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Thread: Help - First time buyer

  1. #1

    Help - First time buyer

    I know many would think this is a very insignificant problem in a true sense of what a problem is, and feel guilty to even consider it to be one as for many it's not even a consideration.

    My partner and I have put in an offer on a flat early last week and was accepted that very same day. We couldn't believe our luck! Then it quickly subsided with irrational thinking such as why? is there something wrong with the property? why do they want us to move in within a month? I heard this usually takes 3 months and thats if it goes smoothly. Hence the concern.

    The estate agent was hounding me all of last week to hurry up. I've begun the process now. However in our last communication - yesterday - he's said well you've been delaying and now we have other people who are interested in the property and are in the same position as you etc. I asked him what that meant because I had already sent him our solicitors details. Also I had called up prior to this conversation where his colleague told me that it hasn't been viewed by other people. I feel like he's trying to play me. He ended the conservation with send over the paperwork asap and I'll see what we can do. Am I being unreasonable to think he's acting unprofessionally? Surely he can't sell onto someone else if I have received a letter of acceptance of our offer? I've been told until contracts and money has been exchanged anything goes.

    My initial concerns was the lease - 87 years - but that's being dealt with as outlined in our agreement. However I would probably feel a lot better about buying the property if he didn't seem dishonest, and more importantly if my partner wasn't so worried. He woke me up talking about all the pitfalls. Hence me being up at this hour I couldn't sleep after that conversation! Who could?!?!? lol.

    Any advice etc. would be greatly appreciated!


  2. #2
    Join Date
    Jul 2015
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    1,659

    Re: Help - First time buyer

    I have no idea on leases I'm afraid
    BUT I have a great deal of sympathy with anyone who is a first time buyer as it seems that in order to get on the property ladder its very hard now.

    In order to get a decent mortgage rate my son/partner need to find a 20% deposit and whilst they are renting they have very little income that they an put to savings.

    I have encouraged them to look at ISA tools etc for efficient savings and I guess the Bank of Mum & Dad will get called in to help but rents are so high for people who have to go with private rents because there is so little social housing about now

    ---------- Post added at 10:50 ---------- Previous post was at 10:48 ----------

    One thing that should be happening for you is that your Solicitor should be helping you with any pressure / demands that you need to deal with.
    Solicitor should be able to explain lease legalities.
    __________________
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  3. #3
    Join Date
    Jul 2015
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    1,659

    Re: Help - First time buyer

    Barclays have a new Mortgage product which sounds quite good. im going to get the details for it to look at.

    Its 100% Mortgage and its called a Family Booster or something. Basically you get a 100% mortgage @ 2.99% as long as you have family who will lock in 10% of the Mortgage in a savings account with Barclays for 3 years @ 2% interest. It's only unlocked after 3 years or to pay any arrears that are defaulted on by the Mortgageee's. All the equity is with the Mortgage payers.

    FYI
    __________________
    Dudley Moore: Do you feel you've learnt by your mistakes here?
    Peter Cook: I think I have, yes, and I think I can probably repeat them almost perfectly.

  4. #4
    Join Date
    Dec 2012
    Posts
    382

    Re: Help - First time buyer

    I think the Estate Agent was just trying to push the sale & pressurise you unnecessarily. He would say that there are other people interested!
    An Estate Agent once tried to chivvy me up but when I reacted - he backed off & blamed the seller (which I subsequently discovered was untrue!).

  5. #5
    Join Date
    Jul 2015
    Posts
    1,659

    Re: Help - First time buyer

    Yes as Lucinda says, it can be a bit of gamesmanship by the EA

    Hope things go well for you
    __________________
    Dudley Moore: Do you feel you've learnt by your mistakes here?
    Peter Cook: I think I have, yes, and I think I can probably repeat them almost perfectly.

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