Me and my partner are looking to buy our first house together..what is the best advice you can give us?

We live in the north west of england and we are looking for a house..where can we get a good mortgage and what advice can you give us? Thanks :)Me and my partner are looking to buy our first house together..what is the best advice you can give us?
1) get a mortgage in priciple before you go looking - this may help you avoid gazumping.


2) don't rely on the survey the bank has done - do the cheap one for the bank and a full one independently.


3) make sure you can afford the mortgage, and have the necessary deposit.


4) when you put an offer in, offer less than the asking price and if this is accepted place a £50.00 deposit on acceptance and get the vendor to remove the property from the market.


5) ask your estate agent to recommend a solicitor and if you are not using one ring round to find out if they do special deals for house purchases. Once you have chosen one get the forms completed as quickly as possible so that you can move quicker.


6) If any problems that are fixable come up in the survey try to negotiate the price down or if the vendor won't budge get them to get the work done and for a guarantee to be given.


7)take out insurance on the property from the day the contracts are signed - and if possible take out mortgage repayment insurance and income replacement plans on one salary.


8) check your local papers - if a house has been on the market for awhile you may get it cheaper - we did this and knocked 14K off the asking price as they were soooooo desperate to sell.


9) Lie to the estate agents about how much you want to spend - I can guarantee that if you say £150K they will send you out to look at houses in areas you haven't specified and over your budget upto 175K probably......


10) negotiate estate agents fees if you pay them and contract length - we got ours reduced to 1% from 1.5% and from 12 weeks to 6.





One final thing - look at all types of home even if you hadn't considered it before and don't turn down viewings the estate agent may get stropy and stop sending you the best places that come up.Me and my partner are looking to buy our first house together..what is the best advice you can give us?
don't loose your job.for if you do,there's no mercy these days,you'll be thrown out in no time at all.
i think the best advise for you would be to look on the market dont go and jump right into it as you can make a mistake realy bad and very easy so vuiw alot off places and make sure that you and your partner want it when you find the right house you will no when you walk in but the first one will feel like that to hope that it helps
-If you can hang on a bit do so. Being a first time buyer you


will have the whip hand soon.


-The credit crunch means the housing market is seizing up.


-There are going to be house price reductions and a lot of


repossessions as mortgage renewal rates jump alarmingly.


-Mortgages will be more expensive and higher deposits


needed. Check with various building societies what they


would typically lend you so you know your price limit AND DON'T EXCEED IT!


-So keep saving, the bigger the deposit the better your


chance of getting a better deal. Can the bank of ';MUM %26amp;


DAD'; help at all?


-Don't be scared of putting in a low offer, some people will


be desperate. If not accepted there will be plenty more


soon!


-Remember the running costs are now high, Energy, Council


tax etc. have all jumped alarmingly, and will only increase in


future. Check out before jumping in on an offer!


-DO YOUR HOMEWORK and take off the rose tinted


glasses, you are going to be hard up whatever!


-Pay off any debts you already have, don't ignore them. Card


debts for example (typically 15%) are exorbitant, it is better


to use savings to get rid of them and pay them off rather than


earn 5% (taxable) in the bank.
if you have a house youre about to sell, wait later. selling is a horrible time. the stock market is down. I dont know about buying.
well according to the every thing said in the press the thing is to wait, because of this credit crunch, have at least 10% deposit for your mortgage.
Put down a 25% downpayment.


Try to put extra money towards your mortgage every year, and try in increase your payments whenever possible.
A few things, as your not married I suggest that you carefully look at what you want to happen if one of you dies, sorry if thats a bit morbid, but if you were to die





With joint ownership the other would inherit





With shared it would go to next of kin or whoever they willed it to.








Finance





It is essential to work out what you can afford, set yourself a budget and stick to it. With a huge range of mortgages, competition between lenders and low interest rates, many borrowers find themselves being offered vast sums of money. However, interest rates can rise and, as they do, so will your monthly repayments. You could lose your home if you fail to keep up with your mortgage repayments, so make sure they are affordable. As a rule, mortgage repayments should not exceed a third of your net monthly income.





