₦airaland Forum

deept:
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.

Thanks for this will speak to my solicitor to continue the paperwork and conveyance. Thank you

deept:
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.

I understand is just a way to also put the seller on their toes…thank you

lightnlife:
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 😕

Do the flooring yourself. Go to a Major Flooring company like Tapi or Carpetright and you could get a quote as low as £3k for your entire house, they will also give you a payment plan where you can spread for up to 4 years without interest so you end up paying like £80 monthly.

As for the deposit contribution, 5% seems like the best you will typically get.

Solumtoya:
Do the flooring yourself. Go to a Major Flooring company like Tapi or Carpetright and you could get a quote as low as £3k for your entire house, they will also give you a payment plan where you can spread for up to 4 years without interest so you end up paying like £80 monthly.

As for the deposit contribution, 5% seems like the best you will typically get.

Carpetright is gone bust, CR stores not bought by tapi, have shutdown for good...... 😁

Fantastic! Thanks for the insight.

Solumtoya:
Do the flooring yourself. Go to a Major Flooring company like Tapi or Carpetright and you could get a quote as low as £3k for your entire house, they will also give you a payment plan where you can spread for up to 4 years without interest so you end up paying like £80 monthly.

As for the deposit contribution, 5% seems like the best you will typically get.

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.

Follow your solicitor advice... No mind the estate agent. The estate agent will calm down when the searches commence. All the best.

lightnlife:
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 😕

I will not go for the deal.

This is why l went for a 5 year old built property as everything has been settled by previous first buyer already. I don't have time for unnecessary stress.

All the best.

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

There may be biases using same sellers solicitor in my thoughts.

PrettyPacy:
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

Most of the times, the estate agent is after their returns... Pockets...

ukay2:
Follow your solicitor advice... No mind the estate agent. The estate agent will calm down when the searches commence. All the best.

Thank you

Please oh the seniors. An update to my previous post:

1. I have reserved the first new build and the solicitors recommended by the Builder has commenced work. Their recommended broker is also working on my mortgage approval. Hopefully it comes back soon.

2. I have another DIP obtained from another broker and that one is for old build. I am still negotiating with the Estate Agent. I want to take advantage of the fact that I already have a bird at hand and so I slashed the asking price thinking they may say yes and if they insist on no, I move.

I also have another DIP with another broker bit don't let me bore you with this.

My question, can I have more than one mortgage applications at the same time? And I hope it doesn't have any effect? The idea is to go for the best even if the 3 applications says yes to me.

Lastly, for new build, is it possible to solicitor to conclude e everything within 1 month. Note that the solicitor was recommended by the Builder.


I will be waiting in one corner here with a cup of zobo to read your useful comments as usual.

ukay2:
I will not go for the deal.

This is why l went for a 5 year old built property as everything has been settled by previous first buyer already. I don't have time for unnecessary stress.

All the best.

Forfeit a £19,000 incentive and go for a 5-year old house just because the builder doesn't want to do a £3k flooring? I understand the hassle of a few weeks of setting up a brand new house but people seem to undermine the financial relief the incentives can give a buyer, not to mention the peace of mind that comes with the builder's 2-year warranty

elengine:
Please oh the seniors. An update to my previous post:

1. I have reserved the first new build and the solicitors recommended by the Builder has commenced work. Their recommended broker is also working on my mortgage approval. Hopefully it comes back soon.

2. I have another DIP obtained from another broker and that one is for old build. I am still negotiating with the Estate Agent. I want to take advantage of the fact that I already have a bird at hand and so I slashed the asking price thinking they may say yes and if they insist on no, I move.

I also have another DIP with another broker bit don't let me bore you with this.

My question, can I have more than one mortgage applications at the same time? And I hope it doesn't have any effect? The idea is to go for the best even if the 3 applications says yes to me.

Lastly, for new build, is it possible to solicitor to conclude e everything within 1 month. Note that the solicitor was recommended by the Builder.


I will be waiting in one corner here with a cup of zobo to read your useful comments as usual.

Hard or soft searches on your credit? Might affect credit rating/profile if too many searches.

Typically for new builds with developers, if you go with their recommended solicitors, completion is usually faster because solicitor already has all the info about the property.

