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Buying a Property
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By *niking OP Man 6 weeks ago
Brighton |
I'm playing with the idea of getting on the property ladder but don't know where to start. Are there any experienced people here and even property developers who'd like to give some advice or share tips for what to watch out for?  |
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I’m currently in the process but here’s my thoughts;
First - get a decent mortgage broker on side and find out what you can reasonably borrow.
Secondly - nail down where you want to move to and why (commuting, location, etc all matter).
Thirdly - get booking viewings on properties, the market is moving fast.
And above all, I cannot stress this enough, You’ll be fighting against deluded sellers who haven’t decorated or maintained their houses since 1986, be prepared to walk away if you get any inkling of being messed around.*
I managed to get a house with £35K off the asking price.
*do have a story on this. |
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By *niking OP Man 6 weeks ago
Brighton |
Thank you for the tips.
Which mortgage provider are you going with in the end?
As for the faulty houses, I've heard it's worth asking for a surveyor and then if they find faults, you could negotiate the price. |
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"Thank you for the tips.
Which mortgage provider are you going with in the end?
As for the faulty houses, I've heard it's worth asking for a surveyor and then if they find faults, you could negotiate the price. "
Nationwide, they offered me a decent rate 😊
The bank will send out their own surveyor before lending money on a property, but you can buy a homebuyer survey apart which gives more details.
It’s worth negotiating on price but being honest, not many sellers are up for negotiating too much. One house I looked at, the seller turned down 6 offers, it’s still on the market and now with a 4th Estate Agency. |
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By (user no longer on site) 6 weeks ago
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Things to look out for with the actual property is:
boiler age, we had old back boiler ouch the costs
number of plug sockets and the mains board
water supply is it metered or not and can be metered, depending on your situation
Gas and electricity is it keycard or monthly and be wary if a bill been left behind and forced onto a keycard, that card will be drained to recover debt.
When it comes to mortgages we did repayment and so has our child. If you can pay a little extra off do so it reduces the overall amount hugely. But never push finances to hard. And the mortgage repayments do come done eventually as they recalculate interest each year. Ours came down 30% between start and finish even including interest rate changes.
A personal preference is fixed for 3 to 5 yrs as interest rates are good right now and you will have no surprises each month if the bank of England do something.
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By *niking OP Man 6 weeks ago
Brighton |
"Thank you for the tips.
Which mortgage provider are you going with in the end?
As for the faulty houses, I've heard it's worth asking for a surveyor and then if they find faults, you could negotiate the price.
Nationwide, they offered me a decent rate 😊
The bank will send out their own surveyor before lending money on a property, but you can buy a homebuyer survey apart which gives more details.
It’s worth negotiating on price but being honest, not many sellers are up for negotiating too much. One house I looked at, the seller turned down 6 offers, it’s still on the market and now with a 4th Estate Agency. "
Yes. A colleague of mine told me yesterday that if I'm really keen on the properly, then to get my own surveyer and it should be around £500 which is not little, but it will save you money in the long run if there are some hidden nasty surprises later on. |
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"I’m currently in the process but here’s my thoughts;
First - get a decent mortgage broker on side and find out what you can reasonably borrow.
Secondly - nail down where you want to move to and why (commuting, location, etc all matter).
Thirdly - get booking viewings on properties, the market is moving fast.
And above all, I cannot stress this enough, You’ll be fighting against deluded sellers who haven’t decorated or maintained their houses since 1986, be prepared to walk away if you get any inkling of being messed around.*
I managed to get a house with £35K off the asking price.
*do have a story on this. "
Reasons no. 2 are particularly crucial.
You really have to know Yourself - why you want to move, what are the must haves in a house (location vs size vs parking vs garden etc) and be extremely clear and honest to yourself what you definitely need. And what you don’t need but would be nice to have. Because houses tend to only tick Some boxes, not all.
Dont be tempted to skip this step, else you’d get starry-eyed and confused without your guiding criteria.
It’s a big purchase with no returns policy. |
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By *inaTitzTV/TS 6 weeks ago
Titz Towers, North Notts |
Tell your friends and family that you're looking and give them the particulars of what you want.
Usually they'll know someone who is looking to sell.
