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2 Questions from a first timer.

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  • 2 Questions from a first timer.

    Hi all,

    Firstly, just wanted to say what a useful resource this site is. Answered many questions before I even registered!

    My fiancee and I are about to put in an offer on our first house. My questions around this is what to offer. The price estate agents advert states "Offers over £189,950".

    Does this essentially mean a reserve has been put on at this price and the estate agent wouldn't even communicate £185,000 for instance?

    Secondly, to anyone in the know or to anyone who has bought one recently....HSBC mortgages and solicitors. We are keen to go with HSBC given their current rates, and we have agreement from them for the mortgage we want.

    Does anyone know what they charge for their choice of 'in house' solicitor?

    If they do use call center type solicitors, is this a big deal for conveyancing or do you lose a lot not having someone local?

    Cheers in advance!

    Fez

  • #2
    Re: 2 Questions from a first timer.

    Hi Fez,

    I would first think about your finances and think about what's the max you can afford to repay back via a mortgage.

    As for 'Offers over', that does not mean they have an offer, only that the owner has stated he will not accept anything lower to the estate agent. But maybe they will...

    You should think about your maximum, what you think the property is worth and then talk to the estate agent to see what they believe is the lowest you can get away with.

    As for solicitors, I think the differences are much of muchness... I would always go with a friends recommendation if you have one, if not, going with HSBC will not be too much of a problem.

    I wish you all the best in getting your property.

    Kind Regards,
    Randeep
    Randeep Mann

    Want to Rent or Sell quickly? I can help.
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    • #3
      Re: 2 Questions from a first timer.

      Cheers Randeep.

      We're pretty happy with mortgage repayments, as long as we don't go over 200k we won't be stretched.

      Good to know its probably not a closed book. The property was on the market for 210k but when we met with them we asked why dropped the price. Basically they have their new property sewn up so want a quicker sale, which the estate agent verified.

      Buying your first house is certainly an interesting path, my head is still spinning from typing in 'first time buyer' into google!!!

      All the best.

      Comment


      • #4
        Re: 2 Questions from a first timer.

        The point about HSBC's mortgages is a serious one as there a very restricted choice of solicitors who can do the work both for you and for HSBC. They may be "factory" type set ups or may not be very local to you. Seehttp://www.homemove.co.uk/forums/buy...-now-5547.html
        RICHARD WEBSTERwww.rwco.co.uk
        As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

        Comment


        • #5
          Re: 2 Questions from a first timer.

          Evening,

          Regarding the offer price, take a look around at what else is available and check what else has been sold in the area recently.

          It's my opinion that you should start low and slowly work up, after all you can't do it the other way round very easily!

          Comment


          • #6
            Re: 2 Questions from a first timer.

            Originally posted by _Fez_ View Post
            Hi all,

            Firstly, just wanted to say what a useful resource this site is. Answered many questions before I even registered!

            My fiancee and I are about to put in an offer on our first house. My questions around this is what to offer. The price estate agents advert states "Offers over £189,950".

            Does this essentially mean a reserve has been put on at this price and the estate agent wouldn't even communicate £185,000 for instance?

            Secondly, to anyone in the know or to anyone who has bought one recently....HSBC mortgages and solicitors. We are keen to go with HSBC given their current rates, and we have agreement from them for the mortgage we want.

            Does anyone know what they charge for their choice of 'in house' solicitor?

            If they do use call center type solicitors, is this a big deal for conveyancing or do you lose a lot not having someone local?

            Cheers in advance!

            Fez
            Hi Fez
            I have just completed two mortgages with HSBC and there conveyancing was ok... not brilliant... just okay and I am quite experienced in this. I would find a solicitor of your own. Find one that is purely a conveyancing solicitor, so he/she is efficient in residential work. A lot of solicitors have conveyancing in addition to other legal services and tend to not be as slick. Expect to pay about 750 pound as you have no where to sell. (HSBC's is probably included in the deal so may be tempting)

            On the price do some comparisons, go on the house price section of rightmove, put in the postcode and it should bring up the street, this will tell you the history of houses in the street and may even have the actual house you are considering on. At least this way you can see what seems reasonable then it depends how much you want it.. its a home first then an investment I suspect.

            Offers overs means either the vendor will NOT accept less and has instructed the agent to block offers for less - their choice. If I was acting on your behalf I would be pitching you as Finance ready, 1st time buyer (if this is your first mortgage) and therefore no chain and thats very attractive.... and follow that with a reasonable offer and a offer of 6 week completion, any agent should be sensible enough to advise their client of the advantages ( I say should).... so a combination of all the above... and then go in with what you think it is worth.... in home buying if its meant to be it will be!! Good Luck!!

            Comment


            • #7
              Re: 2 Questions from a first timer.

              Does anyone know what they charge for their choice of 'in house' solicitor?

              If they do use call center type solicitors, is this a big deal for conveyancing or do you lose a lot not having someone local?
              HSBC say they have agreed fixed charges for their panel of 43 solicitors and conveyancers that you can choose form. Nobody knows yet whether or not extras will be added by those firms as the rates are fairly low.

              It will depend where you are whether there is a firm on their list near to you.

              If you don't use one of "their" firms then you will have to pay £192 extra for their conveyancer to check what you solicitor does and generally ask lots of silly questions and waste everyone's time.
              RICHARD WEBSTERwww.rwco.co.uk
              As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

              Comment

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