Placeholder 8
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[Guidance: How to buy a home] - Gov.uk 🏞️🧬

1. Introduction
Buying a home is often the largest purchase you will make in your lifetime. It is really important you have the right information, at the right time, to ensure you make informed decisions.
You can avoid stress and speed up the process by knowing which questions to ask, what your rights are, and what responsibilities you have as a home buyer

Who is this guide for?
This guide is for people who are thinking of purchasing a home. First-time buyers may find it particularly useful, but as the buying process can change, even more experienced buyers can benefit from understanding the latest key steps.
- It is focused on freehold properties.
- It includes a short overview of how to buy a leasehold property – more detailed information is available in government’s How to lease guide.
- It covers purchasing a property which is currently rented out, but only if you plan to live in it yourself. If you’re looking for more information on buying to let, details are available in government’s How to let guide.
- It is intended for people purchasing a home in England or Wales. More information on buying property in Scotland or Northern Ireland is available through the links.
- It is intended as a helpful overview of the process; it is not a definitive statement of the law and not all of the steps are mandatory for all cases. If you are thinking of buying a property, you should seek independent financial and legal advice.

Read more on YouKay Gov site: [Guidance: How to buy a home]

Finally! Thank you for creating this o @semmyk! Loads of resources already!

Thanks SemmyK for opening this thread.
We are now on countdown to many UK new house owner for 2023. It’s doable.

Key Term for the week _{(well, maybe for the day!):} #Commonhold
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Commonhold: A variant of freehold, where multi-occupancy building is subdivided into smaller, distinct freehold units on the same land. Commonhold was created by the Leasehold Reform Act of 2002, which overcomes some of the worst aspects of leaseholds. See Home Owner Association . NB: Referred to as Sectional Title in South Africa, Strata Title system in Australia, and in North America the condominium system.

In commonhold, you become a 'unit owner's. Own na own, e better pass lease! 😉
YouKay Gov talk am say, "... As a unit owner you have the opportunity to participate in the commonhold association and to vote on decisions like who to appoint as a director and whether to make building improvements, such as vehicle charging points, for example. ..."

Nice

Many thanks for this semmyk.

Please can someone please explain this chain/no chain term
Chain does not sound good or is it?
Thanks

Property chain in itself, might be inevitable. Often, the seller is putting his/her/their property on the market for sale because (s)he/they are also buying another (primary) residence property (or off-loading a property to invest in another).
What then happen is that there are suspensive clauses. In essence, B put property Y on the market for sale. C offer to buy property Y from B. In tandem, B puts in offer to buy property X from A. If B's condition to A to buy A's property is that B's offer to purchase A's X property is that B MUST sell his/her/their Y property (whether mortgage or not mortgage), then you have property chain. There's a chain around property Y, which must be 'cut' before C can be successful in their purchase (outright or mortgage) of B's chained property. ⛓️
PS: there are other nuances of property chain.

I believe someone else will provide us all with a detailed breakdown/ explanation. @Gurus in the house, kindly assist.

Jojujewel:
... ... Please can someone please explain this chain/no chain term
Chain does not sound good or is it?
Thanks

As Semmyk has explained: chain is usually not straightforward and the sale can fall through any time.

For example, I have a house but want to upsize or downsize to another house. I don't have deposit to buy the new house but I am relying on getting the money from the sale of my current house to purchase the new house. I also don't want to be homeless. So I will put my house on the market and once I get an offer from a buyer, I will then place an offer on another house to buy the house. I will have to tell the person that I am buying from that I will be using the proceeds from the sale of my other property. So, the 2 sales are chained. The 2 sales have to happen simultaneously. I will complete the buying process at the same time as the sale of my property as I want to move from my current house straight to my new house. The 2 other parties involved (my buyer and my seller) might also have houses they are selling and buying respectively. So, the chain can be very long. If someone pulls out, which happens quite often, the chain will collapse. So it can be really stressful.

Jojujewel:
Many thanks for this semmyk.

Please can someone please explain this chain/no chain term
Chain does not sound good or is it?
Thanks

Good thread! Thanks Semmyk for giving us hope of owing property in this youkay

This is such a rich thread! Not a ftb but even I find it very useful.
Thanks semmyk and every contributor(s).

Thank you Semmyk and all other Ancestors showing us Road.

I contacted an Adviser last week who told me lenders are unable to give me LTV of 90%. Because I have only been in the UK for a year.
What is available for me is LTV 75%. Or wait until I am two years old in the UK.
We have 15% of the property we intend to buy but are unable to get a lender that can do 85%.

Please dear Ancestors, if you see any lender that fit run am for me, connect me biko.

I don already pay £9,800 rent for my 13months here.

I want to contribute to my own mortgage.

Pearlyfaze:
Thank you Semmyk and all other Ancestors showing us Road.

I contacted an Adviser last week who told me lenders are unable to give me LTV of 90%. Because I have only been in the UK for a year.
What is available for me is LTV 75%. Or wait until I am two years old in the UK.
We have 15% of the property we intend to buy but are unable to get a lender that can do 85%.

Please dear Ancestors, if you see any lender that fit run am for me, connect me biko.

I don already pay £9,800 rent for my 13months here.

I want to contribute to my own mortgage.

Found this (he needs a good copy writer though) - https://www.nicheadvice.co.uk/10-deposit-mortgage-for-foreign-nationals-with-a-visa-in-the-uk/

and this - https://justmortgagebrokers.co.uk/mortgages/tier-2-visa-mortgages/

Please feedback if they're useful!

Which Lisa apps are the best?
Looking to sign up for one that's easy to get on

Prompted by @Santa2 post in Living in the UK. link: Thread updated with (part) list of homebuilders

Windows' Ctrl+Alt+Del locked for great input ... ... Loading

AltCtrlDel:
This property belongs to AltCtrlDel. Do not trespass

Ticha:


Found this (he needs a good copy writer though) - https://www.nicheadvice.co.uk/10-deposit-mortgage-for-foreign-nationals-with-a-visa-in-the-uk/

and this - https://justmortgagebrokers.co.uk/mortgages/tier-2-visa-mortgages/

Please feedback if they're useful!

Thank you our own mma Ticha.
I will check them out and get back to us here.

I can't authoritatively provide one.
See updated placeholder 3 on first page of this thread - link .
Seemly, Save the students guide on LISA - link has a write-up with a list of LISA (stocks and shares)
1. AJ Bell Youinvest | stocks and shares | Lifetime ISA
2. Hargreaves Lansdown | stocks and shares | Lifetime ISA
3. Nutmeg | stocks and shares | Lifetime ISA
4. Moneybox | stocks and shares | Lifetime ISA
_{PS: This is not an endorsement}

hustla:
Which Lisa apps are the best?
Looking to sign up for one that's easy to get on

semmyk:
Windows' Ctrl+Alt+Del locked for great input ... ... Loading

🤣🤣🤣

Moneybox is not bad.

hustla:
Which Lisa apps are the best?
Looking to sign up for one that's easy to get on

Some time last year, I received a series of newsletters from Creditladder on understanding mortgage dynamics. It covered several areas from saving to hunting, broker relations and financing.

I'm sharing the link to the full article, hoping it'll help someone as I can't share the newsletters in bits.

https://www.creditladder.co.uk/blog/how-to-get-a-mortgage#find-out-how-much-you-can-borrow

DoubleN:
Moneybox is not bad.

Thanks!

Myati:
This is such a rich thread! Not a ftb but even I find it very useful.
Thanks semmyk and every contributor(s).

It is actually the best info venue for would be property owners in UK. I join others to say "Profound thanks" to Semmyk. Link forwarded to all contacts in UK

Ticha:


Found this (he needs a good copy writer though) - https://www.nicheadvice.co.uk/10-deposit-mortgage-for-foreign-nationals-with-a-visa-in-the-uk/

and this - https://justmortgagebrokers.co.uk/mortgages/tier-2-visa-mortgages/

Please feedback if they're useful!

The first seemed like it will be useful, however, it was not helpful in the end. I was expecting the author to list the mortgage companies that will offer 95% mortgage to foreigners on T2 visa, but he kept on rambling and in the end put down net to catch gullible people for marketing (unsolicited emails and phone calls). Pretty much same for all bloggers plus his spelling and writing was getting in the way.


The second one was trash.

Ticha:


Found this (he needs a good copy writer though) - https://www.nicheadvice.co.uk/10-deposit-mortgage-for-foreign-nationals-with-a-visa-in-the-uk/

and this - https://justmortgagebrokers.co.uk/mortgages/tier-2-visa-mortgages/

Please feedback if they're useful!

Good evening Dear Ancestors.

I am reporting back on my finding with the above links.
None of them have a different advice to Tier 2 holders.
Its still drop 25%. Or wait until you are two years old in the UK.

So we wait till November.

Thanks for the update. Further lead or success awaited.
For now, we move while we keep calm and keep exploring

Pearlyfaze:
Good evening Dear Ancestors.
I am reporting back on my finding with the above links.
None of them have a different advice to Tier 2 holders.
Its still drop 25%. Or wait until you are two years old in the UK.
So we wait till November.

Pearlyfaze:


Good evening Dear Ancestors.

I am reporting back on my finding with the above links.
None of them have a different advice to Tier 2 holders.
Its still drop 25%. Or wait until you are two years old in the UK.

So we wait till November.

That's a shame. I asked in my circles but most are investors therefore always have a 25% deposit or more plus already have a UK footprint or a JV partner that's British. Nov is round the corner. Na to ramp up savings and it seems the property market is stabilising in terms of prices. I'm seeing price reductions everywhere and properties sitting on the market for longer.

I actually got a different update from the second broker posted. Their brokers name is Needham Mortgage centre.

An option they mentioned to get around the 25% deposit if you’re less than 2years in the UK is if combined household income is above £100k. Although the options of lenders will be fewer but there are a handful of them willing to provide a mortgage of more than 85% LTV. So if this is your case then it’s worth having a look.

Thought to add this.

Does the 25% deposit applicable to first time buyer using Lisa?

Ticha:


That's a shame. I asked in my circles but most are investors therefore always have a 25% deposit or more plus already have a UK footprint or a JV partner that's British. Nov is round the corner. Na to ramp up savings and it seems the property market is stabilising in terms of prices. I'm seeing price reductions everywhere and properties sitting on the market for longer.

Phayie:
Does the 25% deposit applicable to first time buyer using Lisa?

No FHB can use as low as a 5% deposit. Most use 10%.

Ticha:


No FHB can use as low as a 5% deposit. Most use 10%.

Thank you 😊