+ Post New Thread
Page 5 of 7 FirstFirst 1234567 LastLast
Results 61 to 75 of 100
General Chat Thread, Mortgage Question in General; Originally Posted by zag An estate agents job is to market a house and introduce a buyer to a seller. ...
  1. #61
    XiJ
    XiJ is offline

    Join Date
    Mar 2013
    Location
    Sheffield
    Posts
    173
    Thank Post
    11
    Thanked 35 Times in 32 Posts
    Rep Power
    8
    Quote Originally Posted by zag View Post
    An estate agents job is to market a house and introduce a buyer to a seller. That is all they do.

    They have nothing to do with checking financial details of the buyer.
    That's not really true any more. It's also common sense and in their own interest to at least check the buyer has a mortgage in principle / funds to move.

    They also tend to want you to use their own / partnered lender a lot of the time.

  2. #62

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    Nuts. Any GOOD agent will be checking the "quality" of the buyer. We went with our buyer as they seemed ready to go, and they were. Their buyer, introduced by Your Move, were not ready, despite thinking they were. If they had done this, we would have held out for more £, rather than a quick sale.

    Our agents (selling and buying) checked the status of our mortgage position prior to advising that we accept the offer.

  3. #63
    zag
    zag is offline
    zag's Avatar
    Join Date
    Mar 2007
    Posts
    3,762
    Thank Post
    897
    Thanked 416 Times in 350 Posts
    Blog Entries
    12
    Rep Power
    86
    I've sold both my houses direct without an estate agent, I checked all the buyers credentials myself.

    Just not sure I would ever trust an estate agent to do stuff like that

  4. #64
    XiJ
    XiJ is offline

    Join Date
    Mar 2013
    Location
    Sheffield
    Posts
    173
    Thank Post
    11
    Thanked 35 Times in 32 Posts
    Rep Power
    8
    Quote Originally Posted by zag View Post
    I've sold both my houses direct without an estate agent, I checked all the buyers credentials myself.

    Just not sure I would ever trust an estate agent to do stuff like that
    I've come to the same conclusion.

  5. #65

    TechMonkey's Avatar
    Join Date
    Dec 2005
    Location
    South East
    Posts
    3,286
    Thank Post
    225
    Thanked 405 Times in 302 Posts
    Rep Power
    162
    Quote Originally Posted by mac_shinobi View Post
    How much extra do you need on top of the deposit as there are things like

    * solicitor fees
    * land registry tax
    Etc etc

    Not sure if im calling them by the correct names / terms etc

    Presumably those charges are seperate from the deposit
    Don't forget Stamp Duty which is not covered by your mortgage. 2% of the house price between £125k and £250k.

  6. Thanks to TechMonkey from:

    mac_shinobi (1st July 2013)

  7. #66

    mac_shinobi's Avatar
    Join Date
    Aug 2005
    Posts
    9,700
    Thank Post
    3,230
    Thanked 1,040 Times in 962 Posts
    Rep Power
    363
    Quote Originally Posted by TechMonkey View Post
    Don't forget Stamp Duty which is not covered by your mortgage. 2% of the house price between £125k and £250k.
    Does that have to be paid up front or can that be tacked onto the mortgage or does it come out of the deposit so will need more deposit or what exactly ? Thanks @TechMonkey !!!

  8. #67
    zag
    zag is offline
    zag's Avatar
    Join Date
    Mar 2007
    Posts
    3,762
    Thank Post
    897
    Thanked 416 Times in 350 Posts
    Blog Entries
    12
    Rep Power
    86
    Quote Originally Posted by mac_shinobi View Post
    Does that have to be paid up front or can that be tacked onto the mortgage or does it come out of the deposit so will need more deposit or what exactly ? Thanks @TechMonkey !!!
    I've always paid it out of the deposit.

  9. Thanks to zag from:

    mac_shinobi (1st July 2013)

  10. #68

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    Errrmmm... Nope.


    Purchase price of property

    Rate of SDLT (percentage of the total purchase price)
    £0 - £125,000 0%
    £125,001 - £250,000 1%
    £250,001 - £500,000 3%
    £500,001 - £1 million 4%
    Over £1 million - £2 million 5%
    Over £2 million 7%

    https://www.gov.uk/stamp-duty-land-tax-rates


    As to paying it, what happens is, your solicitor will gather all monies together on completion day and give you a breakdown of what is paid to whom.


    Last edited by Andrew_C; 1st July 2013 at 10:20 AM.

  11. Thanks to Andrew_C from:

    mac_shinobi (1st July 2013)

  12. #69

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    And a further thought on moving; more of a "Life Hack", that only occurred to me when faced with a mountain of boxes on Friday evening. How relevant this is to you depends on how much "stuff" you are moving. We had one 7.5T truck, two 3.5T trucks, one of which went back for the plants and garden furniture. Good thing it was only a 500m move!

    Buy some plastic crates of a colour you don't have any of at the moment. Over the week or so of your preparation, ONLY pack the things you are going to need over the next few days (drugs, relevant paperwork, keys*) in them. Keep a few of these crates spare for the actually leaving the house morning. Put all the things you can't pack in advance in them. These are likely to be things you are going to want as soon as you get to the new place. (Tea, coffee, kettle, a few mugs/glasses, modem, laptop). When faced with floor to ceiling boxes, the important ones will stand out.

