Buying a house (and renting)

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Fri Sep 27, 2019 9:00 am

Yeah everyone always pushes for a date, it's annoying as strawberry float but just part of the process really. Our last move was really strawberry floating annoying because our buyers were constantly hounding us for dates and to move ASAP and then when we had got everything sorted they were like "oh soz, we can't actually move yet! PMSL!!!" :x :x :x

That 28 day deadline from the builders sounds like bullshit though, even a first time buyer with no chain and a mortgage already agreed in principle would struggle to turn things round in that time!

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PostRe: Buying a house (and renting)
by Dual » Fri Sep 27, 2019 9:04 am

The Builder just wants the sale and cash as soon as. Not your problem. They won't pull out.

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PostRe: Buying a house (and renting)
by Ecno » Wed Oct 02, 2019 5:47 pm

I am viewing a house being let directly by the landlord on Saturday (via Openrent). Is there anything specific to ask/look for? I'm already going to check the land registry to ensure the landlord actually owns the house.

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PostRe: Buying a house (and renting)
by Moggy » Thu Oct 03, 2019 3:30 pm

People that have sold and moved home, how did you start the process? Did you first find a place you want to move to, or did you put your home on the market and wait for an offer?

I am not sure I am ready to move, but I would like to and so am wondering the best way to start the process. I am guessing I should get my place valued first so I have a rough idea of what sort of money I would have to put down on a new place?

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PostRe: Buying a house (and renting)
by Jenuall » Thu Oct 03, 2019 4:43 pm

Moggy wrote:People that have sold and moved home, how did you start the process? Did you first find a place you want to move to, or did you put your home on the market and wait for an offer?

I am not sure I am ready to move, but I would like to and so am wondering the best way to start the process. I am guessing I should get my place valued first so I have a rough idea of what sort of money I would have to put down on a new place?

First thing I did was look at mortgage calculators from the major banks to get an idea of how much they might be willing to lend based on our current position - salaries, savings, equity etc.

From this we could tell if the amount they would lend and the amount we would likely get for our place (we already knew what this would be as several of the same house had sold on our street recently) would give us what we wanted to make the right move (after discounting all the strawberry floating FEES as well! :dread:)

Then we got our place formally valued and on the market and started having viewings.

Whilst our place was on the market we started looking at places in the price range which we think we would be able to get. One of the struggles here is that lots of sellers and estate agents get snooty about only wanting to deal with people "in a proceedable position" but we just told people that we had buyers and were in the process of selling ours so please let us look at the house!

One you have put an offer in and have agreed a price then you can finalise your mortgage (they can't do this until you have a final agreed purchase price) and the solicitors can jump in and start the process of selling and buying everything!

The difficulty with the whole process in my recent experience is that everyone wants everyone elses "bit" to be done before they will do theirs - it's like a nest of circular dependencies! :lol:

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PostRe: Buying a house (and renting)
by Moggy » Thu Oct 03, 2019 4:50 pm

Jenuall wrote:
Moggy wrote:People that have sold and moved home, how did you start the process? Did you first find a place you want to move to, or did you put your home on the market and wait for an offer?

I am not sure I am ready to move, but I would like to and so am wondering the best way to start the process. I am guessing I should get my place valued first so I have a rough idea of what sort of money I would have to put down on a new place?

First thing I did was look at mortgage calculators from the major banks to get an idea of how much they might be willing to lend based on our current position - salaries, savings, equity etc.

From this we could tell if the amount they would lend and the amount we would likely get for our place (we already knew what this would be as several of the same house had sold on our street recently) would give us what we wanted to make the right move (after discounting all the strawberry floating FEES as well! :dread:)

Then we got our place formally valued and on the market and started having viewings.

Whilst our place was on the market we started looking at places in the price range which we think we would be able to get. One of the struggles here is that lots of sellers and estate agents get snooty about only wanting to deal with people "in a proceedable position" but we just told people that we had buyers and were in the process of selling ours so please let us look at the house!

