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Author KITCHEN update thread....(29/01/2010)
M2RTY
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Registered: 25th May 01
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31st Jul 07 at 09:26   View User's Profile U2U Member Reply With Quote

updated page 6 - with pics


[Edited on 29-01-2010 by M2RTY]
a_j_mair
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31st Jul 07 at 09:37   View User's Profile U2U Member Reply With Quote

check yellow pages for house surveyors

and get some pics up
M2RTY
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31st Jul 07 at 09:48   View User's Profile U2U Member Reply With Quote

will estate agents do it?

how would I buy the house from him - will it have to go through an estate agent or not?

when do the bank get involved?

thanks mate
Ally
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31st Jul 07 at 09:53   View User's Profile U2U Member Reply With Quote

I didnt think you could get it valued as you dont own it.... best best is to ring estate agents and ask

You may have to go through an estate agent, depending on what he wants although it can be drawn up with a solicitor

You need to get your mortgage offer from the bank, may need this to proove you have the funds to buy the house
stubbsy05
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31st Jul 07 at 10:11   View User's Profile U2U Member Reply With Quote

You could ask an estate agent out to value it. This will give you an idea of its market value.

As AJ said, might be worth getting a house surveyor due to its condition also
Dont bother actually getting the guy to sell it with an agent as he will have estate agent fees to pay (if he doesnt need to pay these then more he will come down in price).

Get him a solicitor, get him to get a solicitor and let them get on with the sale.
You could even use the same one which might make the process quicker.
M2RTY
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31st Jul 07 at 10:38   View User's Profile U2U Member Reply With Quote

many thanks guys
M2RTY
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31st Jul 07 at 10:38   View User's Profile U2U Member Reply With Quote

ps - what is a good fee for a valuation? 200?
--DAN--
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31st Jul 07 at 11:17   View User's Profile U2U Member Reply With Quote

you should be able to get it valued free of charge mate.
Ian
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31st Jul 07 at 11:37   View Garage View User's Profile U2U Member Reply With Quote

Problem you might have is that the valuation will need to be more thorough because of its condition.

Plus if you instruct the valuation its just for your benefit. If you want to mortgage it the mortgage company will probably want to come out and do it again with their own people to protect their investment, which will cost money again unless you wing a free one. Fees will have to come from somewhere though. Fee free generally means worse rate.

Is the deal as good as done so far as you buying it? ie. the seller has agreed your interest?


Corsa B lap belts required
M2RTY
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31st Jul 07 at 12:12   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
Problem you might have is that the valuation will need to be more thorough because of its condition.

Plus if you instruct the valuation its just for your benefit. If you want to mortgage it the mortgage company will probably want to come out and do it again with their own people to protect their investment, which will cost money again unless you wing a free one. Fees will have to come from somewhere though. Fee free generally means worse rate.

Is the deal as good as done so far as you buying it? ie. the seller has agreed your interest?


i know the shell of the house is structually OK (to our knowledge - my parents have lived next door for 28 years) - unless they can find anything else wrong with it, everything else in the hosue will score very low on the report as its pretty much in ruins (will try and get some pics)

I have spoken to the owner and he said he wants to sell it now, he does not want it to go on the market as he does not want the Gypsies buying it and using the land for caravans (he used to be very good friends with us and would not want it living next to them) and he would like to see me buy it.

The fact that he has sent the keys this time saying to get it valued also means something, but nothing in writting as yet saying I will be the one to buy it.

the only thing I can see is the survey coming back saying its in too bad condition (whcih I am not too fussed about as I will get it cheaper) or it comes back at some stupidly high price for what it is (100k+) and it might not be worth me buying it.


The part I am stuck on is where do I start?

I am really confussed as to how to go about it......normally the house would be up for sale by an estate agent and I would take it from there.

When you say the martage lenders would need to see the house you mean HSBC (or whoever I go with?) - so they just take a look at it before they formally agree to lend me the money?

I have seached for "building surveyors" and the like in google and I am not getting much luck - maybe just ring a few estate agents up?

All I know so far is when I went to see HSBC I know for sure that I will be able to be approved on a mortgae worth a lot more then this house will be worth so that part is taken care of. I just need to know how much its worth and how to get the paperwork done so it can be sold to me.

my head hurts
John
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31st Jul 07 at 12:19   View User's Profile U2U Member Reply With Quote

Pretend it's your house, get an estate agent out to value it.

Not official or anything but treat it like you were selling and see what sort of price they'd put it up for.
M2RTY
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31st Jul 07 at 12:29   View User's Profile U2U Member Reply With Quote

cheers john - i like it
a_j_mair
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31st Jul 07 at 12:57   View User's Profile U2U Member Reply With Quote

i just got a valuation done recently by as surveyor. was good enough for RBS mortgage.

