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View Full Version : I JUST BOUGHT A HOUSE


Tyburn
11-19-2011, 02:57 PM
:scared0011:

Anyone who follows my blog will know what ive been up to recently.

I got accepted! I am going to buy a house! Its a little semidetached house It has two Grass lawns in the front and a path to the door, a little vestibule, and then the front livingroom/dining room, and the kitchen. It has a spiral staircase to the first floor with ensuite and bedroom. In the back garden, accessed through the kitchen there is a Garden on three levels, the first is a patio with a shed, the second is a lawn, and the third is a bit of wasteland with a back gate and path to a private carpark behind!!! All the doors are on rails, so they are like blast doors that fold into the wall, like the one between my current bedroom and lounge in Granville.

My Parents are paying the initial deposit, my financial advisor has sorted out a thirty five year fixed mortgage (for the first five years) of about 100 pounds less then the rent I am paying now. Which will be taken up with travel costs and higher council tax. (its a mile from work, near where I used to go to the gym!)

The House initially went onto the market in June at 105K the current owners were bequithed it in a will and do not live there. they are renovating their own home with the sale of the second. So their is no chain, as I also am in Rent and could pretty much leave whenever. The house didnt sell and was reduced to 90K at the start of the fall.

I had been looking for part buy-part rent, but that wasnt going so well, and was about ready to move straight into different rented accomodation when my Parents said three weeks ago, we should have one last try, but the house was a full buy prospect. Two weeks ago we went round, and the current owners happened to be at the property and gave us an impromptu viewing. I liked it enough...and last week my Parents sat down with a financial advisor to see if they could be my Gaurentours.

Following this the Financial advisor began brokering at the start of this week with banks for a mortgage. The way it works is that my parents are culpable for the costs if something happens to me. Also...sticky situation if I die, they are left to pay a motgage but wont own the home...so I need to make a legal will to leave it to them so they could pay the mortage in full from the sale upon my expiration :laugh:

He presented the offers to us in a conference call on Thursday and we put in an initial bid of 83K on Friday. This was rejected, and so we haggled to a price of 86K which will leave enough in the mortgage of 90K to cover the legal fees inclusive.

I have just heard that vocal aggreement has been given, the house is about to be removed from sale pending further advancements in the sale. On Monday we shall have to finalize the mortgage and for that the Estates will want to do a valuation Survay....meanwhiles the contracts will be drawn up and prepared for me to sign by the lawyers.

Once all that legal shyte is done...its a matter of goodbye granville...hello jennyfield!!

My first port of call will be to turn the shed into an outside avery!! :happydancing: my OWN HOME!!! probably just after Christmas :ninja:

Neezar
11-19-2011, 04:22 PM
:happydancing:

I have very happy for you, Dave.

Bonnie
11-19-2011, 05:27 PM
:w00t: This is wonderful news, Dave! I'm so happy for you! :)

Chris F
11-19-2011, 05:44 PM
congrats Dave. I pray you have better luck than I have with my first house

flo
11-19-2011, 07:16 PM
That is GREAT news, Dave, I'm so happy for you!!! Woohoo!!

Now was this through Freddie Mac?

Heh, just teasing, Congratulations!!! :happydancing: I wish we lived there, we have a nice glass and chrome computer desk, kitchen table, etc., we could donate to your cause. :)

rockdawg21
11-19-2011, 09:46 PM
Oh my God! Banks are still giving out bad loans? :fighting0092:

MattHughesRocks
11-20-2011, 01:21 AM
That's awesome Dave! Congrats! :w00t:

Tyburn
11-20-2011, 06:17 AM
Thank you everyone...this is going to be AMAZING!!!!

Chris...what happened with your first home :huh:

Rockdawg...so long as I keep my job all shall be well...the banks are doing it for three reasons...first its a THIRTY FIVE year mortgage NOT your usual Twenty Five...Secondly...as my parents are Gaurentours...well...they can be certain of getting their money back from someone else if I cant make it.

Thirdly...in this day and age its hard to find someone in safe full time employment.

So :tongue0011:

rockdawg21
11-20-2011, 06:33 AM
You crack me up Dave, I'm always teasing you and you take it so serious, haha!

Of course I'm happy for you man, that is AWESOME!!!

