₦airaland Forum

lightnlife:
Does it seem like rates will come down further?

With the first time buyer stamp duty threshold coming down from £425k to 300K. Buyers in the South will have more to worry about.

Why lowering this to £300k... This labour govt self ...

It's always good to key into the property ladder as soon as possible.... So l escaped this one

Hi all,

I would much appreciate your opinions regarding to rent-to-buy scheme. What do you think the pros and cons are? What kind of experiences can you share?
I'm trying to make a plan to get my own house, and at the moment I'm researching all the options out there.

hayesconcept:
Hi all,

I would much appreciate your opinions regarding to rent-to-buy scheme. What do you think the pros and cons are? What kind of experiences can you share?
I'm trying to make a plan to get my own house, and at the moment I'm researching all the options out there.

All this schemes, would always have a nasty sting in the tail.....

Cost of staircasing been the most prohibitive + status of ownership.... ....

Outright freehold purchases, is always the best route......

Ever wanted a reason to avoid leasehold properties..........

https://southwarknews.co.uk/area/peckham/peckham-leaseholders-expose-costs-of-17-3-million-major-works-project-as-councillors-admit-something-has-gone-terribly-wrong/

Good morning everyone please at what stage do I carry out a survey during house purchase ?

PrettyPacy:
Good morning everyone please at what stage do I carry out a survey during house purchase ?

Have offer accepted. Apply for mortgage and instruct solicitor (usually within days), then once you know the mortgage is in the bag, instruct a surveyor. There's no point doing a survey if the mortgage isn't guaranteed.

Ticha:
Have offer accepted. Apply for mortgage and instruct solicitor (usually within days), then once you know the mortgage is in the bag, instruct a surveyor. There's no point doing a survey if the mortgage isn't guaranteed.

Mortgage is guaranteed and offer accepted. Thank you

PrettyPacy:
Mortgage is guaranteed and offer accepted. Thank you

You're good to go with survey then! Good luck and wishing you all the best and lots of patience (if you're in England and Wales)

Ticha:
You're good to go with survey then! Good luck and wishing you all the best and lots if patience (if you're in England and Wales)

Thank you so much
In England and have added Patience to my name. Hahaha

Does anyone have experience to share on buying property as joint tenants or tenancy in common.

This is really for co-owning a property as a group of people

Taal17:
Does anyone have experience to share on buying property as joint tenants or tenancy in common.

This is really for co-owning a property as a group of people

You would require a lawyer, for such transactions (so every interest is covered)......

Lexusgs430:
You would require a lawyer, for such transactions (so every interest is covered)......

Thanks.

So would one get mortgage as a group?

Taal17:
Thanks.

So would one get mortgage as a group?

Yes, everybody would be subject to same checks and would submit all documentations required.......

Good evening everyone please I got a quote for level 2 survey for £535 is this the cost or do I look for another quote ?

PrettyPacy:
Good evening everyone please I got a quote for level 2 survey for £535 is this the cost or do I look for another quote ?

It's a free market, get 2/3 more quotes...... But that price seems fair......

Lexusgs430:
It's a free market, get 2/3 more quotes...... But that price seems fair......

Thank you I will get more quotes and compare. Thanks for all you do on this thread.

PrettyPacy:
Thank you I will get more quotes and compare. Thanks for all you do on this thread.

You could call them and ask for a 5-10% discount. I got a level 3 survey for £560 and it was money well spent.

@ Ticha, thank you very much for your advice, you are a gem on this forum. I got the seller to cut off £10,000 from the property after the survey. My Iyawo is very happy to be getting her dream home. 🙏🏿

kwakudtraveller:
You could call them and ask for a 5-10% discount. I got a level 3 survey for £560 and it was money well spent.

@ Ticha, thank you very much for your advice, you are a gem on this forum. I got the seller to cut off £10,000 from the property after the survey. My Iyawo is very happy to be getting her dream home. 🙏🏿

Congratulations!!!!

My seller is still playing difficult, replies to enquiries sound condescending. we are going the direct approach, you need to fix this and this and provide documents for that and that. they have even started packing. madam and I have our red line drawn and are willing to walk away.

deept:
Congratulations!!!!

My seller is still playing difficult, replies to enquiries sound condescending. we are going the direct approach, you need to fix this and this and provide documents for that and that. they have even started packing. madam and I have our red line drawn and are willing to walk away.

Thank you.

Guy, you need to show them that you can walk away. The agent threatened to put the property online multiple times, and I said go ahead…we are not in a hurry, a better property will come to the market, and the wait would be beneficial since mortgage rates would drop soon. After their initial threats, they came back with an 8K reduction, and we still said no. In the end, we ended up settling on 10k off.

kwakudtraveller:
You could call them and ask for a 5-10% discount. I got a level 3 survey for £560 and it was money well spent.