Both times I've moved, I've bought off of family friends and there has been a huge level of trust and goodwill  |
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Check the roof as well
Make sure your not liable for can’t weird local parish bills as well
Be realistic with your budget and what you want to look at. No point wasting a sellers time or yours with silly offers / out of budget offers on a hope.
It’s a cash buyers market currently
If you get a new build. Make sure to scrutinise the warranty liabilities and free repairs time limit.
Some properties are better for extensions etc. you can check with council if things are likely to get green lit or not beforehand |
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By *niking OP Man 6 weeks ago
Brighton |
"I’m currently in the process but here’s my thoughts;
First - get a decent mortgage broker on side and find out what you can reasonably borrow.
Secondly - nail down where you want to move to and why (commuting, location, etc all matter).
Thirdly - get booking viewings on properties, the market is moving fast.
And above all, I cannot stress this enough, You’ll be fighting against deluded sellers who haven’t decorated or maintained their houses since 1986, be prepared to walk away if you get any inkling of being messed around.*
I managed to get a house with £35K off the asking price.
*do have a story on this.
Reasons no. 2 are particularly crucial.
You really have to know Yourself - why you want to move, what are the must haves in a house (location vs size vs parking vs garden etc) and be extremely clear and honest to yourself what you definitely need. And what you don’t need but would be nice to have. Because houses tend to only tick Some boxes, not all.
Dont be tempted to skip this step, else you’d get starry-eyed and confused without your guiding criteria.
It’s a big purchase with no returns policy. "
I know very well what you mens.
I think that's probably where all my fear comes from and not the process of buying itself.
I used to live in Hull until recently and always wanted to try another location but now that I've moved to a much bigger city, I feel like I was OK where I was but the overall fact of getting a good job in Hull still stands so I'm feeling stuck. |
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By *WB85Man 6 weeks ago
Staffordshire |
Do you have a builder friend?
I buy property, I find things I like and then if I'm seriously interested have a 2nd viewing and take a friend who's a builder and pay him for his time.
I a while back did an impulse auction purchase. I don't recommend it. |
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Is this to live in or an investment ?
My 2p is
Get a good conveyancer. Not the one the estate agent recommends or something huge online company. Go local.
Get the full survey. It costs more but will give you the best insight.
But don't be surprised when it finds stuff. Houses get tired.
If you are going to negotiate with a survey get the survey done early. Remember there are people in the chain with lives. Most negotiations aren't because of the survey itself but because of the cost of it all falling apart. One day that could be you being fucked over.
Don't buy from a company. They don't give a shit and will fuck you over. |
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By *niking OP Man 6 weeks ago
Brighton |
"Things to look out for with the actual property is:
boiler age, we had old back boiler ouch the costs
number of plug sockets and the mains board
water supply is it metered or not and can be metered, depending on your situation
Gas and electricity is it keycard or monthly and be wary if a bill been left behind and forced onto a keycard, that card will be drained to recover debt.
When it comes to mortgages we did repayment and so has our child. If you can pay a little extra off do so it reduces the overall amount hugely. But never push finances to hard. And the mortgage repayments do come done eventually as they recalculate interest each year. Ours came down 30% between start and finish even including interest rate changes.
A personal preference is fixed for 3 to 5 yrs as interest rates are good right now and you will have no surprises each month if the bank of England do something.
"
These are really good practical tips.. Thanks a lot.
And was also thinking about getting a fixed rate for at least a couple years and then it would help me plan ahead a bit like rent. |
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By *CExeCouple 6 weeks ago
Hong-Kong/Exeter |
I'm a property developer and have a few houses in the North West.
As others have said, get good, sound mortgage advice. Find a decent broker near you and get to know them.
Avoid leasehold or anywhere that has some kind of service charge. I'd also avoid newbuilds, but that's personal preference.
I'm assuming it's you by yourself? Do a full credit score and ensure you have no outstanding debts, then work out your affordable monthly payments for a mortgage, then calculate likely Council tax, utilities and buildings insurance.
If I were in your shoes, I'd look for a tired 2 bed house that I could do up while living in it. That way you'll get a lower price on the way in, and you should create value to increase your equity on the way out.