One you have put an offer in and have agreed a price then you can finalise your mortgage (they can't do this until you have a final agreed purchase price) and the solicitors can jump in and start the process of selling and buying everything!

The difficulty with the whole process in my recent experience is that everyone wants everyone elses "bit" to be done before they will do theirs - it's like a nest of circular dependencies! :lol:


Cheers, that’s the way I was thinking of going about it.

It sounds horrible though and I also have to fight or give into the landlords before I can really do anything. Grr!

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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Oct 03, 2019 5:44 pm

Truthfully, it is a hideously stressful and expensive experience. When it's all over, you will feel as though part of your life has vanished to the act and you'll swear to never even contemplate it again.

So, err, have fun!

Where do landlords come into it if you're selling your own property? Is this that big dispute with the property management company?

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PostRe: Buying a house (and renting)
by Moggy » Thu Oct 03, 2019 5:47 pm

Oblomov Boblomov wrote:Truthfully, it is a hideously stressful and expensive experience. When it's all over, you will feel as though part of your life has vanished to the act and you'll swear to never even contemplate it again.

So, err, have fun!

Where do landlords come into it if you're selling your own property? Is this that big dispute with the property management company?


Yeah I’m expecting lots of fun. :dread:

Yeah by landlords I mean the owners of the building freehold and and the property management company employed to manage the building. banana splits that they are.

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PostRe: Buying a house (and renting)
by Tomous » Tue Oct 08, 2019 12:28 pm

So we've had the survey report back, and they've identified a number of serious issues that require immediate rectification and repair. The report seems to be estimating £13kish but we obviously don't have actual quotations.

We're being pushed by the chain to exchange on Friday. Obviously this is ridiculous in light of the above, so we've gone back and said we need £15k off the price to exchange without further investigation. I very much doubt they'd accept this but we'd probably take £10k off to get it over the line.

The estate agents have just replied asking to see the survey report-everyone seems to be suggesting sharing the report is a big no no during negotiations-thoughts on this?

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PostRe: Buying a house (and renting)
by Lotus » Tue Oct 08, 2019 12:50 pm

I've no experience in that kind of situation, but if I was selling and somebody wanted a sigificant chunk of money off because of reason xyz, I'd want to see some justification, i.e. the survey report. When you say 'everyone' seems to be suggesting that you shouldn't share it, who is that? The only party I'd listen to is your solicitor.

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PostRe: Buying a house (and renting)
by Tomous » Tue Oct 08, 2019 12:54 pm

Lotus wrote:I've no experience in that kind of situation, but if I was selling and somebody wanted a sigificant chunk of money off because of reason xyz, I'd want to see some justification, i.e. the survey report. When you say 'everyone' seems to be suggesting that you shouldn't share it, who is that? The only party I'd listen to is your solicitor.



Yes-solicitor, my wife's brother who works in property and friends who have been in similar situations. But yes solicitor said not to this morning.

I do agree with your point though, I'm thinking about sending an extract that lists all the repair works identified as required.

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PostRe: Buying a house (and renting)
by Tomous » Tue Oct 08, 2019 12:55 pm

The main issue is we need time to really identify what the costs are going to be but they don't want to give us any time.

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PostRe: Buying a house (and renting)
by Jenuall » Tue Oct 08, 2019 1:06 pm

Sending an extract seems like a reasonable move, we did something like this with our last purchase. The survey indicated that they were overestimating the value of the property and sharing some of the feedback from the survey helped in negotiating a reduction.

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PostRe: Buying a house (and renting)
by Tomous » Tue Oct 08, 2019 4:57 pm

They're not happy with just extracts, which I do understand, but I'm not sure where we go from here. The EA is trying to imply that it is common practice to share it in full but I know exactly what will happen, they'll phone the Surveyor and come back to us and say they've spoken to the Surveyor it's actually only really £2k in repair work.

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PostRe: Buying a house (and renting)
by That's not a growth » Tue Oct 08, 2019 6:01 pm

Have the people who told you no to share it not said what they think you should do? Seems a bit odd giving half a piece of advice.

