How Long Does It Take to Buy a House UK // First Time Buyer Secrets
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- เผยแพร่เมื่อ 8 ก.ย. 2020
- You might be asking yourself, how long does it take to buy a house in the uk as a first time buyer.
In this video I discuss the time scales of each step of buying your first home and how long it takes.
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Todays Question - ⚡Are you thinking about buying your first home LMK 👇👇👇
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i think mine took 5 months from putting in the offer until exchange, and you are right! the main hold up was the solicitor! thanks for the vid!
Investment is so good
Hey, thanks for all of your useful information.
STOPIT thank you for watching the video ✨
Once again very usrful
. Thank you
Investment is so good
Very helpful. Thank you very much
Investment is so good
Very helpful
Investment is so good
Very helpful thanks
agreed extremely helpful information
Plenty more to come. Thank you for watching 🙏
Investment is so good
Fab advice thankyou! Looking to get the process done before the Stamp Duty holiday ends, on a home we already have in the family (so offer accepted and secured - change of ownership between parents to child), same solicitors after mortgage accepted. Does this sound possible?
Hi Jessica, you have an till the end of June, as long as the searches come back fairly quickly you should be okay. How are you getting on ?
Great video, in relation to completion, how does that differ on a new build when the house isn’t due to be complete for few months down the line? Thanks
Hi Jason, thanks! The lender would do a survey based on the drawings etc so would not physically need to see the property...
Hi Alex, can you do a video about Affordability please? How much money do you have to have left after paying your mortgage and expenses to pass affordability?
Ok no worries this has been added to the requests list 👍🏻
@@alexkerrmortgage
This would be very helpful! Looking forward to it.
Could you do a video about contractors getting mortgages and losing your job half way through a conveyancing process please?
Hi, I will get this on the list! If you lose your job you need to inform the lender if it happens before you complete...
Is this timescale still valid in this pre covid era we are in? Very useful information
Blessing Tanix thanks for watching! I would add
On another 4-8 weeks for current conditions (Covid as of Sep 2020)
Hi Alex i like watching your helpful videos.Can you tel me if its any more 90% ltv lenders coming and what is the interest at the moment for 90% ltv mortgages,thank you.
Hi Cornel, I can't quote interest rates into the public domain without providing a large amount of compliance warnings... Money Supermarket would give you this info, or feel free to email me on alex@mortgagechain.co.uk
viewed a property, put offer in, had offer accepted, looked for mortgage, got a decision in principle, put application in, had valuation done, got mortgage offer and accepted...... the whole lot done in space of seven days exactly. (this last week). good Mortgage advisors are definitely worth it. Now,... i think the slow bit starts... Solicitors..........
jtwrally that’s epic speed.... Halifax ?
@@alexkerrmortgage Barclays, via an independent advisor
How long did your solicitors take?
@@1987kahil approx 3 months in total, but that was down to sellers estate agent (Purple Bricks) and their slow solicitor. The seller ended up doing most of the work.
Hi Alex
Thanks for the video, we are buying a house with a leased solar panel, it's been 5 months on the solicitors hands, is that normal?
It’s a bit on the long side, but in this market yes... hopefully be sorted soon. Good luck. Alex
What exactly does a solicitor ‘search’ for when you say solicitor does the searches?
Korona Complex I hope this helps!
Solicitor Service & Searches
Every First Time Buyer purchasing a home will need a solicitor as part of the transaction. A Solicitor for property purposes can sometimes be referred to as a Conveyancer, just in case you hear that term mentioned. Your Solicitor is their for your own protection and has a responsibility to make sure the property you are buying is all above board and will not have any associated problems can may run into later.
Your Solicitor will be responsible for:
Conducting Local searches - Are there plans for a motorway in your new garden or to build a prison next door ?
Environmental searches - the report will give information about contaminated land at or around the property, landfill sites, former and current industry, detailed flooding predictions, radon gas hazard, ground stability issues, and some other related information.
