Owning your own home

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  • Ours reduces over the 5 year term. After Jan 2022 it would be 1%, but I don't think I can listen to upstairs farts for that much longer if I don't have to.

  • This.

    Technically not allowed under current rules hence the investigation with the financial ombudsman

  • They are essentially briefed to 'be nice' as a counterweight to the harsh realties of financial markets.

    Maybe (but i'm not completely convinced)

    I've never found that "being nice" was a feature of any of the govt agencies I've been involved with. Generally, the opposite.

    I'm a long time customer of both Barclays and Nationwide, and been quite happy with the service I've received from both. I have considered ditching Barclays on ethical grounds, but they are better at some things than NW.

  • How long did that take? Girlfriends flat in St. Reatham is on the market, seems to be doing OK on viewings but nothing else yet,not even a cheeky low ball offer so she is getting nervous.

    TBF it has been only on for about a week so meh

  • We listed a week and a half ago

  • What other generic costs of selling+buying am I missing?

    Estate Agent
    Early Repayment

  • Cleaning
    Additional searches

  • Stamp duty, potentially.

  • Thanks. Giving a decent over estimation for "solicitors" to deal with additional searches and insurances. Storage we're going to hopefully avoid. Cleaning we'll do ourselves or get someone in for a couple of hours. It's not a big place so wouldn't take a pro that long. More looking for the 4 figure stuff that I've ignored.

  • Good point. If it gets to the new year, I'll look at Nested's "bridging loan" and see if that counteracts going beyond March 31st. Although by then I should have more savings to similarly counteract it.

    I'll have to fudge my excel formulae to take into account >500k places so thanks for the reminder.

  • Windows need replacing. Are there any designs that facilitate cleaning from the inside?

  • Just to add, that solicitor's fees was excluding searches, etc. Can't remember how much they were. Sub-£500 I think

  • Deposit for exchange.

    Not a cost as such but it won't necessarily all be covered by sale/mortgage until completion.

  • Elaborate, please. I was assuming everything would be transferred on the same day as part of the chain?

  • Say you're selling for £300k and buying for £500k. When you exchange you'll get a £30k deposit on your sale and you'll need a £50k deposit on the one you're buying.

    As such, you'll need £20k in cash to make up the difference. Even if the full purchase will subsequently be covered by sale and mortgage that mortgage doesn't get released until completion.

  • Gotcha, thanks. Again, good to know. So it's not an additional expense, just some fluidity required until everything is squared away. I have that covered.

  • For anyone who has recently applied and been approved for a mortgage how long did it take from submission of your application to approval by the lender?

  • Next beg. Recommendations for Solicitor (sale and purchase) and Mortgage Advisor. South London preferred but not critical if they are worth the distance.

  • Yes. There are windows that tilt in giving you access to the outside panes for easier cleaning.

  • Also, at what point(s) in the process do you usually instruct/engage either a mortgage advisor and/or a solicitor.

    1. Value and list
    2. Accept Offer
    3. View properties
    4. Make Offer
    5. Have Offer accepted
    6. Exchange
    7. Complete.

    My guess is between 3 & 4?

  • We viewed houses immediately after listing (possibly before, in fact). You’ll need a solicitor after accepting an offer and I would probably see the mortgage advisor early doors too so you know what you’re dealing with.

  • My buyer just managed it in two weeks but I it will vary by lender / broker. They went through a broker.

    Two weeks is fast as there needs to be a lenders survey (usually) and if the place is a flat the freeholder might need to answer questions.

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Owning your own home

Posted by Avatar for Hobo @Hobo