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PostRe: Buying a house (and renting)
by Dual » Wed Oct 09, 2019 3:26 am

Tomous wrote:They're not happy with just extracts, which I do understand, but I'm not sure where we go from here. The EA is trying to imply that it is common practice to share it in full but I know exactly what will happen, they'll phone the Surveyor and come back to us and say they've spoken to the Surveyor it's actually only really £2k in repair work.


Does the report not have a valuation as well?

Fwiw we sent the report when the same thing happened to us 3 years ago.

I would send the report and then ask for another viewing and take someone with you for another opinion or quote. Ideally a builder but a practically minded friend or family member would suffice.

£13k worth of repairs is substantial even if surveyors tend to over egg these sorts of things. How old is the property? What sort of repairs does it describe? What do you think?

If you want to PM me for a second opinion you can.

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PostRe: Buying a house (and renting)
by pjbetman » Wed Oct 09, 2019 11:49 am

Tomous wrote:They're not happy with just extracts, which I do understand, but I'm not sure where we go from here. The EA is trying to imply that it is common practice to share it in full but I know exactly what will happen, they'll phone the Surveyor and come back to us and say they've spoken to the Surveyor it's actually only really £2k in repair work.


What sort of repair works are they? I'd imagine that they massively over estimate the costs.

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PostRe: Buying a house (and renting)
by Jenuall » Wed Oct 09, 2019 11:55 am

Out of interest what level of survey did you go for Tomous? There's quite a difference in terms of the level of detail they go into between something like a Home Buyer survey and a "full" building survey.

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PostRe: Buying a house (and renting)
by Tomous » Wed Oct 09, 2019 12:00 pm

That's not a growth wrote:Have the people who told you no to share it not said what they think you should do? Seems a bit odd giving half a piece of advice.


To provide extracts of the report on the key areas, which we've done.

Dual wrote:
Tomous wrote:They're not happy with just extracts, which I do understand, but I'm not sure where we go from here. The EA is trying to imply that it is common practice to share it in full but I know exactly what will happen, they'll phone the Surveyor and come back to us and say they've spoken to the Surveyor it's actually only really £2k in repair work.


Does the report not have a valuation as well?

Fwiw we sent the report when the same thing happened to us 3 years ago.

I would send the report and then ask for another viewing and take someone with you for another opinion or quote. Ideally a builder but a practically minded friend or family member would suffice.

£13k worth of repairs is substantial even if surveyors tend to over egg these sorts of things. How old is the property? What sort of repairs does it describe? What do you think?

If you want to PM me for a second opinion you can.


Property is 70s. Mainly roof, damp and some structural issues. To be honest, the report has highlighted a lot and I know surveyors like to cover their back and we're more than prepared to work through the issues and gain an understanding of how critical they are but we're being pushed to exchange on Friday which is clearly not gonna happen right now.

Appreciate that mate-may contact you later today.

Jenuall wrote:Out of interest what level of survey did you go for Tomous? There's quite a difference in terms of the level of detail they go into between something like a Home Buyer survey and a "full" building survey.


It was a Level 3 Building Survey. Like I say, I do get that not all these costs may be realistic, but I don't really see how we can exchange without considering them in more detail first.

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PostRe: Buying a house (and renting)
by Poncho » Wed Oct 09, 2019 12:27 pm

My girlfriend and I are buying a property. We also had a building survey done and the report made it sound like the house was going to collapse at any minute - there's a lot of arse covering to shift through to work out what the real problems are ("The roof looks fine, but it could also blow away so better get someone in to confirm it's fine." Vague stuff like that.). Our report had a list of all the costs and it was close to 20k, but most of it was stuff that wasn't critical to my mind (or a 'red' problem as ours used that traffic light system). I'm not paying £2,500 for two new doors because he thinks they "may" not be secure enough (listed as a red/critical issue), or £1,500 to get rid of some moss on the roof.


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