Bankruptcy searches - This will be a search on yourself to see if you are current bankrupt or on the verge of being bankrupt
Stamp duty - Stamp duty is a government tax paid to the HMRC for buying a property. This is dependent on the purchaser and purchase price of the property to the amount you pay. The Solicitor will request this from you and pay it to the HMRC on your behalf.
Land Registry Search - A search to ensure the seller owns the property as they say they do. The Land Registry will hold this information.
Land Registration - The Solicitor will register your new home on your name with the Land Registry
TT Fee - Telegraphic Transfer to transfer the funds from the lender to the Solicitor
Cost
Solicitor fees vary and our advice is not to go with simply the cheapest Solicitor you can find. For example this could mean the Solicitor runs via post and email only. We fully recommend to check reviews on Trust PIlot and Google and the like to make a judgement. I would always favour paying a little more for quality and experience, as a lower cost Solicitor can end costing more in the long run.
A Solicitor will usually ask for between £200 - £300 at the start, to proceed with your searches as mentioned above. Searches sometimes can takes weeks or even months to obtain, so its best to get going with these early. We do however fully recommend your mortgage is at least agreed in principle before you make the initial payment.
Solicitor cost - This can vary between £500 - £1500 as the Solicitor fee. Shared Ownership purchases are usually around £500 more expensive as extra work is required.
Conducting Local searches - £125
Environmental searches - £125
Leasehold fee - £400 (only if buying a leasehold property)
Bankruptcy searches - £30
Stamp duty - See stamp duty calculator below
Land Registry Search - £5
Land Registration - £135
TT Fee - £35
I know it's an older video but we are not nearly 7 months into buying the property and in a chain of 4 houses. House no 3 is not ready and apparently they are still finishing on their mortgage offer and await some queries. In the meantime we have got an extension to our mortgage offer because of that. Stamp duty holiday is almost over. We are looking to withdraw our offer now looking how things are not moving forward. Would you advise to still wait or just drop it?
Hi Katrin, I always say if you haver an opportunity to buy, take it!
Hi Alex, hope you're still responding to this video; I know I’m a bit late in the game. I am in the middle of purchasing a property with no chain. At the outset I was told by the agent marketing the property that the seller was intending to rent after the sale had gone through. All necessary searches have been done, a survey report (with no problems anticipated) is expected this week, and I have paid the deposit (I’m a cash buyer) with my solicitor saying he is more or less ready to exchange. However, it seems that the seller is stalling as far as finding rental accommodation and the agent is being sketchy whenever I make enquiries. How much (or little) pressure should I be putting on the seller at this stage? It is reasonable for me to insist on a timescale for completion, which I have already suggested to my solicitor to be on 17th December just as a date to aim for but not set in stone. Many thanks Alex for taking time to read and answer if you are able.
I would be looking to obtain clarity in regards to your sellers position and then go from there. Thats key to find out. Good luck!
@@alexkerrmortgage Thanks Alex, I’ll do that.
So when do you apply for a mortgage, is it after you know what property you want and put and off we or do you start the process before all that.
Ideally look at your mortgage options first, then property search next... So you know how much you can borrow and what your budget is.
Hey I have a question
What is the different between shared ownership and help to buy
If you have to choose one which one will you go for
Thanks 😊
I am going to do a new video soon - help to buy Vs shared ownership !
Great advice what if you both have no chain what timescale could this be ? Thanks
Dayle christie could be 6-8 weeks!!
@@alexkerrmortgage thank you 😊
Would this still be 6-8 weeks if we use the help to buy isa as we have been saving to get the bonus from that and we have a family gift of around 6000k to help towards or deposit can this just be transferred into our normall account cheers
I literally have enough for the deposit now, if it takes a few months that helps me because I can keep saving to pay all the fees
Hi Mark, looks like you've done some great work. Keep going! Any more questions let me know.
Investment is so good
I know this isn’t related to this video directly however can I use a First time buyer mortgage for my first investment property (this would also be my first property) or would you recommend other types of mortgages?
