M2RTY
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Registered: 25th May 01
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updated page 6 - with pics
[Edited on 29-01-2010 by M2RTY]
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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check yellow pages for house surveyors
and get some pics up
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M2RTY
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Registered: 25th May 01
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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
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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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
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stubbsy05
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Registered: 23rd Oct 02
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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.
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M2RTY
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Registered: 25th May 01
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many thanks guys
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M2RTY
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Registered: 25th May 01
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ps - what is a good fee for a valuation? £200?
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--DAN--
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Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
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you should be able to get it valued free of charge mate.
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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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?
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M2RTY
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Registered: 25th May 01
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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
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John
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Registered: 30th Jun 03
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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.
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M2RTY
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Registered: 25th May 01
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cheers john - i like it
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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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
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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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
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M2RTY
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Registered: 25th May 01
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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
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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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
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M2RTY
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Registered: 25th May 01
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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?
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stubbsy05
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Registered: 23rd Oct 02
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For the sake of £200 Marty get it done yourself would be worth it.
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
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get it surveyed and then offer him what it surveyed at or even a bit less
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M2RTY
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Registered: 25th May 01
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cheers again
trying to find one now lol
will i get a soliciter/surveyor in one?
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Mad Moe
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Registered: 14th Jun 01
Location: Northumberland
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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
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M2RTY
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Registered: 25th May 01
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thanks, im in the Darlington (DL1) area
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VegasPhil
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Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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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
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Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
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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 !
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M2RTY
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Registered: 25th May 01
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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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