Flat Out: Jane’s Diary Of A First-Time Buyer (#7)
I am a bit of an organised control freak (a typical Virgo apparently) so this house buying lark is freaking me out! I feel like all these different people - estate agent, solicitor, valuation surveyor and lender are all talking and leaving me out!
To be honest though, I am just letting them get on with it as not entirely sure what I am supposed to be doing …
Anyway, good news! I got the official mortgage offer which I stared at for a few days, got a bit scared about (I’ll be paying how much?!) and then got my confidence back (this IS a good investment and it IS a good time to buy).
So I signed my social, shoe buying, holidaying life away …
That organised Virgo side of me is coming in handy though as I have put together a spreadsheet of how much I need for first mortgage payments, money transfer fees, mortgage fees etc. Means there hopefully won’t be a shock later on down the line.
I had to do a few more admin tasks as well e.g. getting proof of my identity. My high street bank refused to certify my identification, so did the solicitors down the road (apparently there is a new law and they have to know you personally?) but finally realised that the agent could do it so that is one thing off the list.
And so now I wait …
Spoke to the agent the other day and the vendor is currently negotiating on the cost of the lease extension (it is quite a scary amount of money they have to stump up) but it is a condition of sale so has to be done.
She apparently doesn’t want to lose me, but my heart jumps every time the agent’s number flashes up on my phone. I shouldn’t be so negative but I am scared she could pull out and try and get a higher price for the flat to help with the lease extension cost.
What can you do but keep everything crossed? If it is meant to be, it will be. Actually surprised at how relatively calm I am. I suppose I have heard so many people talk about losing places along the way so am being realistic and not getting my hopes up too much.
I keep saying that if it doesn’t go through I will only lose the £400 that I have paid out for the valuation survey and admin fee to the lender. It is still £400 but not the end of the world although every penny counts at the moment.
I really need to stop ‘treating’ myself in Topshop …
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I think you are on the right track remain positive it is an investment for the future and everything will work out one way or another. I think you have done all the right things, budgeted yourself, be realistic about cut backs in your lifestyle and you sound like you have a good understanding this all helps the process of investing in property. Good luck.
Hey,
Really helpful and inspiring to read your blog - I am just about to start looking for a property and you are voicing all my concerns. Nice to know that there is someone out there who is going through the same emotions as me.
I’m also worried about so many people being involved in the whole process - I suppose you just have to try and keep looking at the bigger picture.
Well I am crossing everything for you and really hope that the sale goes through for you.
its a really helpful blog ,for first time buyers because buying a new home is not as easy task on earlier times, and it can be a real head-splitter. But buying a home can also become a wonderful experience, if you learn to find and solve all the problems
That identity thing is so annoying!
The solicitor told me it had to be from my bank or anothere solicitor, so I spent half a day trying to get it from either bank or building society (turned me down flat) before traipsing around town trying to find another solicitor (as mine is the other end of the country). What a waste of an afternoon! Argh.
Lesson: Even if your solicitor tells you to get your bank to verify ID, they probably wont. Don’t waste your time, go elsewhere. Costs about £5 from a friendly solicitor.
I was looking at a flat , that needed the Lease extending. Can you tell me how much does it cost , roughly ? - so I am fore-warned.
Keep focused on what you are trying to achieve with the purchase of your new home, write how you will feel in your new place and always keep this in the forefront. Your emotions will be running high at this time and you will need an anchor so it is imperative that you remain focused on the end result.