Hi Bobby, this is a "first time buyer, first time landlord" mortgage... trickier to get at the moment... But you would need a buy to let mortgage. Most require you to be a homeowner occupier, but one or two specialist lenders may look at it! If you are serious about this, feel free to get in touch and chat further. Details in the comments of how to get in touch. Alex
alexkerrmortgage Hi Alex, thank you for your reply I really appreciate it. I was just asking the question for now. Cheers
Is it possible to buy for example a 25% shared ownership using my saved money? I mean with mortgage? Thanks
Ramon Campoi hi Ramon yes a 25% share is possible with shared ownership :-)
Looking to buy within the next year to 18 months, when should I worry about finding a solicitor and how’s best to do so? Thanks
Once you have agreed an offer on a property, finding a Solicitor is the next step... A good broker will help you with this and also an estate agent as well...
Hi, I was a mortgage underwriter for 10 years and whilst Alex normally gives very good advice I have to disagree on this one.
Why? Because he forgot to mention that brokers get commission for introducing you to a solicitor (just as they do for submitting a mortgage application for you or helping you choose life insurance, etc). This means some brokers will point you in the direction of the solicitor that pays the highest commission to them, rather than the one that's best for you.
First make sure you choose a conveyancing solicitor rather than a general/family solicitor as conveyancing solicitors are specialists in house purchases and know what they're doing. General solicitors are jack-of-all-trades and may not have much experience of house purchases.
There are plenty of helpful online sites to help you choose, or speak to citizens advice, etc. Here are some links:
www.moneyadviceservice.org.uk/en/articles/find-the-right-solicitor-or-conveyancer
www.theadvisory.co.uk/conveyancing/solicitors-reviews-and-recommendations/
www.comparemymove.com/advice/conveyancing/best-conveyancing-solicitors-2020
N.B. Alex will hate me for this but you don't need a Mortgage advisor at all when applying for a mortgage. You can go straight to the Lender who will have qualified advisors of their own. There isn't anything a broker does that you can't do easily on your own. Moneysaving expert also have a lot of good tips for home buyers:
www.moneysavingexpert.com/mortgages/
One last tip. I recommend getting a mortgage from a Building Society rather than a bank. Banks are mainly concerned with making profits for their shareholders. Building Societies are essentially "Not for profit" organisations where any profit is reinvested into the society. As a consequence they are more concerned with providing good service and tend to be more sympathetic to borrowers who get into difficulties with repayments e.g after losing their job. The big banks repossess at the drop of a hat whereas Building Societies usually prefer to work something out and view repossession as a last resort.
Hope that's helpful.
@@speleokeir Hi speleokeir
, nice to have an underwriter on the channel and welcome. Thank you for sharing your opinion and knowledge. I hope people can take some value from this. Take care, Alex
Hello
I am a first time buyer and have found a top floor apartment I really like that has been on the market since October. It is listed at offers in excess of £110,000 and similar properties within the same building have sold on average for about £111,000 over the past 5 years. The seller is looking to move out to buy a new home with her partner so from what I have gathered she is keen to sell and the property has been reduced in 5k increments from £125,000 since it was listed. Would it be acceptable for me to offer £93,000 as a starting point as this property is just slightly out of my budget? If so would do you think my odds of success would be in this case?
It's hard to tell all, it feels slightly low, you have nothing to lose. Just understand what your top offer will be as a maximum, and present it as your "third and final offer". Maybe have one more small increment you can increase to, up your sleeve, but just make sure not to go to your final offer to early. Hope that makes sense, and good luck!
@@alexkerrmortgage Thanks. What would your advice be in regards to repossessed homes? Would the bank accept any offer provided it cleared any outstanding debt owed to them? I am considering maybe offering 25% lower than the asking price as the property has been on the market for 2 months and has had no offers to date.
what about for cash buyers?
You should be able to turn that around in three or four weeks
What's the answer?
Hi Ronnie, what's the question ?
Investment is so good
2-3 months