₦airaland Forum

Santa2:
@Solumtoya Did you go with the solicitors recommended by the developers or you sourced yours yourself? If you got your solicitor yourself? What did you look out for in getting it. Need to get a conveyance but I dont want to go with the developer recommended. Currently going through comparison sites but I would have preferred one from someone with positive experience.

Estroller:
You can get a mortgage with any credit score, but how competitive your interest rate is will depend on your credit profile/history and not necessarily your credit score. So I'll focus more on the latter than the former.

Solumtoya:
I hear this a lot but how true is it? In case of many of the big Lenders, the interest rate is fixed and doesn't vary with credit score. The application is either denied or approved, interest rate is as stated on the lender's website.

Anyone else has similar experience?

Solumtoya:
Solicitors recommended by the developer. I hoped they would have all the experience, documentation, etc needed for that development since they may have done it for 100s of my other neighbours. Overall, had no major issues with them, of course except, I noticed late that their price was very high.

Even my Mortgage broker was from the developer and that turned out super helpful. The brokers negotiated a good incentive for me since they had a relationship with the developer. My previous request for the incentive was declined but the broker basically told the developer: "this guy's eligibility is great and all he needs is this incentive" and in minutes, developer approved.

Many people advise against it saying "the broker/solicitor might protect the interest of the developer instead of yours" and I understand that opinion.

Santa2:
Did you converse with you neighbours before firming up on your place? I have been thinking of chatting up with the neighbours in the development just to get a general sense of their experience, so one can draw experience from. but in this land of mind you business, I dont know if its a good Idea.

profemebee:
hi hi, trust we are having a great journey in the UK

After exchanging contract, I hear completing takes 7-28 days on an average and might be quicker for new build which is my preference

1. How does one know what date to set as Completion date as one doesn't know how long it takes for Moneybox to send funds from customer's deposited funds to the Solicitor??

It is out of buyers' hands and don't know how quick it will be

This Completion date is key as I hear one must meet it to avoid penalties Or one needs to extend if the mortgage offer expires.

Pick a date and communicate same to your conveyancer. In picking the date, factor in when your rent and other bills in your present home is due, this is to eliminate (rarely happens) &/ reduce to the barest minimum the chances of you paying both rent and mortgage and other bill on both properties simultaneously. Your conveyancer will then liaise with the seller's (developer in your case) conveyancer and agree on a date that suits both parties.


2. Must a buyer move in immediately after completion for a new build?

No, and it is the same for old builds too. You move in when it is most convenient for you.

profemebee:
thanks for this..

I will consider all these.. cant be paying both places ooo..

Hopefully, any mortgage lender i use will not immediately expect mortgage payments..

Santa2:
I understand you get like a month or two before repayments start to kick in,

Santa2:
I understand you get like a month or two before repayments start to kick in,

Solumtoya:
Not true... They won't give you even 1 day off. I made my first repayment exactly 1 month after the completion and it was prorated for almost 7 weeks. Completed 15th Dec, paid first Mortgage repayment 1st Jan for half of December and whole of January.

profemebee:
hi hi, trust we are having a great journey in the UK

After exchanging contract, I hear completing takes 7-28 days on an average and might be quicker for new build which is my preference

1. How does one know what date to set as Completion date as one doesn't know how long it takes for Moneybox to send funds from customer's deposited funds to the Solicitor??

It is out of buyers' hands and don't know how quick it will be

This Completion date is key as I hear one must meet it to avoid penalties Or one needs to extend if the mortgage offer expires.


2. Must a buyer move in immediately after completion for a new build?

mohtunrahyor:
According to Moneybox, from receipt of the form, the whole process can take up to 10 working days if the request is for a full withdrawal of funds. Please note that this withdrawal can take longer if the customer is still contributing to their Lifetime ISA and/or requests that any pending government bonuses are also paid as part of the withdrawal.

Our solicitor received the funds from Moneybox within 3 - 4 working days after Moneybox received an email from the solicitor.
My husband- 3 working days
Mine - 4 working days because Solicitor responded to mine late, they thought it’s one LISA.

Lexusgs430:
New builds palaver..........


Our newbuild dream turned into a nightmare: Homeowners reveal horror of being ‘trapped’ in £400k ho… https://mol.im/a/13066187 via https://dailym.ai/android

justwise:
I'm never a fan of new build, overpriced, hidden construction issues that takes sometimes 2-3yrs to surface .

Rather buy old and renovate

Lexusgs430:
New builds palaver..........


Our newbuild dream turned into a nightmare: Homeowners reveal horror of being ‘trapped’ in £400k ho… https://mol.im/a/13066187 via https://dailym.ai/android

Lexusgs430:
Don't let the japa generation hear you o ...... They would start quoting NHBC ........😂😜

profemebee:
both have their pros and cons.... with old build, you will spend way more to renovate etc.. with new build, the developer can go into administration like this example..

Just go with your heart and what your money can manage.. and do your due diligence

so many articles to read..

https://www.whitegates.co.uk/news/new-build-vs-old-build

https://www.whitegates.co.uk/news/new-build-vs-old-build

https://goodmove.co.uk/blog/buying-advice/new-build-vs-old-house-which-is-best/

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/new-build-vs-existing-home/

https://www.comparemymove.com/advice/new-build-homes/new-build-vs-old-build

https://aspenwoolf.co.uk/resources/property-news/category/tips/new-builds-vs-old-builds-which-is-more-profitable/

justwise:
Aren’t we used to that now?

Lexusgs430:
Maybe they don't know, old builds can also be made energy efficient........ ⚡😂

justwise:
100% and I think govt pays for it or some of the cost?

justwise:
100% and I think govt pays for it or some of the cost?

Lexusgs430:
You have said it all and provoked a reaction.....

It's simply a matter of choice....... Same way some men love orobo's, whilst another set of men, only prefer leepa's....... 🤣😜
.

profemebee:
please explain oooo.. we need to learn..