    LABEL EVERYTHING! Even the binliners full of dirty laundry. Stick parcel tape across the top, and label them.


    *I spotted that the keys for my motorcycle were in the dresser when it was already on the van, and seriously boxed in. No problem, but inconvienient. I wonder where my work keys are?

  13. #70
    JoeBloggs's Avatar
    Join Date
    Jun 2010
    Location
    Leeds
    Posts
    544
    Thank Post
    160
    Thanked 75 Times in 52 Posts
    Rep Power
    35
    Quote Originally Posted by XiJ View Post
    It seems that all the estate agents do us stick it on right move and sit back and wait. We're in our second agent and nothing is happening in our attempt to sell.

    I'm pretty sure I could market my house and achieve more doing it myself....if I had the time.
    Different Agents do different stuff. Anyone can become an Estate Agent and open up a shop - that's why you need to find the right agent.
    If you get the right one, they will bend over backwards for you and really help you sell your property - mailing databases, quality of potential buyers, liaising with solicitors, surveyors, checking they have funds, mortgage in principle, removals, EPCs, floorplans, going on all the property portals rather than just RIghtmove, professional photography the list goes on - then obviously the negotiate the best price for you selling!
    Last edited by JoeBloggs; 1st July 2013 at 11:09 AM.

  14. #71

    TechMonkey's Avatar
    Join Date
    Dec 2005
    Location
    South East
    Posts
    3,286
    Thank Post
    225
    Thanked 405 Times in 302 Posts
    Rep Power
    162
    Quote Originally Posted by mac_shinobi View Post
    Does that have to be paid up front or can that be tacked onto the mortgage or does it come out of the deposit so will need more deposit or what exactly ? Thanks @TechMonkey !!!
    I've been told you have to have it, that it can't come out of the mortgage, of which the deposit is part of. Not paid up front, the Solicitor will send you a declaration form to fill in that will go to the HMRC and I assume you send it along with all the other monies when the time comes. The solicitor then directs it the correct way.

    Thanks @Andrew_C I'd got confused with something else, it is 1% & of course there are other bands but assumed being first timer he'd stick in the bottom 2 bands.

  15. Thanks to TechMonkey from:

    mac_shinobi (1st July 2013)

  16. #72

    mac_shinobi's Avatar
    Join Date
    Aug 2005
    Posts
    9,700
    Thank Post
    3,230
    Thanked 1,040 Times in 962 Posts
    Rep Power
    363
    Quote Originally Posted by TechMonkey View Post
    I've been told you have to have it, that it can't come out of the mortgage, of which the deposit is part of. Not paid up front, the Solicitor will send you a declaration form to fill in that will go to the HMRC and I assume you send it along with all the other monies when the time comes. The solicitor then directs it the correct way.

    Thanks @Andrew_C I'd got confused with something else, it is 1% & of course there are other bands but assumed being first timer he'd stick in the bottom 2 bands.
    Either 0% or 1% as won't be getting a property that's more than 150k at most !!

  17. #73

    nephilim's Avatar
    Join Date
    Nov 2008
    Location
    Dunstable
    Posts
    11,749
    Thank Post
    1,622
    Thanked 1,875 Times in 1,393 Posts
    Blog Entries
    2
    Rep Power
    422
    A good idea is 20% of the house value.

    Keep 1/4 of that aside for the following

    Solicitors fees, stamp duty, estate agent fees. The remaining will give you a nice sum for any costs not factored in (hiring a removals company etc)

    And for your are @mac_shinobi houses under £150k tend to be 1-2 bedroom houses, judging by your needs from what I know of you, you'll need a 3 bed minimum.
    Last edited by nephilim; 1st July 2013 at 12:19 PM.

  18. Thanks to nephilim from:

    mac_shinobi (1st July 2013)

  19. #74

    Andrew_C's Avatar
    Join Date
    Sep 2005
    Location
    Winchester
    Posts
    2,957
    Thank Post
    64
    Thanked 374 Times in 284 Posts
    Rep Power
    158
    20% huh?

    Stamp 1%
    Agents 1.25%
    Solicitors £5K tops
    Movers £1k (depends, about what we paid for a heap of stuff, but nearby)

    On our £250,000 buy we've spent sort of £7000. More than we'd hoped, but the "bank of dad" is helping with a "loan" to do some bits around the house

  20. Thanks to Andrew_C from:

    mac_shinobi (1st July 2013)

  21. #75

    mac_shinobi's Avatar
    Join Date
    Aug 2005
    Posts
    9,700
    Thank Post
    3,230
    Thanked 1,040 Times in 962 Posts
    Rep Power
    363
    Looking at a 3 bed in our area and a max of 150k

SHARE:
+ Post New Thread
Page 5 of 7 FirstFirst 1234567 LastLast

Similar Threads

  1. ntuser.man question........?
    By tosca925 in forum Windows
    Replies: 10
    Last Post: 27th September 2005, 09:28 PM
  2. ISA 2000 to 2004 questions.
    By tosca925 in forum Windows
    Replies: 1
    Last Post: 21st September 2005, 08:50 PM
  3. Spamassasin Question
    By Dos_Box in forum *nix
    Replies: 3
    Last Post: 23rd June 2005, 10:27 PM

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •