Tell me about it 😒 10 months in and we are still waiting. The sellers are wanting to complete by 18th November but my solicitor still hasn't sent the certificate of title. Already had to re apply for a mortgage extension and it runs out again on 9th December ughhhhhhhhh. Never buying a property again!!!!
I viewed 20 houses before having an offer accepted. There were two types of scenarios I saw, a bidding war where the house was sold in a week with a bidding war, which I lost out twice, and then the other type where no one really offers or houses on there for ages. I went for the later as I hate bidding wars and got it at asking price. My broker did my whole mortgage application, which was helpful.
In 1997 I was a servicemen and was drafted from Plymouth to Portsmouth. I bought in 1991 at the height of the market. I paid £37,000 and sold for £28,500, Work that out it is a 26% ish drop. I wanted to rent it out but the bank looked at my earnings and would not give me another mortgage on the house I wanted to buy in Portsmouth. I had to sell. Someone tell me who has changed that and why? If it is get rich bankers on quasi schemes to make millions when the young can not even own one house then I want to know who allowed that? House prices have risen in line with debt and nothing else. Reduce the consumer debt and house prices will fall with it. How dare governments allow a banker to print as much money in the basement of his bank but then lock a counterfeiter up. There is no difference except that we pay the bankers bank when they lose billions. It is the biggest disgrace in the history of our country and I want heads to roll. Thank god the young are so extraordinarily weak and woke. If they were not there would have been a revolution already. I sincerely hope they do not get a voice or become strong. If they do there will be trouble. A witch hunt needs to be carried out now and those responsible be disgraced in history for the rest of humankind. When this amount of unfairness has been imposed on a generation then they deserve it.
Wonderful video! Thank you very much. What's your thoughts on a first time buyer purchasing an apartment instead of a house? Obviously personal choice, but I know that your first purchase has no capital gains tax when selling at a later date. The likely scenario is that a house will appreciate in value alot more than an apartment. In this instance should you be focusing on buying the best house you can afford. Personally I have now changed from initially wanting to purchase a house. Now I'm looking at apartments, for one reason is that I dont plan to live in the city for more than 2 years and I feel that it will be alot easier to rent out an apartment compared to 3 bed semi for example when I do decide to move out and buy a home. Or am I doing this the wrong way around. Currently I dont need a 3 bed house. Thank you for taking the time to read this!
Purchasing an apartment is okay, just beware that in most cases it will be a leasehold property and not a freehold property. I would be sure to know the differences!
There are estate agents that ask you for your final offer and the select the highest without a chance to increase the first bid. Not sure if that's legal but definitely works against the owners.. .my first offer was rejected I was willing to bid more but was never given a chance
Sometimes you just get one bed and they go with the highest bidder… If the highest bidder was quite a high bid and met the minimum threshold, then they will close it down…
Hi Alex, I am on step nine. My mortgage has been approved!!! I am still very nervous as I have only 2 more months until I need to vacate my current rental house, and the landlord has been extremely strict, where she will not extend my rental contract. Every other estate agencies are giving an year worth of rental contracts I'm scared if I sign it for an year and my house is ready to move in i would need to pay for both my rent and mortgage(any advice). My solicitor has only started the search last week or so, so hopefully, and fingers crossed, they'll come back soon. This video has been super informative. Thank you so much for doing it. I subscribed😊❤
Definitely do not sign into another years contract! You will likely find cheaper, short-term lets, it just might need a bit more research. Try and find something for three months maybe with the possibility of a months extension each time. Good luck and thank you for subscribing! Any more questions let me know, Alex
Hi Alex, me and my brothers mortgage application has been cancelled x3 times now, we are first time buyer buying Joint purchase, house price £520k. Deposit £160k. Any advice as to why it’s not successful our credit is good? Thanks
Sorry to hear this. Please book a free chat with me so I can take a look and let you know what’s happening and your options. Link here - link.coursecreator360.com/widget/appointment/mortgage-chain
Hi sir I'm at step ten i sign the contract but my soliciter says tome the landers dont give answer all of the questions so now i have to wait a i am something asking from you is i sign early
Sounds like you still have outstanding queries. This comes from the sellers solictor, not the lender. Just ask your solictor how many queries are outstanding and ask them to chase it.
thank goodness we've managed to shoe-horn in lots of different ways for slimy middle men to extract as much money as they can while over complicating and dragging out the process!
