of rising damp.
Whether the asking price is a bargain kinda depends on whether getting that properly, professionally fixed might be £5k, or £15k and that (numbers right out my anus, because that’s just how clueless I am here).
Literally any and all thinks, comments and hopefully experienced advice welcome. Qualified Advice too, though naturally I won’t hold you to owt if not accurate, because I’m not your client.
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Post by: Charax
Do Not Buy A Fixer Upper As Your First Home
I'm just over a year into having bought my first place and the constant fixes and putting out (metaphorical) fires is miserable and exhausting
Find a place you like and pay for the most extensive survey you can get on it. Do multiple viewings (and take notes!), anything that seems off, take pictures and have your solicitors raise the concerns with the seller.
Also make sure you talk to neighbours about the area, maybe consider getting an Airbnb nearby so you can see for yourself what it's like.
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Post by: Mad Doc Grotsnik
Oh I have better than neighbours! I have friends who know *everyone* in town. They’re keeping me right on where’s hot, where’s tepid, and where’s toilet.
But, your welcome advice? What exactly are the challenges you’re facing? Enquiring minds need to know!
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Post by: kirotheavenger
My advice, skip the survey, it's a waste of money.
I've had two purchases fall through now, buying level 2 surveyors for both. Both times the report was just covered in "the walls were papered so we didn't look... the floors were carpeted so we didn't look... the roof looks fine from across the street..." nothing of any use.
When my mum sold the family house, the buyers bought a full top level structural survey - same thing. Didnt even bother lifting the loose rugs to inspect the floorboards beneath.
Just book a longer viewing yourself and go around with a finetooth comb, you'll probably take a closer look than the guy you pay £1000 to.
What I would recommend is to view tonnes of homes, even ones you're not that bothered about. Just to get some experience in viewings and asking the agent. Even make offers - you can always withdraw it if they accept. This gives you practice and experience that means once you find a house you really care about - you'll approach it in the best way.
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Post by: Mad Doc Grotsnik
Pretty sure the survey carries legal consequences for the surveyor?
I must check work’s Knowledge Database on that one.
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Post by: kirotheavenger
Granted I only had level 2, but they were both covered in big letters to the effect of "we can't be held responsible anything we didn't find which we were unable to look for" so effectively no, there would be no legal recourse there.
I would be shocked if the higher level ones didn't also say the same. Although I can't be sure.
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Post by: Mad Doc Grotsnik
Might be able to work my particular ticket on that one.
Not gonna say what that ticket is, but in the right circles it carries weight.
But, at least I know I *may* need to work said ticket!
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Post by: kirotheavenger
Well I can't argue with that Mr Blofeld
Oh and do be prepared for solicitors being spank. Like really spank. I had a firm fob me off for 2 months, with weekly calls reaching the secretary who assured me they were very sorry and were ready to send the documents that week... for two months. I even lodged an official complaint which concluded there was no issue, someone picked up the phone each week so they fulfilled their promise!
And it doesn't matter how good your solicitors are, if the seller's are spank, you're still waiting around, but now you can't even directly chase them yourself!
So definitely get "no sell no fee" if you can.
You don't want the seller to pull out 90% of the way through and to be left with £2k in legal bills with nought to show for it.
I feel like I'm getting a bit ranty, buying a house sucks!
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Post by: Flinty
It is the most stressful thing in life, largely because you have very little control over the process, and if one of the many potential disasters occurs it tends to be eye wateringly expensive to rectify.
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Post by: nfe
You can't work remotely and move back to Scotland, can you? A much more pleasant buying system (though still garbage, because property solicitors ensure it's a racket).
But yes, in England, you offer under - your solicitor should keep you right on how much. Speak to literally everyone you know who has bought a house in the area about their solicitors. Probably everyone had bad experiences but find whoever seems the least aggrieved and use their one.
Buying in cash does remove a lot of risk issues, and makes you a standout buyer - we've bought two homes like this and in both cases were preferred over other buyers who made higher offers. However, in England, with the particular survey system, it does leave you open to problems without bank oversight of them. Use the most reputable surveyor you can find because the seller is absolutely going to challenge loads of their concerns.
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Post by: Mad Doc Grotsnik
The other weird thing for me is having no kids (and no intention of changing that)? Who do I leave it to when I inevitably shuffle off this mortal coil, hopefully a good three or four decades from now.
