This is why having building insurance, is VERY important........

https://www.essexlive.news/news/essex-news/grays-road-closed-after-car-8997578?utm_source=app&embedded_webview=true

Tolzeal:
Congratulations to everyone.

Can you please new owners help us with more details .

- Like Area of purchase.
- Average price.
- Average deposit.

That would come handy.
Thanks

What area are you considering? Prices vary vastly depending on what you're looking at. The easiest way to guage is by looking at rightmove or zoopla websites.

As for the deposit, a good advice would be to hit the market and start searching once you have 5% deposit of the average price in the area. Most Lenders would require a minimum 10% deposit from Visa holders. However, if you're buying a New Build, you may be gifted a 5% by the builder so that's a possibility.

And asides from money for the deposit, I have read about other hidden costs required to buy a house. Would people who bought recently mind giving us a clue how much the hidden costs are?

tushqueen:
And asides from money for the deposit, I have read about other hidden costs required to buy a house. Would people who bought recently mind giving us a clue how much the hidden costs are?

I don't know about hidden cost, but other associated costs include but not limited to:

Conveyancing fee

Survey/snagging (old build/new build respectively)

Stamp duty ( for 1st time buyers buying above the nil rate threshold and 2nd home buyers)

Moving cost

Decoration/furnishings

Renovation (for fixer uppers)

tushqueen:
And asides from money for the deposit, I have read about other hidden costs required to buy a house. Would people who bought recently mind giving us a clue how much the hidden costs are?

Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Thanks for the breakdown., helps to put this savings into better perspective!

Solumtoya:


Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Chai 11k plus. And this one no follow inside deposit ooo

Tier4Dependant:


Chai 11k plus. And this one no follow inside deposit ooo

No too think am, like I said. The carpets, for instance, I have the option to pay it over 3 years, interest-free, Zero deposit... Many of the other fees were not paid at once, they happen over a few months typically. Even I can't believe I spent this much but it just happened a day at a time.

Solumtoya:


No too think am, like I said. The carpets, for instance, I have the option to pay it over 3 years, interest-free, Zero deposit... Many of the other fees were not paid at once, they happen over a few months typically. Even I can't believe I spent this much but it just happened a day at a time.

👍👍👍

Solumtoya:


Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Quite a lot with new built...

Mine is 2017 built 4 bedrooms detached house with garage.

I was lucky the sellers left nearly-new dish washer, washing machine, big american fridge and Enforce anti-buglar security alarm system for us.

The only expenses we paid were
-Solicitor =£1,350

-Estate management= £250 per annum

-Land registration fee... I think £450... can't remember exact amount

-building and content insurance... £80 per year (used my admiral car insurance company as additional insurance to my car)

Mortgage level term life insurance cover with the Royal London insurance (wife and l) = £40 pcm

ukay2:


Quite a lot with new built...

Mine is 2017 built 4 bedrooms detached house with garage.

I was lucky the sellers left nearly-new dish washer, washing machine, big american fridge and Enforce anti-buglar security alarm system for us.

The only expenses we paid were
-Solicitor =£1,350

-Estate management= £250 per annum

-Land registration fee... I think £450... can't remember exact amount

-building and content insurance... £80 per year (used my admiral car insurance company as additional insurance to my car)

Mortgage level term life insurance cover with the Royal London insurance (wife and l) = £40 pcm

Nice!

I won't say New build costs are a lot as such. You have to remember the builders throw in a huge incentive so one gets as much as £20k, I just added mine to my deposit, that way I could buy carpets, washer-dryer by myself at a good bargain in the stores and then use the buidler for turf, etc.

Apart from the incentives, buying a house of like 2015 to 2020 would have been my preferable option.

Solumtoya:


Nice!

I won't say New build costs are a lot as such. You have to remember the builders throw in a huge incentive so one gets as much as £20k, I just added mine to my deposit, that way I could buy carpets, washer-dryer by myself at a good bargain in the stores and then use the buidler for turf, etc.

