My questions are: (you touched on this a bit) if I'm saving for a deposit and I think I'll have at least 5-10% - when should I make first contact? Should I go before so they can tell me - hey you could buy sooner! Or forget it, boyo. It's a pipe dream and you're skint? Or wait until I think I have enough? Second you touched on fixed price, so if it's an 'offers in excess of', my mortgage doesn't cover that, right? So Let's say it's 10k over the listed price is what's needed and it's a 100k property. If I Save 10k thinking it'll cover the deposit for a mortgage, really I'm screwed as I don't have another 10k to pay the difference. Is this right? And I assume there's some report that says the property is worth X. That's all my mortgage lender will pay towards, is that right? I guess I'm really asking, how much cash do I really need? Deposit amount, then paying solicitors, any reports, any cash on top of the value? What are we talking here?
Hello! Our advice is to always go as early as possible to speak to a mortgage advisor and a solicitor - that way you can get tailored advice early in the process and learn how much more you have to save or if you have enough. Mortgage advisors can advise on your affordability and how much deposit you may need. Solicitors can provide you with a quote up front on how much their fees and how much LBTT (formerly Stamp Duty) you may need to pay. After chatting to both the mortgage advisor and the solicitor you should have a clear idea of all the costs involved and how much money you will need to have saved. You're right that if you make an offer on a property and it is higher than the value stated in the Home Report, the excess will need to be paid from your savings and not from the mortgage lender. Hope that is helpful!
@@espc.property Cheers, and can I just wander into the ESPC and and they'll do both for me? I know there's mortgage advisors everywhere, but, is that something I could do? I'm Edinburgh based so if there's a one stop shop, cool.
@@CagedPaps Absolutely! That's exactly what we are - a one stop shop! We are actually running a first-time buyer event this Thursday (29th Aug) where you'll be able to speak to solicitors and mortgage advisors for free. You can sign up here: espc.com/services/events/event/first-time-buyers-event-august-2024 If you can't make it along to that, then we run free ask the experts sessions every Wednesday (12pm-2pm) and Saturday (11am-2pm) where you can speak to a solicitor at our showroom (107 George Street). Our mortgage advisors are also available to speak to in our showroom Mon-Fri. Hope that helps!
If you've watched the episode and still have any questions, please let us know below and we will ask at our next first-time buyer recording! ⬇⬇
Great show, excellent information. From Vancouver, Canada.
is it possible to change solicitors after the conveyancing process has started?
My questions are: (you touched on this a bit) if I'm saving for a deposit and I think I'll have at least 5-10% - when should I make first contact? Should I go before so they can tell me - hey you could buy sooner! Or forget it, boyo. It's a pipe dream and you're skint? Or wait until I think I have enough?
Second you touched on fixed price, so if it's an 'offers in excess of', my mortgage doesn't cover that, right? So Let's say it's 10k over the listed price is what's needed and it's a 100k property. If I Save 10k thinking it'll cover the deposit for a mortgage, really I'm screwed as I don't have another 10k to pay the difference. Is this right? And I assume there's some report that says the property is worth X. That's all my mortgage lender will pay towards, is that right?
I guess I'm really asking, how much cash do I really need? Deposit amount, then paying solicitors, any reports, any cash on top of the value? What are we talking here?
Hello! Our advice is to always go as early as possible to speak to a mortgage advisor and a solicitor - that way you can get tailored advice early in the process and learn how much more you have to save or if you have enough. Mortgage advisors can advise on your affordability and how much deposit you may need. Solicitors can provide you with a quote up front on how much their fees and how much LBTT (formerly Stamp Duty) you may need to pay. After chatting to both the mortgage advisor and the solicitor you should have a clear idea of all the costs involved and how much money you will need to have saved.
You're right that if you make an offer on a property and it is higher than the value stated in the Home Report, the excess will need to be paid from your savings and not from the mortgage lender.
Hope that is helpful!
@@espc.property Cheers, and can I just wander into the ESPC and and they'll do both for me? I know there's mortgage advisors everywhere, but, is that something I could do? I'm Edinburgh based so if there's a one stop shop, cool.
@@CagedPaps Absolutely! That's exactly what we are - a one stop shop!
We are actually running a first-time buyer event this Thursday (29th Aug) where you'll be able to speak to solicitors and mortgage advisors for free. You can sign up here: espc.com/services/events/event/first-time-buyers-event-august-2024
If you can't make it along to that, then we run free ask the experts sessions every Wednesday (12pm-2pm) and Saturday (11am-2pm) where you can speak to a solicitor at our showroom (107 George Street). Our mortgage advisors are also available to speak to in our showroom Mon-Fri.
Hope that helps!