r/FirstTimeBuyersUK

Hi,

Me and my partner have been looking for our first house. Found a really nice sized house that's at the higher end of our budget thats in a good location and good links to London. The house has three floors, two bedrooms and a bathroom on the top floor. Am I crazy to think it would be a good idea to rent out the top floor?

Has any FTB done something like this?

We are first time buyers.
No chain.
Solicitor just reached out that we would have to exchange and complete the same day because all our deposits are in LISA.

He Said because if something goes wrong, he would have to return the fund to Moneybox and we would be liable.

We would really appreciate Lived experience /idea of how to deal with this as it would mean we would be paying rent and mortgage including all dual expenses for at least 2 extra months.

I mean, I can google.. I can search Reddit.. but how does one find a good whole of market mortgage broker? Is it a word of mouth thing?

I’m in Kent, fwiw. If anyone has any recommendations of even tips on how to find a good one … please share

I currently live at home with my parents (England) and I’m saving for a house. I have more than enough for a deposit for any of the houses that I’m looking at.

I have a predicament. I want to move away to one of multiple nearby villages because big town life isn’t for me. I could afford a better property (and would feel far more comfortable) if I bought with my partner, but he is unable to apply for a mortgage until 2028.

Finance wise do I…

1. Find a property I like in my local town, get on the housing ladder, and live there for a couple of years whilst he gets himself sorted and then we look to buy together
2. Stay at home and continue saving and then buy my first property when he’s ready.

Trying to work out the cost/benefit of doing all the surveys and solicitor work (FTB so no stamp duty) this year and then again in 2/3 years.

Parents hinting towards downsizing so dunno how long I have (a convo needs to be had - I know).

Just trying to work out if it’s cost-effective to bite the bullet now and then see where we’re at in a couple of years time, or ride it out and just keep saving (currently saving about £1k a month).

Advice from knowledgeable people or anyone who has been in a similar situation welcome, TIA

Hi ya,

I made an offer which was rejected and house went sold stc on right move. I rang estate agent and made a revised offer (higher than what it was sold for). Agent asked me to wait so he can check with Seller.

Is there any chance of getting acceptance in this case?

FTB here. Some of the required work including repairing of hip tiles; installing ventilated slate tiles; a new guttering system; a brick wall backing onto a public footpath also will need rebuilding; damp needs investigating with a damp proof course potentially needed.

Internally a new kitchen and bathroom will likely be necessary within the next year.

Also, house is painted in masonry paint and roof does not have underlining felt.

Offer was accepted for £167,500. Best to cut my losses and walk away? Haven’t gotten any quotes yet for costs but have a feeling it’s just not going to be affordable.

Hi all

So me and my partner had a bid accepted for a house beginning of June. The owners knew we still had our own home to sell first so there was no issue time wise to get it sold..

4 days after our bid was accepted we had a zoom meeting with bank regarding our mortgage agreement which was verbally agreed there and then and sent out in post following week

A week after our bid was accepted our house went on market and 2 days later we accepted a bid from a first time buyer

It has now been nearly 18 days and we still haven’t heard any more. Our lawyer says they are still waiting to hear from our buyers regarding their mortgage agreement.

So what I am basically asking is this a normal timeframe or should I be worried about the time it’s taking?

Both properties are in Scotland if this makes any difference

Recently submitted an application for a Coventry building society mortgage through a broker!

Has anyone else recently applied, where they easy to deal with?

£197,495 with a 21k deposit!

I have already been turned down by a mortgage lender once because the property is a ex local authority flat in a high riser which i can understand. I am now looking to view a maisonette that is only 1 story high with a garden but annoyingly it looks like it could be a ex local authority as well. My question is, am I wasting my time with anything that's ex local authority because the lender will just out right refuse any ex local authority? Is it hard to get a lender to approve a ex local authority?

I’m currently deep in the process of working out if some houses my partner and I are listed at a fair market value.

I’ve been looking at the average price of the house per square meter and the prices of similar house sold within the past 1 - 2 years.

Does the per square meter price actually have that much weight on the pricing of houses, or is it mostly just lead by what comparable houses have been sold for close by?

​

I'm buying a property where the seller commissioned and paid for a structural engineer's report before the sale.