Pop into all your local estate agents and ask to be out on their mailing lists. Get to know them and go on a few viewings just to get a taste for it.
If you know a builder and find a property you like, get him to come along. I've found that to be a great help, often moreseo than a survey.
Remember, the best time to buy a house was 50 years ago.....the next best time is now. |
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By *niking OP Man 6 weeks ago
Brighton |
"Is this to live in or an investment ?
My 2p is
Get a good conveyancer. Not the one the estate agent recommends or something huge online company. Go local.
Get the full survey. It costs more but will give you the best insight.
But don't be surprised when it finds stuff. Houses get tired.
If you are going to negotiate with a survey get the survey done early. Remember there are people in the chain with lives. Most negotiations aren't because of the survey itself but because of the cost of it all falling apart. One day that could be you being fucked over.
Don't buy from a company. They don't give a shit and will fuck you over. "
It's to live in.
And I get the points about going local and relying ok friends though I'm not originally frok that city or even this country so it's much harder to rely on the locals for such info/help. This is why I rely on the Internet. |
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"I'm playing with the idea of getting on the property ladder but don't know where to start. Are there any experienced people here and even property developers who'd like to give some advice or share tips for what to watch out for? "
Is it to live in yourself, are are you looking to develop (do it up and flip it) or invest and have it as a rental property? |
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"Is this to live in or an investment ?
My 2p is
Get a good conveyancer. Not the one the estate agent recommends or something huge online company. Go local.
Get the full survey. It costs more but will give you the best insight.
But don't be surprised when it finds stuff. Houses get tired.
If you are going to negotiate with a survey get the survey done early. Remember there are people in the chain with lives. Most negotiations aren't because of the survey itself but because of the cost of it all falling apart. One day that could be you being fucked over.
Don't buy from a company. They don't give a shit and will fuck you over.
It's to live in.
And I get the points about going local and relying ok friends though I'm not originally frok that city or even this country so it's much harder to rely on the locals for such info/help. This is why I rely on the Internet. "
I'd use Google to find local 5*s.
This is once you have an offer accepted. Not needed yet. |
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By *niking OP Man 6 weeks ago
Brighton |
"I'm playing with the idea of getting on the property ladder but don't know where to start. Are there any experienced people here and even property developers who'd like to give some advice or share tips for what to watch out for?
Is it to live in yourself, are are you looking to develop (do it up and flip it) or invest and have it as a rental property?"
It's for me to live in as I've been sharing foe years and absolutely sick of it. But I'm open to getting one lodger for a short while to help with bills and stuff. |
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Some good advice so far on the thread, my additional tips are:
Don't overstretch yourself, a mortgage is a long term financial commitment and you need to make sure you can afford it.
When you view properties, try to ignore things like furniture (will likely be going with the person selling) and decor (easy to change). It's more about whether the space and location work for you. The only things I'd be looking at what's actually there are the kitchen and bathroom, if they need replacing then ensure you pay a price that enables you to afford to do it (same for the wiring, but a full survey should tell you if that needs doing).
And if there's something that seems like a great feature but could be removed by the seller find out if it's part of the sale. Freestanding cookers are a good example of this, and garden furniture, sheds etc.
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I can show up all those proper development seminars on Facebook with this advice, by what others don't want, avoid all the systems and fees & do a bespoke deal.
The last property I bought in the UK was during Covid, it had a tenant in after the government just announced landlords had to give tenants six months notice. I told the seller I would take without survey and DIY conveyancing, find his tenant somewhere to live. was originally listed for 270. I got it for 220. It's now worth 340. |
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By *niking OP Man 6 weeks ago
Brighton |
"Some good advice so far on the thread, my additional tips are:
Don't overstretch yourself, a mortgage is a long term financial commitment and you need to make sure you can afford it.
When you view properties, try to ignore things like furniture (will likely be going with the person selling) and decor (easy to change). It's more about whether the space and location work for you. The only things I'd be looking at what's actually there are the kitchen and bathroom, if they need replacing then ensure you pay a price that enables you to afford to do it (same for the wiring, but a full survey should tell you if that needs doing).
And if there's something that seems like a great feature but could be removed by the seller find out if it's part of the sale. Freestanding cookers are a good example of this, and garden furniture, sheds etc.