Solumtoya:
Forfeit a £19,000 incentive and go for a 5-year old house just because the builder doesn't want to do a £3k flooring? I understand the hassle of a few weeks of setting up a brand new house but people seem to undermine the financial relief the incentives can give a buyer, not to mention the peace of mind that comes with the builder's 2-year warranty

Most new builds are massively overpriced in the first instance so the 19k incentive is not quite as big a deal as it kght seem. House value will likely drop right after purchase and take some time to recover. https://www.thisismoney.co.uk/money/mortgageshome/article-13271345/New-build-house-prices-boomed-17-year-older-homes-stayed-flat-map-shows-price-gap-area.html

Warranty is good but that's what a survey and multiple viewings are for. Plus the warranties also come with a lot of hassle many times.

Goodenoch:
Most new builds are massively overpriced in the first instance so the 19k incentive is not quite as big a deal as it kght seem. House value will likely drop right after purchase and take some time to recover. https://www.thisismoney.co.uk/money/mortgageshome/article-13271345/New-build-house-prices-boomed-17-year-older-homes-stayed-flat-map-shows-price-gap-area.html

Warranty is good but that's what a survey and multiple viewings are for. Plus the warranties also come with a lot of hassle many times.

Fair point but I'd explain further.

These statistics are quite skewed because of outliers like London. Currently, in my area, New builds are more expensive but definitely not by the margins often protrayed like in the article.

For instance, a new build 3 bed in my area is about 300k while a decent similar old build is about 280k or more. Now the New Build buyer needs to raise £15k while the old build buyer needs to raise £28k. That extra £13k can make most people never achieve home ownership. (To be really honest, new builds are cheaper where I live, but I think that might be due to smaller plots or cheaper build quality)

Now for the poster's case, even if he gets a cheaper £320k ish old build, the £380k new build still has alower deposit of £19k as opposed to the £32k he would have had to raise for an older house and topically the margin might be higher than this my £13k assumption.

My point is the £19k incentive is actually a big deal.

Now, in the long term, both houses should normalise at about similar prices so if he's not selling in the near future, he should be fine.

The downside on pricing is the Monthly payment. The New build will still pay a little higher.

As for Warranty, no amount of survey would shield you from potential surprises in 2 years. Developers would literally paint your house when you stain it while packing. They would unblock your drain, change faulty fridges, etc. That Warranty means a lot. And I don't get any hassles on my Warranty, they actually call me every few months to ask if there are any Complaints and if I state any, they show up immediately and get it sorted

Please what is the best LISA provider to use for a first time home buyer. Is there anyway one can max out the 4k in a 12 month period 2wice and get government bonus 2 times?

NewT123:
Please what is the best LISA provider to use for a first time home buyer. Is there anyway one can max out the 4k in a 12 month period 2wice and get government bonus 2 times?

Moneybox is very good as me and my wife are using Moneybox too. The duration to be eligible for the £1K bonus is from 6th April 2024 to 5th April 2025. You can deposit £4K now to get £1K bonus and deposit another £4K after 6th April 2025 to get another £1K bonus.

Thanks for the insight. I guess the first thing to consider is the availability or otherwise and comparative price of the slightly older properties as advised.

Just a quick search and couldn't find any deal of sort.

ukay2:
I will not go for the deal.

This is why l went for a 5 year old built property as everything has been settled by previous first buyer already. I don't have time for unnecessary stress.

All the best.

Interesting explanation.

Undoubtedly, the incentive particularly the 5% deposit contribution is a great boost.

In the long run, things will even out.

If you don't mind me asking, which area do you reside? Houses prices seem really decent there. Thanks

Solumtoya:
Fair point but I'd explain further.

These statistics are quite skewed because of outliers like London. Currently, in my area, New builds are more expensive but definitely not by the margins often protrayed like in the article.

For instance, a new build 3 bed in my area is about 300k while a decent similar old build is about 280k or more. Now the New Build buyer needs to raise £15k while the old build buyer needs to raise £28k. That extra £13k can make most people never achieve home ownership. (To be really honest, new builds are cheaper where I live, but I think that might be due to smaller plots or cheaper build quality)

Now for the poster's case, even if he gets a cheaper £320k ish old build, the £380k new build still has alower deposit of £19k as opposed to the £32k he would have had to raise for an older house and topically the margin might be higher than this my £13k assumption.

My point is the £19k incentive is actually a big deal.

Now, in the long term, both houses should normalise at about similar prices so if he's not selling in the near future, he should be fine.

The downside on pricing is the Monthly payment. The New build will still pay a little higher.