Apart from the incentives, buying a house of like 2015 to 2020 would have been my preferable option.

Ok

It makes sense now.

Thank you.

I bought this Water2Buy water softener and installed it 4 weeks ago as I have hard water and from the Southern waters website, my hard water level is VERY HARD ....

Everything costs £500...minus installation, as DIY, i did it myself and everything is working very fine

I connected one tap for non-softened drinking and the rest of the house softened

It makes sense from the review I have seen so far...

Solumtoya:


Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Hi, is the building & content insurance price for monthly or yearly payment?

Gurus in the house, please advise...

Is buying a property in Scotland advisable and profitable in the long run compared to buying a property in England please.

Honest opinions

mohtunrahyor:


Hi, is the building & content insurance price for monthly or yearly payment?

Yearly

Is there any single person that have bought house here??

arthurwillia:
Is there any single person that have bought house here??

Surprising question. Would you like to read the thread first then ask any question that hasn't been covered already? Probably best to do that

missjekyll:


Surprising question. Would you like to read the thread first then ask any question that hasn't been covered already? Probably best to do that

I seem to understand the question differently. Is there any single (unmarried or an individual) person who have bought a house here?

fetomowo:


I seem to understand the question differently. Is there any single (unmarried or an individual) person who have bought a house here?

While we wait for the single people who have bought to respond, it will also help to ask the unclear area so direct answers can be provided.


Buying as a couple goes to solve the primary affordability question. Two incomes will pass the stress testing and affordability inquiries easier than 1. But if one person is a high earner and can meet his repayments by having a larger deposit or stretching the tenor if age permits, that's fantastic.

There are also other reasons behind people's preference to buy as a couple.

Newbie123:
Gurus in the house, please advise...

Is buying a property in Scotland advisable and profitable in the long run compared to buying a property in England please.

Honest opinions

Guys please any help? Cc Ticha

Pl

fetomowo:


I seem to understand the question differently. Is there any single (unmarried or an individual) person who have bought a house here?

I will be interested in more single people providing answers and direction to this question.

I’m actually considering two bedroom flat or apartment. Would anyone also advise Buying 2 bd flat under 300K pounds and being able to move out in 2- years time, then put it on rent and been able to gain some cash flow from the property..

This is not the correct thread to post this.

tjsadiq:
Hi everyone , a friend wants to apply for post study visa but her passport has expired, she has applied for a new passport but its not out yet. Her visa expires in less than 4 weeks.

What can she do?

For someone who is above 40 and cannot open a LISA account, Is this the same process using Cash ISA account?

Estroller:


For house purchase, you don't get to withdraw the money personally, it goes to your conveyancer who adds it together with your deposit for onward transfer to the seller or developer.

Retirement, I guess proof of retirement/attaining state pension age or something in that regard.

It can also be withdrawn if the account holder is terminally ill, this should be easy to prove.

Newbie123:


Guys please any help? Cc Ticha

Pl

I can't tell you if it's profitable for you or not. Risk appetite and market conditions differs as well as base income level etc however the same principles apply everywhere - you will need to research the specific areas you're interested in. Scotland is a huge place and has specific policies for landlords so make sure you know all those - https://www.onlinemortgageadvisor.co.uk/buy-to-let-mortgages/buy-to-let-scotland/

Research purchase prices and costs (deposit, stamp duty, survey, legal fees etc), rental costs, (maintenance costs, the potential taxes, licensing fees, management fees etc) you'll pay. A btl calculator will give you an indication of what you can afford to buy - the rent you will need to achieve to get a btl and stamp duty costs.

Then decide if it's worth investing into.

Ticha:


I can't tell you if it's profitable for you or not. Risk appetite and market conditions differs as well as base income level etc however the same principles apply everywhere - you will need to research the specific areas you're interested in. Scotland is a huge place and has specific policies for landlords so make sure you know all those - https://www.onlinemortgageadvisor.co.uk/buy-to-let-mortgages/buy-to-let-scotland/

Research purchase prices and costs (deposit, stamp duty, survey, legal fees etc), rental costs, (maintenance costs, the potential taxes, licensing fees, management fees etc) you'll pay. A btl calculator will give you an indication of what you can afford to buy - the rent you will need to achieve to get a btl and stamp duty costs.