"
Thanks for some of these reminders. Though when you say not to overstretch myself financially, do you thin it's better to put in a lower deposit, and extend the period so that I pay less for two years and then see how I get on and if save money, remortgage it at the end of the fixed-term period and pay a lump sum to reduce it faster. |
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Use you gut instinct if feel uneasy about anything walk away . Be honest with your self why you buying and where.
Personally I dont like lease holds or flats where you got annual fee to pay.
Also if renting now remember once you buy its your to maintain not someone else's. That might sound silly but know one person bought there council house thought could still ring council.
Also be very carefull shared ownship help to buy . As when you try. Buy second half of house it might be at lot more money than first half.
I am old so can remember mortgage rate going from 10% to 14% over night .came back down within short time we fixed at 9% back then thought it was good.
I broke most own rules twice bought at auction without seeing house but these where low prices buy to lets.
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"Some good advice so far on the thread, my additional tips are:
Don't overstretch yourself, a mortgage is a long term financial commitment and you need to make sure you can afford it.
When you view properties, try to ignore things like furniture (will likely be going with the person selling) and decor (easy to change). It's more about whether the space and location work for you. The only things I'd be looking at what's actually there are the kitchen and bathroom, if they need replacing then ensure you pay a price that enables you to afford to do it (same for the wiring, but a full survey should tell you if that needs doing).
And if there's something that seems like a great feature but could be removed by the seller find out if it's part of the sale. Freestanding cookers are a good example of this, and garden furniture, sheds etc.
Thanks for some of these reminders. Though when you say not to overstretch myself financially, do you thin it's better to put in a lower deposit, and extend the period so that I pay less for two years and then see how I get on and if save money, remortgage it at the end of the fixed-term period and pay a lump sum to reduce it faster. "
Only you can answer the first bit as it depends on your financial circumstances. But on the latter, I'd highly recommend changing mortgage deals (and potentially provider) after the fixed rate runs out. I'd be surprised if you can't get a better deal than the variable rate they put you on. |
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"Pick the right location for you based on what you can afford. Then start looking, prepare to compromise, make a list of what’s important etc. "
Make a spreadsheet, everything's easier if you excel it |
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"Pick the right location for you based on what you can afford. Then start looking, prepare to compromise, make a list of what’s important etc.
Make a spreadsheet, everything's easier if you excel it"
True dat, bro.  (oh, how I hated being 37)
Hey OP - ask AI - ‘find me a house to buy’ and see what it says. |
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Check the neighbours out
I didn't and ended up with a complete dickhead next door
The fire brigade have been out god knows how many times due to him have an illegal fire set up / chimney
He's been arrested on at least 4 occasions in the last 18 months (each for either assaulting me or the neighbours on the other side)
Seperate from that, the police have raided his property on at least another 4 occasions cos he has d*unks and druggies staying over
I know of at least two other families who have moved because of him
Local authortity don't want to know cos it's private housing and police merely caution and release him each time there's a confrontation |
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Are you good at DIY?
Do you know people with trades?
I'm not and I don't
If you aren't either, buy a property that works for you as it is
Otherwise, everything you need (or want) doing will cost you an arm and a leg |
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"I'm playing with the idea of getting on the property ladder but don't know where to start. Are there any experienced people here and even property developers who'd like to give some advice or share tips for what to watch out for? "
Get a mortgage adviser there very helpful |
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Dont watch homes under the hammer !!!
I have bought and done buy to lets. What some of them claim to have restored house for does not add up
I sure some only say half what it cost them or dont include any labour costs
Best bit advice I had was add up what you think you spend and double it.
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When looking at a property notice what it smells like. Fresh paint, heavy air freshener, what have they covered up?
Look in the corners top and bottom for signs of damp, look up at the roof, ask how old the central heating boiler is and what their monthly bills are
Buy within or under your budget and take out a fixed rate mortgage if it seems sensible, you'll know what your expenses are.
Do not but leasehold |
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If you’re buying a new build list every little thing you find wrong with it and make sure you get them in to fix it all within the time scales for them to fix snags! Xx
Have a look at the neighbours, maybe even drive around at different times of the day and night to see what’s going on in the area. We ended up with a terrible neighbour once and it was very unpleasant for a while. |
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Have a budget and stick to it.