Should something rubbish that comes with notice happen to my health, I’ll leave it to my best mate, so he can sell it and pay off his mortgage and that. But for long term? Gonna have to pick a friend’s kids I guess. Automatically Appended Next Post: nfe wrote:You can't work remotely and move back to Scotland, can you? A much more pleasant buying system (though still garbage, because property solicitors ensure it's a racket).
But yes, in England, you offer under - your solicitor should keep you right on how much. Speak to literally everyone you know who has bought a house in the area about their solicitors. Probably everyone had bad experiences but find whoever seems the least aggrieved and use their one.
Buying in cash does remove a lot of risk issues, and makes you a standout buyer - we've bought two homes like this and in both cases were preferred over other buyers who made higher offers. However, in England, with the particular survey system, it does leave you open to problems without bank oversight of them. Use the most reputable surveyor you can find because the seller is absolutely going to challenge loads of their concerns.
I do work remotely, and we’ve recently confirmed a permanent office in Edinburgh, but that involves leaving the rest of my life behind. Done that once before as a kid, not doing that again.
So definitely my neck of the woods forever home.
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Post by: Ketara
If you want to buy a fixer upper and know some half decent/good/honest tradesmen, do it on auction. Snap up a foreclosure. No chains, no fething about, save a gak ton.
https://www.auctionhouse.co.uk/auction/search-results?searchType=0
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Post by: Slipspace
I'll echo others on the fixer-upper thing. Getting somewhere that needs the decor updated and maybe a new bathroom/kitchen is usually fine. But anything more than that I'd steer well clear. You just don't know whether a simple insulation job or rewiring is going to turn into a 5-figure bill to rectify the errors of previous owners.
Not sure how it works in England (I live in Scotland) but surveys below whatever the most extensive one is are useless. The one I got for my flat when I sold it was riddled with so many errors I basically had to rewrite it. They claimed it was built in the 1950s, which came as a surprise to my neighbours who lived there at that time and also claimed it had a regular boiler instead of a combi, which is particularly weird since I literally witnessed them looking at the boiler. The solicitors I've used have been universally useless. They were invariably unprepared, lacked any sense of urgency and had the condescension turned up to 11. We asked about some stamp duty implications when buying our current home at one point and our solicitor pulled the "it's very complicated, you wouldn't understand" card, at which point my partner had to explain to him that she's a tax consultant and it would be very nice if he could answer our question. Turned out he didn't actually have a clue. My biggest piece of advice with solicitors is don't let them forget they work for you. It's not like they're cheap, so make sure they work for the money.
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Post by: The_Real_Chris
Surveys pointless. Ex got one for £1800, failed to spot anything. Oddly non come with guaranties with financial recompense...
I got a flat that needed 'some' work in SE London. In January. Estimated move in April. Note that was in 2024. It has had the wiring replaced, plumbing mostly replaced, new carpets and laminates, plastered and painted walls, new toilet and bathroom, new kitchen and it gets the required doors that were missing this week.
With a 'normal' house you might replace a kitchen or do some flooring and painting. Once it has got to the stage that some plumbing or wiring needs doing you either have to face that it is all on the way out and you can patch now and patch again soon, or do it all. Fixer uppers seem to be teetering on that do some of it now/do it all now.
If you are on a budget you are constantly waiting for sales or discounts and hunting round for credible tradesmen who aren't charging the earth, who also need supervision. So have burnt through over 40 days of leave, paid and unpaid, the past 12 months.
Automatically Appended Next Post:
Oh and solicitors suck. I went through 3 firms before it finally completed. First wanted to change costs, second discovered it wasn't insured to do buildings over X height and third was just terrible and I am still chasing them for stuff.
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Post by: Mad Doc Grotsnik
As a side note?
Getting my credit cards paid off has sent my credit rating skyrocketing. To the point I’m now advised to have a small balance on each card to improve further.
So, if I think it makes sense, and lets me get a nicer place? I could get a small mortgage. Which I’m open to, as I can always overpay to reduce its duration, and overall cost.
But first I need to to know what my exact upper budget limit is. Probably in the region of £300k.
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Post by: kirotheavenger
Property prices are increasing faster than mortgage interest still, and you only get to skip stamp duty once on a house
So I definitely think it would be better to get the best house you can first time round. You can overpay a mortgage quite a lot without extra fees if the appetite is there so you can reduce it very quickly
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Post by: Mad Doc Grotsnik
My town is weird for house prices. 4 bedroom places listed anywhere between £230k and £325k (and probably more, but £325k is the upper limit on my searches).