The report says there's no clear evidence of progressive subsidence, but it identifies roof spread and recommends a follow-up inspection because parts of the roof couldn't be fully inspected. It says the repair can't be fully specified until that follow-up is carried out. Before exchanging contracts, I'd like to understand exactly what work is needed.

Would you normally expect the seller to arrange/pay for the recommended follow-up inspection, or would that usually fall to the buyer?

Interested to hear from anyone who's been through something similar or works in surveying, structural engineering or conveyancing.

We’re complete newbies and don’t have family to help us with this.

We live three hours away from the city we’re moving to, and are planning on spending a few days there in 2 weeks. If I phone the agents and say we’re only around that time, will they say it’s too late? I.e do agents expect you to view the house the next day? Is it a first come first serve type thing? Or do sellers like to wait until multiple people have viewed even if it’s a few weeks away?

Just thought I'd do a post on mine and my partner's buying timeline as FTB with a small chain (our purchase and the seller's onward purchase - no chain after this). Our timeline from first viewing to completion was 12 weeks and 6 days.

• 05/04 - first viewing of the property.

• 05/04 - first offer made £10k below asking price.

• 07/04 - told offer was rejected and we were asked to increase our offer.

• 08/04 - counteroffer from the seller at £5k less than asking - which we accepted.

• 16/04 - met with mortgage broker to apply for our mortgage and instruct solicitors & surveyor. Application and instruction made in this appointment.

• 17/04 - full mortgage offer received from lender.

• 20/04 - surveyor report instructed. Appointment made for survey to take place on 11/05.

• 21/04 - first contact from our conveyancers - initial contract pack received.

• Remainder of April - queries raised and documents sent to and from our conveyancer.

• 11/05 - survey undertaken.

• 14/05 - survey received - very little of concern given the age of the property.

• 15/05 - queries raised from the survey about a wall that was removed during the seller's ownership.

• 31/05 - pre-exchange report from our conveyancer, some outstanding queries remaining for our seller to answer (especially about the wall).

• 03/06 - confirmed with our conveyancer that the queries had been raised to the seller as being outstanding.

• 16/06 - send back signed contract, transfer of title deed and mortgage deed.

• 18/06 - our conveyancer emails to ask if we can complete on 03/07 as our seller has proposed this.

• 19/06 - advised our conveyancer that queries are still outstanding on the wall but that we could agree to the completion date proposed.

• 28/06 - answers from seller regarding wall (which we're satisfied with) and agreeing 03/07 as the completion date again.

• 01/07 - contracts exchanged.

• 03/07 - completed and picked up the keys!

We feel very lucky it's been stress-free, on the whole, and we're now home owners! Feel free to ask any questions.

Hello, I wanted to please sense check anyones experience and see if I should be concerned viewing the property.

140 year lease. Ground rent 350 pa. No service charge (I wonder if this is tied into the Ground rent)

House conversion. Ground floor flat with one flat above.

I understand any issues of the house are sorted between the two leaseholders.

Any questions I should have for the estate agents?

Thanks for any advice

Our Level 3 survey was carried out a few days ago, and the surveyor told us there were bats in the loft, so he wasn't able to inspect it.

We've read the Bat Conservation Trust website, which suggests that having bats in a house isn't necessarily a problem. However, the thought of living with them under the same roof is still quite daunting.

We understand that additional surveys and licences may be required if the roof or loft ever needs work. We don't have any plans to convert the loft, so we're just hoping the roof doesn't need any major repairs. We're also considering asking the sellers to commission a bat survey before we proceed.

On top of that, we're concerned about proceeding without the loft being inspected. However, we understand the bats may remain until September, so insisting on a loft inspection could significantly delay the purchase.

Has anyone here bought or lived in a house with bats in the loft? We'd really appreciate hearing about your experiences or any advice you may have.

Thanks!

Are you a first-time buyer? Here's the stuff nobody tells you (until it's too late) 

I nearly got badly stung buying a flat and the only thing that saved me was a Level 3 Survey + RICS Valuation with SQM, Drone Survey, Basic Structural Survey (holding MCABE & MCIOB) + ReInstatement Cost + Repair Costs and Recommendations!

So this is everything I wish someone had sat me down and explained before I started dragging myself round viewings. It's a bit long but it might save you a lot of money and heartache so grab some snack and a tea. 