Hi Alex I stumbled on your video today and I must say this is a fabulous video well detailed. I and my wife are in the process of getting our own property, we are in step 7 where the mortgage application needs to get in but today we saw in our credit report that a hard search as been done for both me and my wife, Please my questions is could this be the bank ? As the mortgage been applied yet ? because we are yet to hear from our broker. Thanks Alex 🙏
This is a great video, glad I found this! Although we aren’t yet in the process of buying a house, we soon will be. So it’s handy to pre-load with as much info as possible!! Would you be happy to answer any questions if we need some tips??
Of course, please feel free to ask any questions or booking a free chat with me using this link. link.coursecreator360.com/widget/appointment/mortgage-chain
Great video, thank you! Question: I'm at the stage where I'm waiting to hear back from the lender with a mortgage offer... It's completely possible that the property might get down-valued but I won't know for another week at least. Is it common for people to hold-out paying for their solicitors to start searches until they've heard back with a mortgage offer? I'd hate for something bad to happen with the mortgage offer and I've ended up paying for searches on a property I can no longer buy. It's the top of my budget so I can't offer more in deposit if the lender offers under the asked-for amount. Any advice? Many thanks.
Sorry for the delay Emily, I usually advise my clients to hold back on paying for the searches for roughly around one week after the mortgage application has gone in… However waiting for the mortgage offer is a bit more risky, in case this process is delayed… Then by the time you get the mortgage offer, if the searches haven’t even started it could put your purchase at risk because of the timescales.
Hello Another fab video! You mentioned searches can take roughly 8weeks. Is this still the case if the solicitor was suggested by the developers as they would have already done searches on the property? Thanks
Hi alex, would you happen to know if you have a shared ownership property , are you able to have a lodger?? Be really helpful to know as there is no clear information online
Hi, I usually work temporary agency jobs, usually for around a year at a time, but I am always on to the next job without a gap, and I don't have an employment gap for the last five years. Will this be a problem when getting a mortgage? Do they prefer fixed term contracts?
As Soon as I can! Building the new studio is taking a long time, but once it’s up and running they will be regular… I don’t think it’s going to be until early next year though, but should be good once it’s all done and ready for the new year!
How long do chains get? Is there pressure up the chain to end the chain? Or can they go forever? We're FTB and have offer accepted, vendors had an offer accepted, their vendors are buying across the country but not yet found somewhere. We're worried 6 months will pass and we will lose the good rates we locked in a day before they went up.
As long as you have submitted your mortgage application then the rate is secured… If you mean six months as you have already had a mortgage offer then some lenders will look to extend that period… But yes with big chains it can sometimes take longer… I would try and get updates to see where everyone is. In theory chains can go on forever but they normally don’t, it might be worth checking how many are in the chain and where everyone is. Hopefully the six months will not pass, but by the sounds of things it sounds like a possibility. Just check with the lender to see if they will extend the offer when the time comes.
@@alexkerrmortgage Thank you. Didn't know we could extend it, but re-reading an email from our solicitor, we can apply to have it extended. Thanks for your videos, been a good help.
@@hippopotamus86 They take a long time to go through (probate). I’m sure when we’re another it will all work out for you, good luck! Let us know the outcome and when you are in the property!
@@alexkerrmortgage Yes the probate has taken longer than expected. We were wrongly told 3 months ago that the probate was granted, but it was granted just last week. We had to get an extension on our mortgage offer from Halifax. Should be exchanging today / tomorrow as long as one of the two executors can sign on behalf of the other that is on holiday. Has been a rollercoaster of emotions!