And yeah, location plays a difference, as there are some crappy parts of town I wouldn’t want to live in,
You know, I might change my search to £350k tops, see what difference that makes. I was previously entirely sold on “nae rent, nae mortgage, we won’t be charged again!”. But, if a smallish (£50k) mortgage lets me get a nice house in a nice location? Worth it.
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Post by: Crispy78
Damn, that's not bad. Barely get anything in my neck of the woods for £230k, let alone a 4 bed house...
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Post by: Mad Doc Grotsnik
The town is undergoing regeneration. It’s a bit tentative at times, but since I moved here in 2022, it’s felt like a Town That’s Trying.
Decent, if bloody expensive, train link to London, easy motorway access and Euro Tunnel on the doorstep has its attraction to people moving out of London.
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Post by: Overread
Mad Doc Grotsnik wrote:
Decent, if bloody expensive, train link to London, easy motorway access and Euro Tunnel on the doorstep has its attraction to people moving out of London.
Trains are bonkers - the other day I was pricing up York to Birmingham and got prices between £23 and £100+ (or something in that region I can't remember the numbers exactly). The difference?
NOTHING - it was the same route, the same trains and the only difference was one internal trip within Birmingham being 5 mins earlier than the other.
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Post by: Mad Doc Grotsnik
Oh they want £78 Peak Return to London. Which is ludicrous. Hence, I drive. Still not cheap, but doable.
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Post by: Overread
Yeah its crazy - if the prices came way down I'd expect they'd more than make up for the sheer volume of people that would actually start using the trains (and then who knows perhaps they could sell a little bit of food on the train and in the stations and make even more money!)
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Post by: Mad Doc Grotsnik
What might be nice is if once I own, the town is gentrified.
I mean, I don’t exactly have anyone to leave my estate to when I shuffle off this mortal coil (and, bad luck, I’ve no intention of doing that anytime soon). But for retirement, the potential to do a risk-free, this decision doesn’t impact anyone but me, equity release would be nice.
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Post by: Slipspace
Mad Doc Grotsnik wrote:
You know, I might change my search to £350k tops, see what difference that makes. I was previously entirely sold on “nae rent, nae mortgage, we won’t be charged again!”. But, if a smallish (£50k) mortgage lets me get a nice house in a nice location? Worth it.
That's a good idea. £50k is small enough that some concerted effort in overpayments can pay it off very early but if it helps you stretch the initial budget to a better house and/or location it's almost certainly worth it. Location is the key thing for me. Don't fall for the "up and coming" area spiel. Make use of your local knowledge and buy in the best area you can afford without compromising too much on the house itself. A great house in a terrible area is, unfortunately, usually a terrible house to live in.
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Post by: Mad Doc Grotsnik
Indeed. I’m also mindful of which areas have a high proportion of rental properties.
After all, if the neighbouring houses are indeed rentals? Who knows how quickly tenants turnover - and it’s only a matter of time of time until some absolute Junky Bumhat moves in.
I currently live next door to an adult care home, and that’s an experience I don’t wish to repeat anytime soon. No privacy in my garden, and occasional bouts of aggression at night when one of them kicks off. Automatically Appended Next Post: Quick example of what a difference £25k can make?
https://www.rightmove.co.uk/properties/158285984#/?channel=RES_BUY
Nice area, typically quiet, very close to Nephloof. House in seemingly good nick, and plenty of space for me. Third bedroom will be a library.
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Post by: Herzlos
Mad Doc Grotsnik wrote:The other weird thing for me is having no kids (and no intention of changing that)? Who do I leave it to when I inevitably shuffle off this mortal coil, hopefully a good three or four decades from now.
You can always leave it to a charity. If the estate is unclaimed after a few years then the money goes to the Government to waste instead, so you may as well have it go somewhere more aligned with your values.
Mad Doc Grotsnik wrote:Getting my credit cards paid off has sent my credit rating skyrocketing. To the point I’m now advised to have a small balance on each card to improve further.
Credit scoring is largely witchcraft, but one thing that hurts it is not using any. So whilst it sounds counterintuitive, having a small balance and paying it off monthly (ideally using a cash back credit card) shows you're a better risk than not borrowing at all.
So, if I think it makes sense, and lets me get a nicer place? I could get a small mortgage. Which I’m open to, as I can always overpay to reduce its duration, and overall cost.
But first I need to to know what my exact upper budget limit is. Probably in the region of £300k.