If you read nothing else, just read this

The bank valuation protects the bank, not you.  

The estate agent works for the seller, not you.  

A proper survey is the only thing in this entire circus that's actually on your side.

So pay for the right one.

That's it. That's the post. But stick around because the detail is where people get caught out. 

"But the bank valued it, so it must be worth it, right?" 

Nope. Sorry. This trips up so many people.

A mortgage valuation is not a survey and it is absolutely not there to look after you.

It's a quick check the lender does for its own peace of mind to make sure that if it all goes wrong and they have to repossess and sell they'll get their money back. That's genuinely the whole point of it. Sometimes it's a twenty minute once over. Sometimes nobody even shows up because for a low-risk loan the bank just runs the numbers from a computer remotely.

And here's the bit that's counter-intuitive so bear with me here.

The valuer decides what the whole property is worth and the bank then lends you the lower of the price you agreed or that valuation. Which means your deposit size quietly changes how much anyone actually cares about the price:

• Small deposit, big loan (say you're borrowing 90%): the bank's got a lot on the line, so the valuation really matters. If the valuer thinks it's worth less than you're paying, that's a down-valuation , your mortgage shrinks and the whole thing can fall apart unless you cough up more cash or haggle the price down.
• Big deposit, small loan (say you're only borrowing 60%): the bank's so well covered that even if the place is worth 20% less than you paid, their money's still safe. So they barely glance at the price. A down-valuation is extremely less likely to occur in this scenario.

Now think about it from the seller's chair.  If a place is overpriced, who's their dream buyer? Someone with a big fat deposit because their bank won't make a fuss. Which is exactly why some sellers and agents go quietly hunting for cash-rich buyers.

The bigger your deposit, the less your bank cares whether you're overpaying. That's not a nice little perk. It's the loophole overpriced sellers are counting on.

Remember that. It comes back around in my little horror story below. 

So what does a clean bank valuation actually tell you? That the lender's happy with its loan. It does not tell you the place is sound and with a big deposit it barely tells you the price is fair. 

"The agent really knows the area though and they reckon it's worth it" 

Course they do. They are the ones selling it. 

The estate agent works for the seller. The seller's the one paying them usually a cut of the sale price so the higher the price and the quicker it goes through, the more they pocket and the happier their client is. They are very, very good at selling. They are not your mate. 

And that "valuation" they gave the seller to win the job? That's a marketing number, not some impartial expert opinion. Look, some agents are lovely, decent, straight-up people but the second one tells you they know the market better than a chartered surveyor or that a survey's a waste of money, hear it for what it is: a sales line.

A RICS surveyor is independent, regulated and can be held to account. An agent is none of those things when it's your money on the line. Don't let a nice smile and a bit of pressure do your homework for you. 

 Right, so what actually has your back? A survey. 

This is the one part of the whole process that's genuinely working for you. Here's what the levels are and more to the point, when each one's actually worth your cash.

Level 1 - RICS Home Survey Level 1 (used to be called the "Condition Report")

Honest opinion? I can't really think of a time I'd bother with this one. 

It's a light visual once over with traffic-light ratings and next to no advice. It'll tell you a wall's cracked but not why, not what it means, not what to do about it. No valuation. No repair advice. Basically nothing you can do anything with.

The one time people reach for it: a modern flat or newish house that's clearly in good nick, and you just want a cheap sanity check. But even then, for not much more you get a Level 2 that actually explains what's wrong and can come with a valuation. If money's that tight, I'd honestly rather you spent a bit more on a Level 2 than a bit less on something that leaves you none the wiser. 

Verdict: give it a miss. 

 Level 2 - RICS Home Survey Level 2 (the old "HomeBuyer Report")

This is the sensible default for most normal purchases. 

A proper visual inspection with clear advice on what's wrong, what needs fixing, and general upkeep. Pick the version that includes it and you also get a market valuation and a rebuild figure for your buildings insurance. It won't go lifting floorboards or hunting for hidden nasties but for a bog-standard home it gives you a genuinely useful picture.

When it's the right shout: a house or flat of fairly normal construction, sensible age, decent condition, nothing obviously dodgy, no big alterations. Your average modern semi, a well-kept flat, a solid post-war house. 

Verdict: okay value for most ordinary buys.