Thanks for letting me know, I will sort that. For now to access the updated first time buyer guide, just go to our website and click the download link which you will see as soon as you open the website. www.mortgagechain.co.uk/#section-60hEMFeny
It’s a nightmare IMO it should be simple instead of a load of stress.
It’s a hell of a journey
Tell me about it 😒 10 months in and we are still waiting.
The sellers are wanting to complete by 18th November but my solicitor still hasn't sent the certificate of title. Already had to re apply for a mortgage extension and it runs out again on 9th December ughhhhhhhhh. Never buying a property again!!!!
I viewed 20 houses before having an offer accepted. There were two types of scenarios I saw, a bidding war where the house was sold in a week with a bidding war, which I lost out twice, and then the other type where no one really offers or houses on there for ages. I went for the later as I hate bidding wars and got it at asking price. My broker did my whole mortgage application, which was helpful.
@@lavayuki glad it worked out! Please let us know once you get the keys 🔑
Wow, I’ve only been looking for 2 weeks and getting frustrated 😩. So I need to be patient. Congratulations on your house purchase 🥂
Wow very good description but sounds so scary 🙃 no wonder it takes months and months
In 1997 I was a servicemen and was drafted from Plymouth to Portsmouth. I bought in 1991 at the height of the market. I paid £37,000 and sold for £28,500, Work that out it is a 26% ish drop. I wanted to rent it out but the bank looked at my earnings and would not give me another mortgage on the house I wanted to buy in Portsmouth. I had to sell. Someone tell me who has changed that and why? If it is get rich bankers on quasi schemes to make millions when the young can not even own one house then I want to know who allowed that? House prices have risen in line with debt and nothing else. Reduce the consumer debt and house prices will fall with it. How dare governments allow a banker to print as much money in the basement of his bank but then lock a counterfeiter up. There is no difference except that we pay the bankers bank when they lose billions. It is the biggest disgrace in the history of our country and I want heads to roll. Thank god the young are so extraordinarily weak and woke. If they were not there would have been a revolution already. I sincerely hope they do not get a voice or become strong. If they do there will be trouble.
A witch hunt needs to be carried out now and those responsible be disgraced in history for the rest of humankind. When this amount of unfairness has been imposed on a generation then they deserve it.
Wonderful video! Thank you very much. What's your thoughts on a first time buyer purchasing an apartment instead of a house? Obviously personal choice, but I know that your first purchase has no capital gains tax when selling at a later date. The likely scenario is that a house will appreciate in value alot more than an apartment. In this instance should you be focusing on buying the best house you can afford. Personally I have now changed from initially wanting to purchase a house. Now I'm looking at apartments, for one reason is that I dont plan to live in the city for more than 2 years and I feel that it will be alot easier to rent out an apartment compared to 3 bed semi for example when I do decide to move out and buy a home. Or am I doing this the wrong way around. Currently I dont need a 3 bed house. Thank you for taking the time to read this!
Purchasing an apartment is okay, just beware that in most cases it will be a leasehold property and not a freehold property. I would be sure to know the differences!
Thank you for the clear step by step process guide. This video is very helpful, thanks once again.
Any time!
Wow always great content Alex, so much process!!!(lol)
Thanks Dee ! This took me a whole day to edit 😂
Most houses I have been viewing is on a best and final offer.
There are estate agents that ask you for your final offer and the select the highest without a chance to increase the first bid. Not sure if that's legal but definitely works against the owners.. .my first offer was rejected I was willing to bid more but was never given a chance
Sometimes you just get one bed and they go with the highest bidder… If the highest bidder was quite a high bid and met the minimum threshold, then they will close it down…
Hi there,
In Scotland Home Report is ready before applying for mortgage etc. Do we need to pay for solicitor search?
