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What Lessons Did You Learn When You Brought Your First Flat/house?

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Anything you would of done differently?

Any majors lessons?

Would you make the same decision once you have lived experienced what you know now?

Whats your personal experience with leasehold? or would you just avoid all together?

InaShah
6 days ago
What do you think of this?
MrsCraig
MrsCraig6 days ago

Nothing I would change about when we bought our first house. We live in Scotland, so we don't have leasehold on houses so can't comment on experience with that, but if you do go leasehold make sure it is a long leasehold or that you can afford to extend the leasehold, which can be very expensive.

Make sure you have a fantastic solicitor, preferably one who specialises in conveyancing and contact them often to make sure everything is going as should be.

Make sure you have enough in your budget to pay for mortgage fees, solicitors fees and moving costs. Always look at the home report and if there are things that will need fixed then again make sure it is something you can afford to do.

When you find a house you want to go view, visit the neighbourhood, preferably at a busy time, so you can get a feel for the area. Also look at how much houses have sold for in that area recently as it will help give you an idea of what to offer and any offer over the home report value you need to cover yourself as you can only get a mortgage up to the home report value. Do an AIP before you start looking at houses so you know how much you can get on a mortgage so you know what your budget is. Also figure out what the maximum amount that you can afford to pay each month on your mortgage is.

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InaShah
InaShah
Original Poster
6 days ago

Thanks for this!

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MrsCraig
MrsCraig5 days ago

InaShah you are very welcome. We are currently selling our house and buying a new one so going through the process again. One thing I didn't mention is if you are getting a gift of money towards the house then the person gifting you the money will need to provide 3 months of bank statements to the solicitors to show where the money has come from.

If you know people who live in that area then ask them what its like living there, any downsides etc. Also if you are able to, take someone with you when house hunting, they might notice something you don't or ask a question you didn't think of. When house hunting, ask about the age of the boiler, when it was last serviced and look inside the cupboards so you have an idea of storage space and if there is a garage ask to look inside it too. Also ask if there are ground fees, such as a monthly or annual fee to pay for upkeep of shared areas so you can factor this into your budget and because it will be used as part of your affordability check for your mortgage.

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InaShah
InaShah
Original Poster
5 days ago

MrsCraig Yep done all that. Im just helping my sister. Be a while with London prices for me!

But good to take notes.

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MrsCraig
MrsCraig5 days ago

InaShah if she hasn't already got it then she will be advised to take out life insurance when she applies for a mortgage.

We live just outside Edinburgh and prices here are crazy just now. I don't know how people afford properties in London.

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FG280
FG2806 days ago

When you pick your house, don't feel like you have to have everything finished and decorated straightaway.

It's a good idea to live in it for a while, allow time to see natural light, what way you actually use each room, what it needs etc!

Also never turn down offers of help! A second hand sofa, etc might not your first preference, but will do 6/12 months while you buy other necessities, or save for one you want!

Good luck with the house hunting!

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FG280
FG2806 days ago

Also! Don't forget about VAT on solicitor fees, estate agent, etc! Can add on a bit, especially if you didn't expect/ budget for it!

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Grannyclock
Grannyclock5 days ago

To check the garage! Ours came completely stuffed with years of rubbish, including sacks of mouldy potatoes!

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GSM
GSM5 days ago

I would have asked opinions from others and spend more money in a full survey, we learnt!

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InaShah
InaShah
Original Poster
5 days ago

Big purchase, never hurts to ask for advise!

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