 Level 3 - RICS Home Survey Level 3 (the old "Building Survey", aka the "full structural survey")

This is the thorough one. It's what you pay for when the stakes or the risks are higher. 

A proper deep-dive into the structure and fabric, telling you the condition of each bit, what's wrong, what's probably causing it, what happens if you leave it and depending on the surveyor, rough repair costs and what to tackle first.

When it's absolutely the right call:

•  Older or period places
•  Listed buildings
•  Non-standard construction (timber frame, concrete, anything unusual)
•  Anywhere that's been extended, converted or messed about with
•  Run-down places, or anywhere you suspect damp, movement or roof trouble
•  Pricey purchases, where a bigger survey bill is nothing next to the risk

Verdict: do not cheap out here. On the wrong property, a Level 3 is the best money you'll ever spend.

 Quick cheat sheet

Survey	Best for	Worth it?
Level 1	Newish, clearly sound, skint	Rarely — spend a bit more on Level 2 with RICS Valuation
Level 2	Standard, sensible-age home in decent nick	Yep, for most normal buys
Level 3	Old, altered, unusual, run-down or pricey	Yep, whenever there's more risk

 The full works - when you want the complete picture 

For any deal where your gut's telling you something's off) this is the lot I'd put together or you want a complete piece of mind irrespective of the purchase price considering this will be the most expensive purchase in your life. 

Level 3 Building Survey - the deep-dive above.

RICS valuation with the floor area measured in square metres (SQM) — an independent, proper valuation plus the surveyor physically measuring the place to RICS standards. This is your armour against inflated marketing floor areas. And trust me, that matters more than you'd think (again, see below ).

Structural check built in - and here's a nice little money-saver. Some RICS surveyors also hold MCABE (Chartered Association of Building Engineers) and MCIOB (Chartered Institute of Building). A surveyor with those letters after their name can assess the structure as part of the Level 3 which means you often don't need a separate structural engineer's report on top. Structural peace of mind and you keep the cash.  Just ask before you book them: "Do you hold MCABE / MCIOB and will structural assessment be included in the Level 3?"

Drone survey - for roofs, chimneys, tall walls and anywhere the surveyor can't safely get to on foot. On a tall or awkward building it's the difference between "looked alright from the pavement" and actual photos of your actual roof.

Reinstatement cost - what it'd cost to rebuild the place from scratch which is what your buildings insurance should be based on. Get it wrong and you're either overpaying every month or dangerously under-insured.

Repair costs and recommendations - a list of what needs doing, how urgent it is and roughly what it'll set you back. This is pure negotiating ammo. If the survey says £50k of work, that's £50k you march straight to the table with.

Okay, story time: 3 Brewster Road, Leyton, E10 6RG

This is why I bang on about all this.

There was a place I was after on the market for £670,000. The listing proudly advertised 1,163 sq ft (108.2 sqm) of floor space. Sounds roomy, right? 

Then the survey landed.

The EPC assessor measured it at 94 sqm. The RICS surveyor measured it at 93 sqm. So the actual usable space was about 15 sqm less than advertised. That's roughly 160 sq ft of floor that just... didn't exist. The agent had essentially claimed about 16% more space than the flat actually had. 

And it got worse. The independent RICS valuer couldn't find a single comparable sale to justify that asking price even looking within half a mile or a mile radius and all round the surrounding streets. Nothing anywhere near £670k. So what did they value it at? £535,000.  That's £135,000 below what they were asking. And on top of that, the survey flagged around £50,000 of repairs and that was before VAT.

So, in plain English: a flat worth about £535,000 needing roughly £50k of work being flogged at £670,000. 

I went back to the agent and seller with what the survey found. Neither would shift an inch. And the owner of the agency? Did not take it well. Absolutely blew his top and tried to guilt-trip me into going ahead anyway. I kept my cool, said respectfully thanks but no thanks and walked. 

And here's the penny-drop moment which loops right back to the bank thing. A seller and agent sat on an overpriced place don't want a buyer whose lender's going to poke at the price. They want a buyer with a deposit big enough that the loan's low-risk and a down-valuation won't sink the deal. That's the buyer who quietly overpays while the bank doesn't so much as blink. I just wasn't willing to be that muppet. 