Solicitor searches are around £300.
Thank you so much for this video. Trying to buy a home right now is insane!!! 😭
Good luck, put your best foot forwards! Any questions throughout the process just come back here and let me know.
Thanks that very helpful I did know that nice one cheers
@@andrewdownton4705 thanks for watching andrew. If you ever have any questions just reach out. Alex
Hi Alex, I am on step nine. My mortgage has been approved!!! I am still very nervous as I have only 2 more months until I need to vacate my current rental house, and the landlord has been extremely strict, where she will not extend my rental contract. Every other estate agencies are giving an year worth of rental contracts I'm scared if I sign it for an year and my house is ready to move in i would need to pay for both my rent and mortgage(any advice). My solicitor has only started the search last week or so, so hopefully, and fingers crossed, they'll come back soon. This video has been super informative. Thank you so much for doing it. I subscribed😊❤
Definitely do not sign into another years contract! You will likely find cheaper, short-term lets, it just might need a bit more research. Try and find something for three months maybe with the possibility of a months extension each time. Good luck and thank you for subscribing! Any more questions let me know, Alex
I was just searching this today! Excellent video Alex, simple yet full of detail
Thanks for watching Jamie, glad you found it helpful!
Hi Alex, me and my brothers mortgage application has been cancelled x3 times now, we are first time buyer buying Joint purchase, house price £520k. Deposit £160k. Any advice as to why it’s not successful our credit is good?
Thanks
Sorry to hear this. Please book a free chat with me so I can take a look and let you know what’s happening and your options. Link here - link.coursecreator360.com/widget/appointment/mortgage-chain
Hi sir I'm at step ten i sign the contract but my soliciter says tome the landers dont give answer all of the questions so now i have to wait a i am something asking from you is i sign early
Sounds like you still have outstanding queries. This comes from the sellers solictor, not the lender. Just ask your solictor how many queries are outstanding and ask them to chase it.
thank goodness we've managed to shoe-horn in lots of different ways for slimy middle men to extract as much money as they can while over complicating and dragging out the process!
Thank goodness!
Hi Alex I stumbled on your video today and I must say this is a fabulous video well detailed.
I and my wife are in the process of getting our own property, we are in step 7 where the mortgage application needs to get in but today we saw in our credit report that a hard search as been done for both me and my wife, Please my questions is could this be the bank ? As the mortgage been applied yet ? because we are yet to hear from our broker. Thanks Alex 🙏
Sorry for delay! Very likely the banks search… I trust you are in the home now ?
This is a great video, glad I found this! Although we aren’t yet in the process of buying a house, we soon will be. So it’s handy to pre-load with as much info as possible!! Would you be happy to answer any questions if we need some tips??
Of course, please feel free to ask any questions or booking a free chat with me using this link. link.coursecreator360.com/widget/appointment/mortgage-chain
Alex, thank you! Good video, we are currently at the underwriting stage and sitting tight to hear back from the lender. 🤞👍
Glad it was helpful! Let us know how you get on.
Hello Alex, thanks for this informative video. At which stage in the video does the solicitor ask for bank statements?
I’m not sure but they usually ask for them early on in the solictor process.
Great video, thank you! Question: I'm at the stage where I'm waiting to hear back from the lender with a mortgage offer... It's completely possible that the property might get down-valued but I won't know for another week at least. Is it common for people to hold-out paying for their solicitors to start searches until they've heard back with a mortgage offer? I'd hate for something bad to happen with the mortgage offer and I've ended up paying for searches on a property I can no longer buy. It's the top of my budget so I can't offer more in deposit if the lender offers under the asked-for amount. Any advice? Many thanks.
Sorry for the delay Emily, I usually advise my clients to hold back on paying for the searches for roughly around one week after the mortgage application has gone in… However waiting for the mortgage offer is a bit more risky, in case this process is delayed… Then by the time you get the mortgage offer, if the searches haven’t even started it could put your purchase at risk because of the timescales.