As for Warranty, no amount of survey would shield you from potential surprises in 2 years. Developers would literally paint your house when you stain it while packing. They would unblock your drain, change faulty fridges, etc. That Warranty means a lot. And I don't get any hassles on my Warranty, they actually call me every few months to ask if there are any Complaints and if I state any, they show up immediately and get it sorted

Ogonsbaba:
Moneybox is very good as me and my wife are using Moneybox too. The duration to be eligible for the £1K bonus is from 6th April 2024 to 5th April 2025. You can deposit £4K now to get £1K bonus and deposit another £4K after 6th April 2025 to get another £1K bonus.

Thanks, Moneybox it is then

Solumtoya:
Fair point but I'd explain further.

These statistics are quite skewed because of outliers like London. Currently, in my area, New builds are more expensive but definitely not by the margins often protrayed like in the article.

For instance, a new build 3 bed in my area is about 300k while a decent similar old build is about 280k or more. Now the New Build buyer needs to raise £15k while the old build buyer needs to raise £28k. That extra £13k can make most people never achieve home ownership. (To be really honest, new builds are cheaper where I live, but I think that might be due to smaller plots or cheaper build quality)

Now for the poster's case, even if he gets a cheaper £320k ish old build, the £380k new build still has alower deposit of £19k as opposed to the £32k he would have had to raise for an older house and topically the margin might be higher than this my £13k assumption.

My point is the £19k incentive is actually a big deal.

Now, in the long term, both houses should normalise at about similar prices so if he's not selling in the near future, he should be fine.

The downside on pricing is the Monthly payment. The New build will still pay a little higher.

As for Warranty, no amount of survey would shield you from potential surprises in 2 years. Developers would literally paint your house when you stain it while packing. They would unblock your drain, change faulty fridges, etc. That Warranty means a lot. And I don't get any hassles on my Warranty, they actually call me every few months to ask if there are any Complaints and if I state any, they show up immediately and get it sorted

Fair enough. Those are very good points and I agree for the most part.

That part about new builds being smaller particularly rings true for me. That's the biggest issue I have with them.

lightnlife:
Interesting explanation.

Undoubtedly, the incentive particularly the 5% deposit contribution is a great boost.

In the long run, things will even out.

If you don't mind me asking, which area do you reside? Houses prices seem really decent there. Thanks

.

Hello everyone, my broker suggested I keep checking the mortgage rate and update her please how do I check for Barclays mortgage rate online ?

Thank you

Hey people, pls how do I shop for building and content insurance quickly? My financial advisor recommended one but they are dragging in booking a suitable appointment for me. I need this done as we exchanging contract next week.

babajeje123:
Hey people, pls how do I shop for building and content insurance quickly? My financial advisor recommended one but they are dragging in booking a suitable appointment for me. I need this done as we exchanging contract next week.

Go in comparethemarket and do it there. Put in your details and you'll get quotes. Select one and go sign up. Won't take you 10 minutes.

There's absolutely zero value in using a broker for that IMO.

deept:
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.

That’s a blessing in disguise. It’s a good thing that you didn’t settle. The thing is, there will always be a better property, and if the seller isn’t playing ball then it’s better to move. Congrats and hopefully, this new property is a win.

babajeje123:
Hey people, pls how do I shop for building and content insurance quickly? My financial advisor recommended one but they are dragging in booking a suitable appointment for me. I need this done as we exchanging contract next week.

You can get rates yourself online. Moneysupermarket.com helped us lock a good monthly payment for building and content, which was way better than what my broker’s partner firm was offering us.

PrettyPacy:
Hello everyone, my broker suggested I keep checking the mortgage rate and update her please how do I check for Barclays mortgage rate online ?

Thank you

At what percentage did you get? Rates are flying now like mad but you can also check moneysupermarket.com to compare rates

kwakudtraveller:
At what percentage did you get? Rates are flying now like mad but you can also check moneysupermarket.com to compare rates

4.35%
Thanks will check

PrettyPacy:
4.35%
Thanks will check

That’s a solid rate. Some popular lenders currently have rates as high as 4.95%. Hold on to what you have now, and your lender can survey the market again before you close.

kwakudtraveller:
That’s a solid rate. Some popular lenders currently have rates as high as 4.95%. Hold on to what you have now, and your lender can survey the market again before you close.

Exactly what I did . Application made already and he asked I keep checking on rates for a lower rate.

PrettyPacy:
Exactly what I did . Application made already and he asked I keep checking on rates for a lower rate.

Please, did you get 4.35% with 5% or 10% deposit?.
And how were you able to check the rates for a much lower rate by yourself please??