Buying a house (and renting)

Victor Mildew wrote:

Moggy wrote:

Bunni wrote:

Moggy wrote:

Drumstick wrote:Good things truly do come to those who wait.

Fingers crossed!

That's not a growth wrote:You've rinsed a first time buyer? You heartless bastard!

She offered the money, I'm not going to refuse!

Although the landlords are dickheads, she really can't lose here. Property is going insane here, I don't see it crashing anytime soon as the entire area is gentrifying and the council have all sorts of plans in motion to improve everything.

But yeah, I am heartless.

First time buyer here. We paid £5k over the home report value (Scotland) and being closed bids I have no idea what the competition was, or if I 'overpaid' what I could have got the house for. I don't think about that, as I've got exactly what I want for a price I thought was fair to pay. Other places we looked at and got outbid for, I might have thought differently if I'd overpaid to get the sale but might not have actually been worth it. I'm paying for what I value the house, not to outbid the competition.

Yeah I don't feel too bad, she's offered what she's willing to pay, I haven't demanded more.

Moggy driving away after handing the keys over:

Moggy wrote:

Drumstick wrote:Good things truly do come to those who wait.

Fingers crossed!

That's not a growth wrote:You've rinsed a first time buyer? You heartless bastard!

She offered the money, I'm not going to refuse!

Although the landlords are dickheads, she really can't lose here. Property is going insane here, I don't see it crashing anytime soon as the entire area is gentrifying and the council have all sorts of plans in motion to improve everything.

But yeah, I am heartless.

This children is how young Moggy became a Tory

Young?

Moggy must be at about the age people turn Tory and develop cataracts. It was inevitable .

RIP In Peace, Moggy. Welcome to the world, Rees-Mogg.

Moggy's overcharged this poor first time buyer by so much that he'll buy two freehold properties, one to live in and one to then sell on a leasehold and take the lessees for everything they've got.

My mortgage application has been submitted and we've instructed a conveyancing solicitor so I've done all I can.

I'm borrowing more than I need to ensure I have enough to pay all the fees, tax and be able to buy nice new furniture. Despite that, if everything goes as planned, I'll be paying £80 less a month than I'm currently paying. And that's ignoring service charges and ground rent!

I'm excited but also terrified that this is all going to go wrong.

Moggy wrote:My mortgage application has been submitted and we've instructed a conveyancing solicitor so I've done all I can.

I'm borrowing more than I need to ensure I have enough to pay all the fees, tax and be able to buy nice new furniture. Despite that, if everything goes as planned, I'll be paying £80 less a month than I'm currently paying. And that's ignoring service charges and ground rent!

I'm excited but also terrified that this is all going to go wrong.

Can you borrow more than you need? Is that a down south thing or did I miss a trick to getting my kitchen renovated three years early?

Bunni wrote:

Moggy wrote:My mortgage application has been submitted and we've instructed a conveyancing solicitor so I've done all I can.

I'm borrowing more than I need to ensure I have enough to pay all the fees, tax and be able to buy nice new furniture. Despite that, if everything goes as planned, I'll be paying £80 less a month than I'm currently paying. And that's ignoring service charges and ground rent!

I'm excited but also terrified that this is all going to go wrong.

Can you borrow more than you need? Is that a down south thing or did I miss a trick to getting my kitchen renovated three years early?

Mortgage broker didn't question it. I'm basically going to be keeping some of the money from the sale of the flat and then borrowing for the house purchase.

Bunni wrote:

Moggy wrote:My mortgage application has been submitted and we've instructed a conveyancing solicitor so I've done all I can.

I'm borrowing more than I need to ensure I have enough to pay all the fees, tax and be able to buy nice new furniture. Despite that, if everything goes as planned, I'll be paying £80 less a month than I'm currently paying. And that's ignoring service charges and ground rent!

I'm excited but also terrified that this is all going to go wrong.

Can you borrow more than you need? Is that a down south thing or did I miss a trick to getting my kitchen renovated three years early?

The deposit and mortgage must equal the purchase price.

The only way to borrow more than you need is to have a deposit large enough that you can reduce it whilst still having sufficient borrowing power to offset this. E.g. If buying at 300k and you have 120k as a deposit and need 180k as a mortgage but you could do 100k and borrow 200k. You're borrowing "more than you need" but you haven't changed the end result of 300k.

Grumpy David wrote:

Bunni wrote:

Moggy wrote:My mortgage application has been submitted and we've instructed a conveyancing solicitor so I've done all I can.

I'm borrowing more than I need to ensure I have enough to pay all the fees, tax and be able to buy nice new furniture. Despite that, if everything goes as planned, I'll be paying £80 less a month than I'm currently paying. And that's ignoring service charges and ground rent!

I'm excited but also terrified that this is all going to go wrong.

Can you borrow more than you need? Is that a down south thing or did I miss a trick to getting my kitchen renovated three years early?

The deposit and mortgage must equal the purchase price.

The only way to borrow more than you need is to have a deposit large enough that you can reduce it whilst still having sufficient borrowing power to offset this. E.g. If buying at 300k and you have 120k as a deposit and need 180k as a mortgage but you could do 100k and borrow 200k. You're borrowing "more than you need" but you haven't changed the end result of 300k.

That makes sense. If I didn’t go £5k over the home report I could have kept that for the kitchen and made it up in the mortgage. Wouldn’t have got the sale mind. Unfortunately first time buyer without bank of mum and dad so lucky I had enough left over to hire a van.

Solicitors are bloody annoying aren't they! Last Monday they asked me to complete and return a form, which I did straight away. Thursday I received an email telling me the form was outstanding. I emailed back to say it had been sent but here's another copy, I asked them to acknowledge it. I then tried calling on Friday (no answer) and sent another email asking them to confirm they received it. Nothing.

Today they emailed me to say their support team is looking at my documents. But then straight after I got another email, from the support team, saying that the document is outstanding. I again sent the copy over and asked for an acknowledgment. Nothing back so far.

Wankers.

On the plus side, I've received my mortgage offer (still subject to valuation & underwriting) and my estate agent today confirmed that the lady buying my flat is also moving forward with mortgage and a surveyor will be in touch with me soon so they can value the flat. Fingers crossed they don't scupper things!

Its best to keep your expectations of solicitors at the absolute lowest they can be, that way you won't be disappointed.

Everything round here is either well out of my price range, or a stone's throw from being a crack den. Imagine my excitement when I found a really nice flat above a shop, just within my price range.

Sent an email to inquire last night, got a call back this morning to arrange a viewing- no pets.

To rent? Just don't tell them.

Chocolate-Milk wrote:Everything round here is either well out of my price range, or a stone's throw from being a crack den. Imagine my excitement when I found a really nice flat above a shop, just within my price range.

Sent an email to inquire last night, got a call back this morning to arrange a viewing- no pets.

No problem. Just leave the pets in your old place.

I’m sure I read that there was rules changing for pet owners soon, that it couldn’t be an automatic no, and they have to have a legit reason not to (not allowed in the development or such) and not just In don’t want to deal with potential mess but can’t exclude children from the listing’. Defo worth a google but if the landlords are asking no pets and your opening line becomes a fight, you might not have a great time with them in the long run.

Just bring your pets anyway. That's what I used to do.

Maybe it's a rental above a kebab shop, and the no pets part is saying what you'll be experiencing when you leave.

One of them actually was above an Indian place, to be fair


Mmmm, rabbit tikka balti...