How long does this process take roughly on average ? Also on average how much are solicitors fees stamp duty other costs etc ?
Sorry for delay. Three months approximately. All depends on the property and price so can’t give an answer just yet. House or flat and approx value ?
Hello
Another fab video!
You mentioned searches can take roughly 8weeks. Is this still the case if the solicitor was suggested by the developers as they would have already done searches on the property?
Thanks
Thank you for watching! Yes this is more in regards to local authority searches which has to be done in any case.
Hi alex, would you happen to know if you have a shared ownership property , are you able to have a lodger?? Be really helpful to know as there is no clear information online
Hi Jake, it's very unlikely but you would need to check with a housing association and mortgage lender rules.
Hi, I usually work temporary agency jobs, usually for around a year at a time, but I am always on to the next job without a gap, and I don't have an employment gap for the last five years. Will this be a problem when getting a mortgage? Do they prefer fixed term contracts?
If you have a continuous employment history of doing this then you should be able to find mortgage lenders that will take this into account!
@@alexkerrmortgage That's great thanks for getting back to me! :)
Hi Alex. Thanks for your videos! Would it be possible to ask you a question in a private way? (DM? Email?) Thank you Futura 😊
My Instagram is instagram.com/alexkerrmortgage
@@alexkerrmortgage thank you 👍
Hi Alex, will you be doing another live Q&A anytime soon?
As Soon as I can! Building the new studio is taking a long time, but once it’s up and running they will be regular… I don’t think it’s going to be until early next year though, but should be good once it’s all done and ready for the new year!
Thank you for the video. Buying a house is not very fun. 🤣
Tell me about it!!
How long do chains get? Is there pressure up the chain to end the chain? Or can they go forever? We're FTB and have offer accepted, vendors had an offer accepted, their vendors are buying across the country but not yet found somewhere. We're worried 6 months will pass and we will lose the good rates we locked in a day before they went up.
As long as you have submitted your mortgage application then the rate is secured… If you mean six months as you have already had a mortgage offer then some lenders will look to extend that period… But yes with big chains it can sometimes take longer… I would try and get updates to see where everyone is. In theory chains can go on forever but they normally don’t, it might be worth checking how many are in the chain and where everyone is. Hopefully the six months will not pass, but by the sounds of things it sounds like a possibility. Just check with the lender to see if they will extend the offer when the time comes.
@@alexkerrmortgage Thank you. Didn't know we could extend it, but re-reading an email from our solicitor, we can apply to have it extended. Thanks for your videos, been a good help.
@@alexkerrmortgage We've actually just had the call that the chain has finished. Our sellers seller is buying a probate property.
@@hippopotamus86 They take a long time to go through (probate). I’m sure when we’re another it will all work out for you, good luck! Let us know the outcome and when you are in the property!
@@alexkerrmortgage Yes the probate has taken longer than expected. We were wrongly told 3 months ago that the probate was granted, but it was granted just last week. We had to get an extension on our mortgage offer from Halifax. Should be exchanging today / tomorrow as long as one of the two executors can sign on behalf of the other that is on holiday. Has been a rollercoaster of emotions!
Thanks for the video, very concise ☺... can I ask, how does using a Help to Buy ISA impact the process?
Absolutely fine, will not hinder the process, your solicitor will obtain the bonus on your behalf at the end of the process.
@@alexkerrmortgage great, thank you 👌🏾
So helpful! Thank you very much for the advice :)
Glad it was helpful!
It seems very scary!!!!
Some links don't work.
Thanks for letting me know, I will sort that. For now to access the updated first time buyer guide, just go to our website and click the download link which you will see as soon as you open the website. www.mortgagechain.co.uk/#section-60hEMFeny
Perfect. Thanks.
@@aaronrebello8319 thanks so much ! Glad you found it helpful. Have a lovely day. Alex