Buying and selling houses sucks horrible, so you ideally only want to have to do it once. Borrowing a small amount to go from "that'll do" to "I can see this being a forever home" is going to be well worth it. You'll have enough equity that you'll get a good interest rate and it'll be pretty low risk. If the worst happens you can always sell up, downsize and pocket the difference.
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Post by: Overread
Also don't forget that the score isn't all they'll check out. So its possible to get a high score but also not get good lending because, again you're not actually borrowing much or paying many utility bills and such.
But yeah there's a load of witchcraft/twists turns and so forth all bundled in there and that's before you get to the whole "you can only view details of your credit score by paying us" angle many of the score review sites use.
It does amuse me though that they'll give you positive points for being low in debt but also negative points for not using a credit card at the same time - so ergo also being low in debt 
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Post by: Nevelon
Also, if you are looking for a forever home to spend the rest of your days, look into accessibility. Is there a full bath on the ground floor? If you needed to get around with a walker/wheelchair could you? How many stairs you need to deal with?
And could things be modified later to include these features?
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Post by: Mad Doc Grotsnik
There are a few with the bathroom through the kitchen. Very likely a relic of Victorian/Edwardian era building, when you had an outside lav, and baths were taken fireside.
Definitely not interested in living in a flat. See comment about turnover of neighbours. Also too many horror stories of the ground rent and maintenance being an unregulated Wild West for spivs and Think Of A Number increases. Automatically Appended Next Post: Overread wrote: It does amuse me though that they'll give you positive points for being low in debt but also negative points for not using a credit card at the same time - so ergo also being low in debt
A track record of responsible borrowing and repayment counts for more. Seems counter intuitive at first, but there is logic there.
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Post by: The_Real_Chris
Oh and don't forget travel distances to games clubs
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Post by: MarkNorfolk
Stay away from Leasehold. Check if it's in a flood risk area, the Council tax rates, what the phone reception is like. Is it a busy road, with lots of people walking past? You might end up with a lot of litter in your front yard. Where are the electricity and gas meters? Check the window: cracked panes; painted shut; blown double glazing? Is it in a conservation area? That might limit what work you'd might like to do.
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Post by: Mad Doc Grotsnik
Right, we’ve accepted the offer on Dad’s place. Once missives are exchanged, that’s that locked in, so we’ve some wiggle room right now should a higher offer be made.
Which means it’s time for me to start arranging viewings. I also need to find a conveyancing solicitor - and I’ve no idea how I go about that!
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Post by: JamesY
Mad Doc Grotsnik wrote:Right, we’ve accepted the offer on Dad’s place. Once missives are exchanged, that’s that locked in, so we’ve some wiggle room right now should a higher offer be made.
Which means it’s time for me to start arranging viewings. I also need to find a conveyancing solicitor - and I’ve no idea how I go about that!
It's really straightforward- just look for a local solicitors office that handles conveyancing and give them a call for a quote. You'll need some basic information on the house involved, sources of funds etc but nothing that you won't be able to answer. Once you've found one that you are happy with and commission they'll tell you everything that you need to do. I'm in my third house now and it's never been more stressful on that front than gathering the documents they ask for and taking them into an office.
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Post by: Mad Doc Grotsnik
Groovy. Have had a quick Google, and there’s a couple within walking distance I’ll go bother.
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Post by: JamesY
It's better having one with a local office. Anything that needs a wet signature, getting secure documents in etc. Speeds the process up a lot when you don't have to rely on the postal service, who also charge a fortune to guarantee that they won't steal or lose those documents...
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Post by: Kroem
Im buying a house at the moment through Goadsby, they had a preferred conveyancer for me to use, Premier Property Lawyers, so I just used them.
No issues so far, but havent got the house yet either!
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Post by: Mad Doc Grotsnik
Things well underway now. But have hit a snag on Stamp Duty.
Thought I’d be free and clear, as the HMRC website only mentions having bought a home before. But actually, it’s whether I’ve ever owned a home before.
Which….i may have. I think. Not sure right now if the deeds for Dad’s place ever actually passed to my brother and I.
Gone off to bother that solicitor!
Really quite excited now, Spesh if I can get to completion super quickly.
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Post by: JamesY
Completion rarely happens quickly, unfortunately. My current house we bought from my inlaws, whilst we were living in it. 6 week possible completion time start to finish and it took 6 months. 3rd house I've bought and not one happened in the original estimated time frame. I hope that you have a different experience.
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Post by: Kroem
I'm surprised at completion being delayed, we were told we had a legal obligation to sign on the agreed date once exchange had happened.
Been in the house a month now and all going well.
