₦airaland Forum

Hi All,

Thought i should confirm if one loses a first time buyer scheme opportunity upon marrying a partner who owns a property via her FTB. Will be great to confirm. Many Thanks

mayo47:
Hi All,

Thought i should confirm if one loses a first time buyer scheme opportunity upon marrying a partner who owns a property via her FTB. Will be great to confirm. Many Thanks

Can you buy a property with your standing.....

Is she selling her property, to combine forces......

ukay2:
Why not excited again? Any issues on the survey or neighborhood?

Enjoy your the house....

Just missed feelings , survey will be done next week, neighbourhood is peaceful I visit randomly. Thank you

Not sure i understand "Can you buy ....." I have the deposit for 10%

At the moment, there are no plans to sell her property to combine forces

Lexusgs430:
Can you buy a property with your standing.....

Is she selling her property, to combine forces......

mayo47:
Not sure i understand "Can you buy ....." I have the deposit for 10%

At the moment, there are no plans to sell her property to combine forces

Do you intend to buy together or your financial standing, could get you a mortgage........

Yes, i can with my financial standing. No plans to buy together

Lexusgs430:
Do you intend to buy together or your financial standing, could get you a mortgage........

mayo47:
Yes, i can with my financial standing. No plans to buy together

So you would still be classified a FTB.......

mayo47:
Yes, i can with my financial standing. No plans to buy together

No, you are not classified as first time buyer since your partner already has a house. You will be required to pay the higher rate stamp duty.

PrettyPacy:
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 ?

BOE reduced rates to 4.75% from 5%

Even if she bought it before we got married?

deept:
No, you are not classified as first time buyer since your partner already has a house. You will be required to pay the higher rate stamp duty.

mayo47:
Even if she bought it before we got married?

Yup!. As long as you are married and one of you has a house/home, you are considered as one. Confirm with your solicitor

Heck, if you had a house in Nigeria or anywhere in the world before coming here you are not FTB.

deept:
BOE reduced rates to 4.75% from 5%

Yea I saw it. Thank you

Lexusgs430:
What sort of renovations are required.......

Interior painting, the 3 bathrooms all have shower glass but the walls are peeling off which means water has penetrated. So I need to screed and paint. The master room on the second floor doesn't have a door and I want to introduce a door so kids don't just step into the room from the staircase. Make them no dey see action when madam come upstairs for quickie. Lol

In all, it is just to touch all the minor repairs. The house is clean and not old. It was built in 2004 and is well maintained

elengine:
Interior painting, the 3 bathrooms all have shower glass but the walls are peeling off which means water has penetrated. So I need to screed and paint. The master room on the second floor doesn't have a door and I want to introduce a door so kids don't just step into the room from the staircase. Make them no dey see action when madam come upstairs for quickie. Lol

In all, it is just to touch all the minor repairs. The house is clean and not old. It was built in 2004 and is well maintained

Banks will advance you a mortgage for the purchase, but you will need to get a separate loan for renovations.

The things you’ve described don’t seem like they’ll be huge costs as they are mostly decorating stuff and not structural, so another option you can explore is to get a long-term 0% purchase or balance transfer card, then use that to buy materials and pay the tradespeople directly for labour.

elengine:
Interior painting, the 3 bathrooms all have shower glass but the walls are peeling off which means water has penetrated. So I need to screed and paint. The master room on the second floor doesn't have a door and I want to introduce a door so kids don't just step into the room from the staircase. Make them no dey see action when madam come upstairs for quickie. Lol

In all, it is just to touch all the minor repairs. The house is clean and not old. It was built in 2004 and is well maintained

In addition to the post below, its worth asking your mortgage advisor.
When I bought, mine asked if I'd need some extra money for moving and furniture so he could include it on the mortgage same thing he asked about the mortgage fee. Cant remember full details of the process again. I might have had a bit more room cos I started at 75% ltv.

Another option is reducing your LTV and use the extra to setup, that said, you need to weigh it against the higher interest rate of less competitive LTVs

For major renovations where u need good cash, the two above might help but you need to weigh the interest you'd pay over the years. For things less expensive like painting, you can do it as you get on or a zero interest CC as advised. Also some outlets where you buy items from have different credit options- some of very low/no interest

elengine:
Interior painting, the 3 bathrooms all have shower glass but the walls are peeling off which means water has penetrated. So I need to screed and paint. The master room on the second floor doesn't have a door and I want to introduce a door so kids don't just step into the room from the staircase. Make them no dey see action when madam come upstairs for quickie. Lol

In all, it is just to touch all the minor repairs. The house is clean and not old. It was built in 2004 and is well maintained

You need to tile the bathroom wall from top to bottom....... 😂🚽

Renovations are not that major...... Do you have a credit card.......

What jobs can you tackle yourself....... DIY..... 😁

We don't want the kids to think, daddy is trying to suffocate mum..... Why is he putting all his weight on her...... 😭🤣

Thank you all for your suggestions. I never thought of credit card cos I have always exercised restraint not to exceed 20% of my CC but since mortgage is settled, then to hell with 25% credit utilisation.

Lexusgs430:
You need to tile the bathroom wall from top to bottom....... 😂🚽

Renovations are not that major...... Do you have a credit card.......