Then decide if it's worth investing into.

Thanks Ticha

bigtt76:
For someone who is above 40 and cannot open a LISA account, Is this the same process using Cash ISA account?

There are no such restrictions with CASh ISA

Happy new year Fam. Has anyone ever made a house deposit with proceeds of Contributions (Ajo/isusu) ? What was the reaction of the bank when they sight the monthly contributions in your bank statement?

I need direction here. For the past 8 months , I have been in a contribution, the aim is to prepare for mortgage. Sometimes in this new year around August, I intend to utilise it for mortgage deposit. I would have packed four times. (We are four in number). The question is , will this not affect my affordability when the bank check my statement and see that I pay this sum monthly? I guess is that they will see it as a monthly commitment(loan which I am paying back) and will likely affect my affordability and approval . Do you suggest I stop the contribution and rather be saving it in my account to avoid this scrutiny?

Just trying to be proactive.

mex551:
Happy new year Fam. Has anyone ever made a house deposit with proceeds of Contributions (Ajo/isusu) ? What was the reaction of the bank when they sight the monthly contributions in your bank statement?

I need direction here. For the past 8 months , I have been in a contribution, the aim is to prepare for mortgage. Sometimes in this new year around August, I intend to utilise it for mortgage deposit. I would have packed four times. (We are four in number). The question is , will this not affect my affordability when the bank check my statement and see that I pay this sum monthly? I guess is that they will see it as a monthly commitment(loan which I am paying back) and will likely affect my affordability and approval . Do you suggest I stop the contribution and rather be saving it in my account to avoid this scrutiny?

Just trying to be proactive.

My suggestion would be to speak to a broker, preferably a whole of market one that is also used to dealing with our people (Indians, Africans etc) and also speak to your own bank - they will have a mortgage adviser you can easily speak to

Saw this on a walk (Glasgow). I know the APR will be high for an offer like this, but does anyone know the APR range? And what are the cons?

Congratulations Boss this shall the beginning of many to come. Boss I want come to Kent too, I really need help.

ukay2:
FINALLY....

Completed today with Halifax at 5.3% 2 years fixed with a 15% deposit...Kent, SE England...

....keys in my hand....

To God be the glory....

Thank you everyone for the journey...1st August 2023 to 27th October 2023....

@Lexusgs430, thank you for reminding me that..... RENT MONEY is DEAD Money.....

We all shall get into the property ladder sooner than we think....just keep working daily...

mex551:
Happy new year Fam. Has anyone ever made a house deposit with proceeds of Contributions (Ajo/isusu) ? What was the reaction of the bank when they sight the monthly contributions in your bank statement?

I need direction here. For the past 8 months , I have been in a contribution, the aim is to prepare for mortgage. Sometimes in this new year around August, I intend to utilise it for mortgage deposit. I would have packed four times. (We are four in number). The question is , will this not affect my affordability when the bank check my statement and see that I pay this sum monthly? I guess is that they will see it as a monthly commitment(loan which I am paying back) and will likely affect my affordability and approval . Do you suggest I stop the contribution and rather be saving it in my account to avoid this scrutiny?

Just trying to be proactive.

I think the main issue with ajo is primarily with respect to source of fund verification. For me, there was no issue with affordability and the outflow wasn’t queried. I used Ajo as part of my deposit, I thought all was good till I started the house purchase stuff and I started reading stories of how some solicitors/lenders have issues with Ajo ‘cos of inability to verify the source of fund.

There was no issues with mine at the end of the day maybe primarily because I used LISA, so that was the source of fund (moved ajo money into my LISA account).

What I’ll suggest is that if you can help it, have a separate account for the ajo, then use the ajo money to settle expenses like rent etc while your primary salary account remains untouched and will form your deposit. This way proofing source of funds will be easy.