One thing I would say is be sure to close any Help to Buy ISAs in good time before completion as it took like 10 days for me to get the money out of it! Could have been a bit awkward...
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Post by: Mad Doc Grotsnik
Stamp Duty question confirmed. But now need a letter from Dad’s solicitors confirming inheritance and that.
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Post by: Herzlos
Mad Doc Grotsnik wrote:Thought I’d be free and clear, as the HMRC website only mentions having bought a home before. But actually, it’s whether I’ve ever owned a home before.
Did you, the person, inherit the house? As in, was the property ever in your name in terms of deeds or land registry?
Or did the executor (who may also be you) sell the house and give you, the person, money?
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Post by: Mad Doc Grotsnik
The latter So I’ve now been able to a see that question accurately and honestly.
Saves me around £3,000.
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Post by: Herzlos
Cool, that's the most usual and simplest way to do it.
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Post by: Mad Doc Grotsnik
Just need a letter from Dad’s solicitor now to confirm what’s coming from inheritance. Which I’ve requested, and should have in the coming days.
Then I can polish off the rest of my paperwork, leaving the rest out of my hands,
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Post by: Mad Doc Grotsnik
OK, all initial forms completed and sent in.
Proof of Funding, Source of Funds and ID Checks. Nothing I’m not used to career wise.
Now I need to follow up on the Surveyor, as I’ve not had a call on that one. Conveyancing seems to be moving apace (initial contracts reviewed and that afoot), so I need the Survey ASAP.
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Post by: Mad Doc Grotsnik
So.
Much.
Paperwork.
Today, my survey went ahead (£611), and paid for my Conveyancing Searches.
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Post by: Easy E
Getting close. Exciting times!
It seems much more complicated in the UK than the US.
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Post by: Mad Doc Grotsnik
Survey Results in. Strongly advised to get a quote for roof repairs, due to some tiles being in visible need of replacement.
Got a video appointment with my Conveyancing Solicitor for advice on that tomorrow, and how to best send them a copy of the report
But it does mean I should be able to negotiate a lower buying price - essentially knocking the cost of any repairs off the currently agreed price.
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Post by: Crispy78
You can but ask. Probably only going to be 3-400 quid though, not worth being too much of a Richard about it. Lady who bought our first house off us was like that, demanded money off for every little thing in the survey and made everything out to be a disaster. Basically she was buying as she'd just got divorced, someone was sure as hell going to pay for it, and turned out it was us...
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Post by: Mad Doc Grotsnik
Will see if it’s acceptable for me to send a professional repair type round to assess and quote.
If it’s just the odd tile, shouldn’t be too bad. But if the whole thing needs redoing? Could be up to £5k.
Which I can afford out of pocket, but fair is fair.
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Post by: Nevelon
Also depends a lot on the market.
My house also had a bad roof when I bought it, but it was a crazy seller’s market at the time. So if I pushed too hard, they could just walk. I did get something off the price, but not the full cost of the roof.
Also the paperwork for buying my house in 2021 was so much better then when I bought my first one in 2000. Digital signatures are so nice. First house was something like half a foot stack of paper we needed to work our way through. Last one was just a lot of clicking, and a few scribbles.
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Post by: Flinty
Ah, searches. Any mines in the area?
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Post by: Nevelon
Explosives or random holes under the foundation? Both would probably be good to know about…
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Post by: Mad Doc Grotsnik
The town has historic silver mines, but down toward the Harbour area. Only thing I’m ‘caution’ near to is the railway. But I’m really not that close to it,
Automatically Appended Next Post:
Good news is the bones of the house are fine. No rot, no damp. A couple of supporting walls have been removed, but Conveyancing Searches should confirm they were done the right way, such as using RSJ.
But if not? I am prepared to withdraw my offer if needs be.
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Post by: Slipspace
Mad Doc Grotsnik wrote:The town has historic silver mines, but down toward the Harbour area. Only thing I’m ‘caution’ near to is the railway. But I’m really not that close to it,
Automatically Appended Next Post:
Good news is the bones of the house are fine. No rot, no damp. A couple of supporting walls have been removed, but Conveyancing Searches should confirm they were done the right way, such as using RSJ.
But if not? I am prepared to withdraw my offer if needs be.
If it is on a silver mine the foundations may be crap, but hey - free silver!
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Post by: Mad Doc Grotsnik
Probably a Bloody Stupid Question.
I’ve been recommended in the Survey and by a Qualified Roofer to have the existing roof replaced, including the lining, and use that opportunity to get the loft re insulated.
All of which I’m happy to have done. I’m guessing that in addressing my offer, I should seek to have the whole quote knocked off my initial offer?
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Post by: JamesY
You can ask, although you might be told politely 'no'.
They might knock some off for the damaged tiles, but they aren't going to benefit from the improved insulation, so doubtful they'd be willing to pay for that. Unless of course they either need to sell quickly and can afford the loss, or it's an inherited property being sold and it's just bonus cash for the seller.
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Post by: Mad Doc Grotsnik
Cool. So ask for it all, and negotiate from there?
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Post by: JamesY
I wouldn't ask for the insulation unless what is there is well below building regs, or non existent if it is an older house, as you will be the one benefitting from it so right that you pay for it. Everything else I'd put forward to the agent and see what they come back with. There is always the chance they'll pull out as well. If you don't mind losing the house altogether then you could ask for it all-there is always a chance they'll agree.
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Post by: Crispy78
Yeah there's no hard and fast rules, but always bear in mind that just as you can pull out and not buy it, they can also pull out and not sell it / refuse to deal with you any further.
I think when we were selling to our bitter divorcee mentioned above, we might have ended up dropping something like £20k based on all the gak she gave us - but she was our only interested buyer and we were probably going to lose the house we wanted otherwise. We were a lot younger then and probably quite easy to push around, I might be a lot more tempted to tell her to do one and call her bluff nowadays...
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Post by: Mad Doc Grotsnik
The way I understand it, my pitch is less “gosh, this is going to cost me money” and more “the works necessary weren’t factored into the original valuation, so I’m proposing an adjustment to reflect”
Roof, plus insulation, is going to be in the region of £7k, which I do have on hand (and then some).
But as that actively adds value in the form of a 20 year guarantee, I think asking for a £7k reduction is a bit cheeky, so will go for £5k.
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Post by: Mad Doc Grotsnik
And the sparky couldn’t check the electrics, as there’s a honking great mantelpiece blocking access.
Given a rough figure of £3k for a total re-wiring, and advised to ask for a certificate for power that’s been run to an external shed.
Defo reducing my offer by a bit now. Not the full amount, but around £6k.
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Post by: Crispy78
Yeah that sounds reasonable to me. Does it need a rewiring, or is that just a worst-case scenario quote?
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Post by: Overread
It should be noted that with the way the electric code changes all the time almost any house will "need rewiring" to meet current standards unless its a brand-new-build.
So there's certainly a difference between "it could do with a rewiring to be up to modern code" and "this is unsafe it needs rewiring and some of these wires are wrapped in cloth from the original invention of electricity"
When you say the mantelpiece is in the way is that just of a bit of cabling or was that in the way of the actual main breakerbox and such - cause yeah if its the latter then it would 100% need that part rewiring/changing for certain.
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Post by: Mad Doc Grotsnik
Main breaker box. Cabinet full of stuff, so couldn’t be moved. And it was bolted to the wall!
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Also, still awaiting the quote from the roofer. Have contacted another couple if he’s not interested, awaiting contact back.
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Post by: The_Real_Chris
£3 grand? That isn't a full rewiring. Do you mean chases cut into all the walls and ceilings, new fuse box(es), new circuits, modern number of plugs, etc? I was looking at £6-8 grand for a three bed flat done to the councils spec.
If it is the full monty I would suggest getting the option wired up to have an electric car charging system set up later if needed. There is a bit of tom foolery to be done with the fuse system and circuits to later accommodate it.
Also ask a solar panel install company what they need to plug into your network and setting it up to make that easy.
Oh and consider while everything is open (the chases, floorboards, etc.) laying shielded Lan cables. They can go near but not on electric cables and will give you option of very fast home network (both my brother and I have retrofitted dwellings with cables behind skirting boards but it is a massive faff).
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Post by: Flinty
How much asbestos is likely to be about? Such a wonder material…
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Post by: Mad Doc Grotsnik
And that’s a £6,500 reduction on offer agreed. So back to Full Steam Ahead.
Really starting to look like I might be in before the end of summer. Also signed off the last paperwork for inheritance, so will soon have the cash monies in hand.
Thank you all for the advice so far! You’ve genuinely made a difference in helping me navigate this, hopefully, once in a lifetime event.
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Post by: Crispy78
Woo, excellent news!
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Post by: Easy E
Nice! I hope you are right!
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Post by: Mad Doc Grotsnik
My conveyancing solicitors seem really on the ball, so should continue at a decent pace.
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