Get a decent experienced builder on board who is willing to give the place the once over as surveyors do miss stuff.
Being prepared to do a lot of the manual work yourself will save thousands.
Don't be tempted to make it super trendy just clean and tidy as most potential buyers will want to decorate themselves when you sell it.
Before you buy visit the area at different times including the weekend see if any neighbours are prone to weekend long parties or any antisocial activities in area.
As a tradesman I would say try to avoid properties that require extensive work to kitchens as these can be very costly and time consuming with little return for your money and effort.
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"I'm playing with the idea of getting on the property ladder but don't know where to start. Are there any experienced people here and even property developers who'd like to give some advice or share tips for what to watch out for?
Is it to live in yourself, are are you looking to develop (do it up and flip it) or invest and have it as a rental property?
It's for me to live in as I've been sharing foe years and absolutely sick of it. But I'm open to getting one lodger for a short while to help with bills and stuff. "
There is some good advice here about mortgage brokers and conveyancers. My additional info is about shared ownership. Yes its a way on to the ladder, but I know a few people who now regret it. My own daughter was considering it so I looked into it a bit deeper, and my own opinion on this is to avoid it. So if thats a consideration for you, research the pros and cons very carefully. |
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"I've recently seen a house (looks nice) with 999yr lease.. Similarly seen a good looking flat with a 999yr lease, people are consistent in saying avoid these - is that across the board?
"
The issue with leasehold is that they can chargé you a huge amount and increase it yearly. Try for freehold if you can. |
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"I've recently seen a house (looks nice) with 999yr lease.. Similarly seen a good looking flat with a 999yr lease, people are consistent in saying avoid these - is that across the board?
"
With leasehold you will have ground rent and maintenance fees on top of your mortgage. I would always avoid any property that was leasehold unless I knew the extra costs were fixed or there was a clause limiting how much they could increase by |
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First step is to use some of the online calculators to give an indication of what you might be able to borrow and what the monthly repayments will look like, then get a decision in principle so that estate agents know you're in a good position to proceed.
I used a mortgage broker, some will charge you for using their service (usually about £500), others take a commission from their panel so no fee to you.
Use a solicitor who has been recommended to you ideally, and/or is local to the area where you're buying.
Think about what's important in a property. Chances are you'll have to compromise somewhere, so know what you're open to compromising on and what's non-negotiable in your search.
Once you've found a property, it's worth researching crime rates for the area, historical flooding, driving by at different times of day/different days, maybe even knocking on the door of neighbours.
Also looking at the sold history/previous listings for the property can give an indication of how long people have lived there (lots of owners or being sold on quite quickly would be a potential red flag)
Flats are less desirable due to management costs/ground rent, but if you go down this route a 2 bed will be more appealing if you have to sell on in future.
If you intend to get a lodger,you may need to disclose this to the mortgage company - you may need a higher deposit and they may want you on a buy to let mortgage (which seems like overkill, so you then either choose a different mortgage provider or do it off the books)
You'll need to arrange house insurance for the exchange date once you get to that point.
Don't forget to factor in costs of survey (£200+, conveyancing roughly £1200+, moving (costs will vary depending on how much stuff you have and how far you're going)
I bought a house that was ready to move into, I don't have time/inclination to do any work beyond basic decorating, and I'm unlikely to move again any time soon. If I was being more financially savvy, I'd have bought somewhere that needed a little TLC as I might be likely to make some money on it if I sold it on fairly soon. That said, also be conscious of ceiling price for the area - the price that, no matter how nice the property is, people just won't pay above.
Good luck, it can be a daunting process, but it's nice to have somewhere to call your own. |
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"I've recently seen a house (looks nice) with 999yr lease.. Similarly seen a good looking flat with a 999yr lease, people are consistent in saying avoid these - is that across the board?
"
With a lease you only own the house and rent bit land it sits on . Personally I don't like them
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By *wcoMan 6 weeks ago
West Midlands |
Whatever you do, don't do what I did just last week. Feeling adventurous, I purchased not just 2 houses but also a small hotel.
Next thing I threw a 5, landed on 'chance' and got a card sending me straight to jail. |
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