Primadawn
11-20-2011, 04:32 PM
Congratulations Dave--that is SO exciting! I'm so very happy for you! No more war with a landlord!!! :happydancing:

Chuck
11-20-2011, 04:40 PM
That's great news Dave, congrats!

Tyburn
11-20-2011, 08:38 PM
The first danger this week will be the 10% chance of being Gazumpted :ninja:

Basically I have oral acceptance...but until we progress slightly, there is a space of about a week where anyone interested in the property prior to it comming of the market, may wish to place a higer bid.

its terribly unethical, rather rare, and extremely unfortunate, for if it were to happen, we do not have the funds to enter a price war. 86K is our final offer...if someone appeared and place 87K for example...we'd be through.

We do know there was one other prospective buyer who viewed the house after we did, but before we put in the offer. Now the owners have aggreed to remove the house from the market...but if these people left their details, they will be told first thing on monday that the house is no longer available...thats the dangerous point...thats when they could try to gazumpt

I pray it doesnt happen, coz I have my sights set on that house...and its a low possiblity as people dont tend to wait around...had they desired the house they should have already placed an offer...so its unlikely...but for the next week, its the possibility that could screw me out of a future...so I gotta mention it :unsure-1:

Twinsmama
11-22-2011, 07:23 PM
I am so happy for you. Only listen to people wishing you good. some people are negative even though they don't mean to be. i am so proud of you! you have done some good things in your life the last few years. this is definately because of your hard work. I wish you all the best!!!! Let us know as soon as you get the final good news!!

Tyburn
11-22-2011, 08:20 PM
We hit our first bump in the road today. We moved to progress on the mortgage and the bank refused without proof that my earnings would increase enough so that at the end of the five years the mortgage could looose its Gaurentour status.

This is stupid because noone can PROOVE they will earn a pay rise...let alone stipulate what it will be.

It prooved one thing to us...that this Mortgage is actually designed for qualifying professional who CAN proove that once qualified within the five years, they will earn more.

But that was not how the mortgage was advertized. So that Bank is on my blacklist and when all is over I shall name and shame.

We then held authorization on the Lawyers starting searches pending a new mortgage.

We found one which was nearly as good, a three year fixed term gaurentour at a rate of 300 PCM. We have booked for paperwork on Monday. So Tommorow we shall get a list of what is required for the application, and we shall be able to release Authorization for the Lawyers.

The Damage for this foolhardery caused by a soon to be revealed bank, is a Single Days Delay in Lawyer Searching Procedures due to a days delay in the start time. On Ave about 5 more expense for me per month on completion....Servere Stress for the Financial Advisor, who has crammed another weeks worth of Brokering within a day (I am paying him well for his trouble :laugh:) and a pretty bad day for my Father who was acting on my behalf with my full authority :happydancing:

rearnakedchoke
11-22-2011, 08:41 PM
hope it all works out .. your parents are pretty nice for going through all of this for you .. i think you should make a video blog for them and tell them how much you appreciate it

Tyburn
11-22-2011, 09:01 PM
hope it all works out .. your parents are pretty nice for going through all of this for you .. i think you should make a video blog for them and tell them how much you appreciate it

The financial side is actually what they would give to me were I to get married...so they are still spending the same on me as they would on my sisters...except, I am not getting married :laugh: This is from savings I presume they have been growing for three decades

The dealing with business as my Representative is because my Fathers work allows him to be contacted by phone throughout the day and deal with stuff...My Mother teaches, and I am unavailable...so it kinda falls to him to sort everything out...Thankfully he is quite an extreme J aswell...so he has no problem with being organized and sorting this out...I have to say though...I am VERY impressed with the speed and level he is working at...Since the Conference call last Wednessday...Every Single Day there have been developments (Barr Sunday obv)

If you want to see my Father....he is VERY proud of this video indeed...I believe he has played it many times on DVD...so my Mother says :laugh:

http://www.youtube.com/watch?v=Wgplrz-U0zU

YES I do now know what I shall look and sound like when I'm in my Mid 50s...bit frightening isnt it :laugh:

Tyburn
11-22-2011, 09:15 PM
http://www.youtube.com/watch?v=Rwm6ra5n4ic

....here was my contribution to the same proceedings :ashamed: