Flex Posted June 14, 2012 Share Posted June 14, 2012 Scary stuff, looked at a new build Tuesday, put reservation fee down today and the buidlers are gifting 5% deposit to help with mortgage. Possibly too good to be true. Only caveat is to complete by end of June I'm renting current house out so effectively chain free so not an issue there but has anyone used/can recommend a super efficient (and very thorough) conveyancer/solicitor? Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 14, 2012 Share Posted June 14, 2012 I know a good Conveyencer, but completing by end of June is going to be nigh on impossible. Searches can take an age, even when it's all done and dusted, the solicitor will have to request the funds which in itself can be five working days! I've worked to some very tight deadlines but considering there are only 11 working days left of the month, you've got no chance. I know a decent mortgage broker too I could get it done quick but not in eleven days Quote Link to comment Share on other sites More sharing options...
Flex Posted June 14, 2012 Author Share Posted June 14, 2012 I know a good Conveyencer, but completing by end of June is going to be nigh on impossible. Searches can take an age, even when it's all done and dusted, the solicitor will have to request the funds which in itself can be five working days! I've worked to some very tight deadlines but considering there are only 11 working days left of the month, you've got no chance. I know a decent mortgage broker too I could get it done quick but not in eleven days Bud I was just about to email you, I've got details of one in Norwich but waiting their call back. The mortgage team work with the builders and it's all happened sooo quickly I've not really had time to step back from it and look around for alternative brokers etc. So definitely not ideal. Mortgage is with Halifax and I'm having to rent my current house out as nil equity but they seem to be happy to take an estate agents letter confirming rentable value. Happy to talk to you about life cover and house insurance if you like? Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 14, 2012 Share Posted June 14, 2012 I know a good Conveyencer, but completing by end of June is going to be nigh on impossible. Searches can take an age, even when it's all done and dusted, the solicitor will have to request the funds which in itself can be five working days! I've worked to some very tight deadlines but considering there are only 11 working days left of the month, you've got no chance. I know a decent mortgage broker too I could get it done quick but not in eleven days Bud I was just about to email you, I've got details of one in Norwich but waiting their call back. The mortgage team work with the builders and it's all happened sooo quickly I've not really had time to step back from it and look around for alternative brokers etc. So definitely not ideal. Mortgage is with Halifax and I'm having to rent my current house out as nil equity but they seem to be happy to take an estate agents letter confirming rentable value. Happy to talk to you about life cover and house insurance if you like? Ooooh single tie advisors they sound like eg they farm every single application through one lender irrespective of if there is anything else out there cheaper I'll drop you a mail now Quote Link to comment Share on other sites More sharing options...
captain Posted June 14, 2012 Share Posted June 14, 2012 Scary stuff, looked at a new build Tuesday, put reservation fee down today and the buidlers are gifting 5% deposit to help with mortgage. Possibly too good to be true. Only caveat is to complete by end of June I'm renting current house out so effectively chain free so not an issue there but has anyone used/can recommend a super efficient (and very thorough) conveyancer/solicitor? PROBABLY too good to be true. You'll only be able to complete by the end of June if literally EVERYTHING has been done beforehand by the vendor's solicitors - similar to an auction They want to pay some of your deposit and get you in quick. Why? What was it on the market for and what price have you agreed? If you're paying much more than 90% asking price, I'd go back with a reduced offer. Quote Link to comment Share on other sites More sharing options...
Flex Posted June 14, 2012 Author Share Posted June 14, 2012 Last house on plot to be sold so wanting shot before mid year accounts I think. Mrs moved home last month so need bigger place. Now I get a garage for Brucie the Zed though (if all goes to plan). Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 14, 2012 Share Posted June 14, 2012 The whole 5% deposit contribution is a bit of blind. The majority of mortgage lenders just ignore it and reduce the purchase price accordingly, so rather than actually getting a deposit contribution all your getting is a lower purchase price..... Quote Link to comment Share on other sites More sharing options...
Flex Posted June 14, 2012 Author Share Posted June 14, 2012 The whole 5% deposit contribution is a bit of blind. The majority of mortgage lenders just ignore it and reduce the purchase price accordingly, so rather than actually getting a deposit contribution all your getting is a lower purchase price..... Yes I think you're right but (apparently) going on what mortgage broker said Halifax don't do that. Not a lot of options open for me to move up in the property ladder apart from hold tight where I am for at least two years. Anyway all seems too late now, as most of it in place unless I fall at last hurdle. We shall see. Quote Link to comment Share on other sites More sharing options...
Ricey Posted June 14, 2012 Share Posted June 14, 2012 The whole 5% deposit contribution is a bit of blind. The majority of mortgage lenders just ignore it and reduce the purchase price accordingly, so rather than actually getting a deposit contribution all your getting is a lower purchase price..... In the good old days you were allowed a max of 10% builder deposit with our company but that was vey much in the halcyon days! Quote Link to comment Share on other sites More sharing options...
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