It is best to have a mortgage arranged as soon as possible, so that you are in a stronger position when you find the property you wish to buy. Mortgage lenders can give offers 'in principle' - a tentative agreement to lend you a certain amount of money. This amount should of course match your budget.








Property search





Think about what sort of property would best suit your needs. Eliminating unsuitable properties at this stage will save you a lot of time and effort. It is helpful to distinguish between what you need and what you want, and be prepared to compromise over location and local amenities.





Majority of people looking to buy a house purchase their property through an estate agent. Register with agents in the area in which you are looking, and tell them exactly what you are looking for. Be keen, contactable and ready to view properties immediately as properties can be sold in under a week. Be aware that estate agents are paid by, and act in the interest of, the vendor.





You can search houses for sale and flats for sale on our database, and find out local information including schools, council tax, transport, crime rate, house prices and leisure facilities.





Viewing





Viewing a property is a crucial stage of buying a house. More often than not you will be able to tell within minutes of walking into a house whether you could live there. However, don't dismiss properties simply based on how they look or are decorated.





Be objective. It is important to see a property at least twice, preferably with a friend. Visit at different times of the day and week to build a picture of the neighbourhood. If you still like it, make an offer.





Making an offer





Obviously you don't want to pay more than you have to for a property but equally you don't want to insult the owners, or risk losing it, with a low offer. If things are selling fast and you feel the house is realistically priced. However, if the house has been on the market some time you could try offering a less.





If your first offer isn't accepted and you are prepared to go higher, do try again. There is likely to be a period of negotiation before a price is agreed. Once your offer is accepted, ensure that you get it confirmed in writing by the estate agent, or vendor, if it is a private sale.





Nothing is legally binding at this point - your offer is subject to contract and a survey. Either you or the seller can pull out of the sale right up until the point when contracts are exchanged.





Next steps





The faster you can complete on the sale, the less chance there is of being gazumped (where another buyer outbids you). You need to:


o Inform your mortgage lender that you have found the house to buy. They will need to arrange a valuation as soon as possible


o Instruct your solicitor or conveyancer. Provide them with the address of the house you wish to buy, details of the vendor's solicitor and the details of your mortgage lender


o Choose and commission a survey


o Ask the agent to change the For Sale sign to Sold





Surveys


Prices vary substantially, starting at £100 and rising up to £1,000, depending on the property type and which survey you select. Always use a surveyor registered by the Royal Institution of Chartered Surveyors (RICS).





Legal advice %26amp; conveyancing





Conveyancing is the legal term for the process by which property ownership is transferred. Property conveyance will be done by a solicitor or a licensed conveyancer (you can do it yourself, athough you have to be organised).





Finding a conveyancer





When appointing a solicitor or conveyancer it is generally best to be guided by a personal recommendation. Failing this, contact the Law Society, The National Solicitors' Network or the Council of Licensed Conveyancers to find registered members.





Your solicitor or conveyancer is there to protect you from any legal obstacle that may prevent you from taking full, free ownership of the house that you are buying.





Exchange of contracts





Your solicitor/conveyancer must receive your finalised mortgage offer and a draft contract from the seller's solicitor before he can proceed. Once both parties are happy with the contract, identical copies are signed. The copy signed by you will be sent to the vendor's solicitor with your deposit. Your solicitor will then receive the vendor's contract. The exchange of contracts has now occurred and the sale is legally binding.





Make sure you are happy with the contract. Read the fixtures and fittings list carefully so you know what's staying and what's going - that way you'll avoid any nasty surprises on moving-in day.





Completion





The date of completion is agreed at the exchange stage. It can be the same day or months later. On completion, the balance of the purchase price is paid to the vendor and the deeds of the house are handed to your solicitor who passes them to your mortgage lender as security for the loan. You are now the legal owner of the property





Make a will and take out insurance for building (mortgage comapny will insist this is in place at exchane of contracts.





Get contents insurance if you can afford it and life insurance for both of you if you are going to go into this as joint ownership.
All depends on your credit rating (even one missed payment on a credit card can have such an adverse effect these days that a lot of the best mortgage deals will be closed to you). As has been mentioned, you'll need at least a 10% deposit.