@ Ticha, thank you very much for your advice, you are a gem on this forum. I got the seller to cut off £10,000 from the property after the survey. My Iyawo is very happy to be getting her dream home. 🙏🏿

Okay I will call them.
Thank you

Good morning everyone just a little rant or missed feeling and I need some counselling from elders here, is this feeling normal? I’m not so excited about the purchase of the property. The house is a 5year old building with 3 spacious bedrooms 2bathrooms and a WC downstairs . Medium size kitchen and a long sitting room, a large garden and a garage. The deposit is not an issue at all but I’m not excited is this normal ?
Rant ends

PrettyPacy:
Good morning everyone just a little rant or missed feeling and I need some counselling from elders here, is this feeling normal? I’m not so excited about the purchase of the property. The house is a 5year old building with 3 spacious bedrooms 2bathrooms and a WC downstairs . Medium size kitchen and a long sitting room, a large garden and a garage. The deposit is not an issue at all but I’m not excited is this normal ?
Rant ends

Absolutely normal. Write down the pros and cons, what you like and do not like. What you can compromise on, the price, do you see yourself living there, short term/long term, the area, potential etc. At the end of the day you will have to make your decision and live with it

Buying a house is a lot of mental and emotional work. I am in the process of buying one right now, some days i absolutely love the property, some days i'm not excited about it.

there is no perfect property, unless you have unlimited GBP. if you want perfect you'll have to build it.

deept:
Absolutely normal. Write down the pros and cons, what you like and do not like. What you can compromise on, the price, do you see yourself living there, short term/long term, the area, potential etc. At the end of the day you will have to make your decision and live with it

Buying a house is a lot of mental and emotional work. I am in the process of buying one right now, some days i absolutely love the property, some days i'm not excited about it.

there is no perfect property, unless you have unlimited GBP. if you want perfect you'll have to build it.

Thank you. This is soul lifting for me.

Please, how low can someone go to start negotiation. Like a property listed on rightmove for £250,000, how low can I start to avoid starting with a price that will make one look unserious please

PrettyPacy:
Thank you. This is soul lifting for me.

Did you use the broker I recommended? You know interest rates have gone down? you can call your broker/bank back to get better rates on your mortgage. to help you save a few quid on your interest monthly.

Ogonsbaba:
Please, how low can someone go to start negotiation. Like a property listed on rightmove for £250,000, how low can I start to avoid starting with a price that will make one look unserious please

Start your research on https://propertychecker.co.uk , find out what similar properties sold for........

Then offer something close....... Start bargaining from that point....... 😎🤔

Please I need some clarity around buying a second hand house. The property is 20 years old and in a very good location. My current house is just 5 minutes walk away. Surprisingly, my madam who has always been bent on new build like the house. Now, my ASK is- will the lender give me the funds that cover purchase price and renovation or I will have to sort out renovation myself? Pls note that my DIP and AIP amount is far more than both purchase price plus whatever renovation will cost. Thanking you on advance

deept:
Did you use the broker I recommended? You know interest rates have gone down? you can call your broker/bank back to get better rates on your mortgage. to help you save a few quid on your interest monthly.

Yes i did. Will mention this to him on Monday. Thank you
And please do you have an idea what the current interest rate is ?

elengine:
Please I need some clarity around buying a second hand house. The property is 20 years old and in a very good location. My current house is just 5 minutes walk away. Surprisingly, my madam who has always been bent on new build like the house. Now, my ASK is- will the lender give me the funds that cover purchase price and renovation or I will have to sort out renovation myself? Pls note that my DIP and AIP amount is far more than both purchase price plus whatever renovation will cost. Thanking you on advance

You would not get cost for renovations, from your mortgage lender..... You could get a top loan, to run parallel......

Lexusgs430:
You would not get cost for renovations, from your mortgage lender..... You could get a top loan, to run parallel......

Thank you boss for this. At least I can now weigh my options. 🙏🙏

elengine:
Thank you boss for this. At least I can now weigh my options. 🙏🙏

What sort of renovations are required.......

PrettyPacy:
Good morning everyone just a little rant or missed feeling and I need some counselling from elders here, is this feeling normal? I’m not so excited about the purchase of the property. The house is a 5year old building with 3 spacious bedrooms 2bathrooms and a WC downstairs . Medium size kitchen and a long sitting room, a large garden and a garage. The deposit is not an issue at all but I’m not excited is this normal ?
Rant ends

Why not excited again? Any issues on the survey or neighborhood?

Enjoy your the house....