 Why RICS is a different beast (and why you should care) 

An estate agent's opinion costs you nothing and as a buyer it's worth about the same to you. A RICS surveyor on the other hand, is independent and regulated and here's the kicker: they're required to carry professional indemnity insurance. 

Which means if a RICS surveyor is negligent, if they miss something a competent surveyor really should have spotted within the scope of what you paid for you've got a genuine route to get your losses back and that insurance is there to meet a valid claim. You've actually got recourse. Try getting that off the agent who called it "a lovely, spacious flat." 

Two honest caveats so you're not going in starry-eyed: a valuation's a professional opinion within a sensible range, not a cast-iron promise and to make a claim you'd have to show the surveyor genuinely fell short which isn't a given. Oh, and the lower the survey level, the less they were ever on the hook for in the first place. Which is one more reason not to skimp out on a lower level survey.

TL;DR

The bank valuation protects the bank, not you and with a big deposit it barely even checks the price is fair.  The estate agent works for the seller. Their "valuation" is a sales pitch. Pay for a survey. Level 1's almost never worth it, Level 2 is sensible but a comprehensive Level 3 package will tell you everything and will give you that piece of mind. What's £800 compared to a 5 or 6 figure mistake you might be on the hook for? Get the floor area measured (SQM) and find a surveyor with MCABE/MCIOB so the structural check's included and you don't pay twice. A repair list is negotiating ammo. Use it. RICS is impartial, regulated and insured. You've got recourse. An agent's waffle gets you nothing.  And if the numbers don't add up and nobody'll budge? Be ready to walk. I did, and I've not lost a wink of sleep over it.

Good luck out there and I hope this helps someone out there!

I’m 17 and started saving for a house about 2 months ago my friends tell me it’s a stupid idea when I tell them as where quite young but in my opinion the sooner I can afford my own place the sooner I I can actually start living my life and not worrying about so much stuff
I’ve saved 1.5k so far not alot but don’t am currently full time in collage so it’s not so easy I plan on being able to afford my own place by 22 latest 25 and am getting an aprentaship by December this year the latest (bricklaying)

Hi everyone,

I'm buying my first home in Scotland and have run into an issue that I can't find much information about.

I have around £11,000 in my Moneybox Lifetime ISA. Of that, £2,000 was contributed using Moneybox's official Home-buying Gift feature:

£500 from my sister

£500 from my cousin

£500 from one friend

£500 from another friend

These contributions were made directly into my LISA through Moneybox's gift links and never passed through my personal bank account.

My conveyancer says these contributions must still be treated as a gifted deposit and wants ID, source of funds and gift declarations from all four contributors.

I contacted Moneybox, and they replied in writing:

"The gifts that you receive become part of your Lifetime ISA just like normal deposits into your Lifetime ISA."

They also said they hadn't encountered this issue before and offered to speak directly with my conveyancer.

The part I'm struggling to understand is this:

I have more than £2,000 of my own savings, so I offered to repay the £2,000 back to the original contributors from my current account and fund the purchase entirely from my own money instead.

However, my conveyancer says that even if I repay the contributors in full, or even if none of their money is ultimately used towards the purchase, they would still require ID and AML checks on all of the original contributors.

That's the part I don't understand.

I'm not trying to avoid AML checks if they're genuinely required. I'm simply trying to understand whether this is standard conveyancing practice or whether it's my conveyancer's interpretation of their AML obligations.

My questions are:

Has anyone experienced this with a Moneybox LISA?

Is it normal for a conveyancer to require ID and source-of-funds evidence from people who ultimately aren't contributing to the purchase?

Is there any UK Finance, Law Society, lender or AML guidance that specifically deals with Moneybox Home-buying Gifts or contributions into a Lifetime ISA?

Would another conveyancer potentially take a different approach, or is this standard practice across the profession?

I'd really appreciate hearing from any conveyancers, mortgage brokers or anyone who's dealt with a similar situation.

Thanks!

Offer was accepted 1st of June

So we’re at the start of the process, done all of our checks and what not, memorandum of sale was dated 12 June and our solicitors uploaded it on the 15th. However, our solicitors will not order searches until they receive the contract pack, which we are still waiting for.

Does 3 weeks for a contact pack means it’s time to chase?

Who do I email? Or do I call?

I sent an email to the EA over a week ago confirming we got our mortgage offer and he didn’t respond..