I would fitrstly go and get a mortgage agreed in principle

then

i would get a surveyor to have a look at it.

after that speak to your solicitor and get in touch with his solicitor to give him a formal offer
Mad Moe
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31st Jul 07 at 13:16   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by a_j_mair
i just got a valuation done recently by as surveyor. was good enough for RBS mortgage.

I would fitrstly go and get a mortgage agreed in principle

then

i would get a surveyor to have a look at it.

after that speak to your solicitor and get in touch with his solicitor to give him a formal offer


This is exactly how I have purchased a number of properties, absolutely no need to involve an Estate Agent and dont let anyone tell you otherwise. All an agent would do is try and screw as much in fees as they possibly can out of you for doing virtually nothing in return
M2RTY
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31st Jul 07 at 13:20   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by a_j_mair
I would fitrstly go and get a mortgage agreed in principle



I have had a meeting with my bank and I know I can get a lot more then I would need from them, do I need anything else? I think I have a written copy (or might have shredded it)

Thanks
Mad Moe
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31st Jul 07 at 13:44   View User's Profile U2U Member Reply With Quote

Should be as easy as this mate:

Agree a figure with the current owner for the property

Speak with Mortgage lender and arrange for written confirmation of the funs available

Arrange for valuation to be carried out by one of the lenders approved panel of surveyors.

Appoint a conveyancing solicitor to look after your interests.

Good luck and hope all goes well
M2RTY
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31st Jul 07 at 14:04   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Mad Moe
Should be as easy as this mate:

Agree a figure with the current owner for the property

Speak with Mortgage lender and arrange for written confirmation of the funs available

Arrange for valuation to be carried out by one of the lenders approved panel of surveyors.

Appoint a conveyancing solicitor to look after your interests.

Good luck and hope all goes well


hi mate, he wants me to get it valued (but if I have to pay for this should I be very careful about letting him have too much information?) I don't think he will sell it elsewhere for more as hes rich enough as it is. Or should I ask him to get it valued (he knows people who could price it high for him, so I think the best bet would be for me to arange this myself)

Next thing is I must not be looking for the right thing as in Yell.com to get it valued - whats the best critera to search on? Would a surveyor or estate agent be best?

who do you normally use for this type of thing?

All being well I can get it surveyed in the next week and get a figure on paper for him and he will agree to this.

HSBC are the only mortgage lender I have spoke to and I know I can shave 1% off if I shop around but time is not really on my side. What % rate would I aim for as a first time buyer? 6.34% on a 5-year fixed term is best HSBC have offered me.

Would a 5 year fixed be best to go for?

stubbsy05
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31st Jul 07 at 14:31   View User's Profile U2U Member Reply With Quote

For the sake of 200 Marty get it done yourself would be worth it.

a_j_mair
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31st Jul 07 at 15:06   View User's Profile U2U Member Reply With Quote

get it surveyed and then offer him what it surveyed at or even a bit less
M2RTY
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31st Jul 07 at 16:00   View User's Profile U2U Member Reply With Quote

cheers again

trying to find one now lol

will i get a soliciter/surveyor in one?
Mad Moe
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31st Jul 07 at 16:17   View User's Profile U2U Member Reply With Quote

For my Business I usually use either Knight Frank or Sanderson Weatherall for my Valuations and Waston Burton or Eversheds as my Solicitors although they might be a bit much for your requirements, I'll have a word with a couple of my colleagues and see if they could recommend someone for you
M2RTY
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31st Jul 07 at 17:28   View User's Profile U2U Member Reply With Quote

thanks, im in the Darlington (DL1) area

VegasPhil
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31st Jul 07 at 19:46   View Garage View User's Profile U2U Member Reply With Quote

First steps Martyn would be to use
Rightmove to find the details of estate agents in your area. First of all phone up a few and ask for a Market Appraisal to be carried out by the agents, I usually ask for three appraisals from agencies to make sure that the figures tie in.

Next up, i'd have a look on nethouseprices.com and tap in your post code. This shows all the recent sales back to pre-millenium in your area, and for how much the properties have sold for.

Try and get a RICS Homebuyers report carried out on the subject property. I use valuationsuk.co.uk to order them.




Corsa 2.0 16v Vegas - Sold
Gregor
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31st Jul 07 at 21:22   View User's Profile U2U Member Reply With Quote

Dont think that the house is structurarly just from looking at it.

House we are working on at present is riddled with problems that the buyer never knew about.

For example the plaster in the upstairs bedroom was boss and needed replaced , but what was unknown beforehand was that the reason for the plaster being in such a state was a leak that had come in through the roof , down through the brick (washing all the cement out) resulting in new internal brick walls being built - .

Be careful !

And good luck !
M2RTY
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1st Aug 07 at 17:19   View User's Profile U2U Member Reply With Quote

right....

spoke to an independant lender AND check this...

he sais NO ONE will give me a mortgage unless the house is livable, it needs a kitchen

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