What jobs can you tackle yourself....... DIY..... 😁

We don't want the kids to think, daddy is trying to suffocate mum..... Why is he putting all his weight on her...... 😭🤣

😆😆😆while Inspecting the house, that was the first thing that came to my mind. I was like.... if the kids are looking for their mum nko

deept:
Yup!. As long as you are married and one of you has a house/home, you are considered as one. Confirm with your solicitor

Heck, if you had a house in Nigeria or anywhere in the world before coming here you are not FTB

Please can elders clarify on the bolded. So assuming one has a building with tenants in Nigeria and have a LISA account , AIP, and booking viewings here already you can't be seen as FTB

Bukad:
Please can elders clarify on the bolded. So assuming one has a building with tenants in Nigeria and have a LISA account , AIP, and booking viewings here already you can't be seen as FTB

How would they know you have a home in Nigeria...... 🇳🇬😂

We recently viewed a few new builds and we're happy with one; 3-bed mid-terrace for 380K.

Developer has offered a 5% contribution to our 5% deposit. Initial conversation with the referred Mortgage Advisor shows we can get a mortgage for 4.5%.

However, the developer has told us they won't include flooring. We've asked multiple times but they've been insistent on not adding it. They even told us they can't give more than 5% incentive across board as per the lender Ts & Cs. I'm not really sure that's correct. Please share your thoughts on this.

Based on our calculation, it'll cost about 10k to do up the flooring via the builder. Of cos, we're now exploring getting quotes from independent contractors. What are the pros and cons of not doing the flooring with the builder?

We're keen on jumping on the property ladder and affordability won't be an issue in terms of monthly payment but our major concern now is raising extra money for things like flooring and some additional costs. Are there viable loan facilities for such with little or no interest?

Really interested in getting a house before end of March 2025 to escape the stamp duty increase and build equity.

Please share any other advice for first time buyers with little or no extra funds after paying the deposit 😕

Good evening everyone, I need some advise, my mortgage has been approved and the estate agent is insisting completion date should not be later than the 20/12 but my solicitor is saying they require 8-10weeks for conveyance and paper work and the completion date is not feasible what do I do ? I’m confused . Have contacted 2more solicitors and they confirm same.

PrettyPacy:
Good evening everyone, I need some advise, my mortgage has been approved and the estate agent is insisting completion date should not be later than the 20/12 but my solicitor is saying they require 8-10weeks for conveyance and paper work and the completion date is not feasible what do I do ? I’m confused . Have contacted 2more solicitors and they confirm same.

Have you considered using the same solicitor as the seller? If the offering, service and price are good, maybe you can concider that.

080bjaked:
Have you considered using the same solicitor as the seller? If the offering, service and price are good, maybe you can concider that.

How do I get the seller’s solicitors details? I do not have the sellers contact details.

PrettyPacy:
Good evening everyone, I need some advise, my mortgage has been approved and the estate agent is insisting completion date should not be later than the 20/12 but my solicitor is saying they require 8-10weeks for conveyance and paper work and the completion date is not feasible what do I do ? I’m confused . Have contacted 2more solicitors and they confirm same.

Is there a reason for that date?

It's out of your hands. I'd call the bluff of the EA on this and let them know all I can do is get a responsive solicitor . If they're really interested in completing before 20.12, then relisting is is not an option.

In such cases, I'd take more caution and if not a new build would do a good survey

jedisco:
Is there a reason for that date?

It's out of your hands. I'd call the bluff of the EA on this and let them know all I can do is get a responsive solicitor . If they're really interested in completing before 20.12, then relisting is is not an option.

In such cases, I'd take more caution and if not a new build would do a good survey

The estate agent mentioned the seller need the money to make payment towards the property they are going for and the property was built in 2020. Have already paid for L2 survey but with this issue with completion have ask that to wait.
Thanks for your input

PrettyPacy, there are solicitors who promise competition within speficic timelines and give you a refund if they don't meet it. Our sellers used one that promised 5 weeks and even though they didn't meet it (eventually took 8 or so due to an error on their part which is why I don't trust them and wouldn't recommend them specifically) but it was clear that the financial incentive made them work faster.

080bjaked:
Have you considered using the same solicitor as the seller? If the offering, service and price are good, maybe you can concider that.

PrettyPacy:
How do I get the seller’s solicitors details? I do not have the sellers contact details.

do not do this. There will be a conflict of interest. The solicitor will not work to your interest, only want to make his fees off both of you.

Besides any solicitor worth his salt will not agree to this.

PrettyPacy:
Good evening everyone, I need some advise, my mortgage has been approved and the estate agent is insisting completion date should not be later than the 20/12 but my solicitor is saying they require 8-10weeks for conveyance and paper work and the completion date is not feasible what do I do ? I’m confused . Have contacted 2more solicitors and they confirm same.

jedisco:
Is there a reason for that date?

It's out of your hands. I'd call the bluff of the EA on this and let them know all I can do is get a responsive solicitor . If they're really interested in completing before 20.12, then relisting is is not an option.

In such cases, I'd take more caution and if not a new build would do a good survey

id take the advice quoted above.

Call their bluff. Estate agent probably wants his commission for the Christmas holidays. Let your solicitor do that which needs to be done and if they are not happy, they can relist the property, get a buyer and complete on their preferred date.

kwakudtraveller:
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.

walked away. Seller wants premium price without handling the issues raised. it would have constituted a liability in the long run after all considered so we move. It wasn't in our preferred area, just the land and potential that came with it.

Funny thing, something close to madam's dream house was listed around the corner from this one 75k cheaper, a little less land with a lot more house.

Bukad:
Please can elders clarify on the bolded. So assuming one has a building with tenants in Nigeria and have a LISA account , AIP, and booking viewings here already you can't be seen as FTB

thats the rules.... but shhh!!!!! off the mic

Goodenoch:
PrettyPacy, there are solicitors who promise competition within speficic timelines and give you a refund if they don't meet it. Our sellers used one that promised 5 weeks and even though they didn't meet it (eventually took 8 or so due to an error on their part which is why I don't trust them and wouldn't recommend them specifically) but it was clear that the financial incentive made them work faster.

Well noted. Thank you