Eenuh Posted May 12, 2016 Posted May 12, 2016 My stress levels are going through the roof.... 13 days from completion I'm waiting for the Help to Buy ISA closing letter so I can get that sorted. And yesterday I get a letter from my solicitors with the closing balance, £200 more than expected, and they decide at this 11th hour to tell me that I need to provide proof of funds (anti-money laundering, cracking a nut with a sledgehammer typical Tory bureaucracy BULLSHIT) for several months (I move my money around in a lot of savings accounts to get the best interest rates) for myself and anyone providing part of the deposit as a gift (both my parents, separately). Having mild panic attack What does that even mean, proof of funds? Like, how can you provide proof other than your bank statements? I have received money from my parents as well. I did have them sign a letter that says how much they gave and that it's a gift, but that's of course not proof where it comes from... Hmm. And I move my money around a lot too, between my own accounts (3 different ones) and Jim's. Hope you can get it all sorted! Hate extra stress like that, surely they could've told you beforehand. We have finally heard back about an Agreement in Principle (ended up having to go with Skipton instead of Nationwide), so now we can actually start looking for a house.
Shorty Posted May 12, 2016 Author Posted May 12, 2016 What does that even mean, proof of funds? Like, how can you provide proof other than your bank statements? I have received money from my parents as well. I did have them sign a letter that says how much they gave and that it's a gift, but that's of course not proof where it comes from... Hmm. Yeah for starters the solicitors need this letter. Funny how you have got that sorted already buy my solicitors have only told me now, weeks later. Any lump sums that just arrive in a savings account need to be explained via another statement from the funds' source. Both my parents are going to need to provide statements. But it's very complicated (isn't it always?) For example my dad was expecting a lump sum from his pension, but he didn't get it when he expected, so he borrowed some money from my grandma... then sent it to me... then got the lump sum... then paid my grandma back!! How is this going to look on paper?? What you do and don't need to satisfy these regulations is probably dependent on a per-solicitor basis and how thoroughly they dot their i's and cross their t's.
Eenuh Posted May 12, 2016 Posted May 12, 2016 Yeah for starters the solicitors need this letter. Funny how you have got that sorted already buy my solicitors have only told me now, weeks later. Any lump sums that just arrive in a savings account need to be explained via another statement from the funds' source. Both my parents are going to need to provide statements. But it's very complicated (isn't it always?) For example my dad was expecting a lump sum from his pension, but he didn't get it when he expected, so he borrowed some money from my grandma... then sent it to me... then got the lump sum... then paid my grandma back!! How is this going to look on paper?? What you do and don't need to satisfy these regulations is probably dependent on a per-solicitor basis and how thoroughly they dot their i's and cross their t's. I only got that letter because I looked stuff like that up before (the MoneySavingExpert website and forums are great for this sort of stuff), and I had to do it while I was last in Belgium. I did actually ask my dad to also provide screenshots of the transfers they made, but he never did those. Guess I have to ask him again... It's a bit of a silly thing to ask for isn't it? I get why they have to do it, but still. It doesn't really prove much I think, the money could still come from anywhere.
Shorty Posted May 12, 2016 Author Posted May 12, 2016 Yeah, I might be blowing it out of proportion. I'll know later today when the solicitors get back to me and tell me if the bank account statements I've sent them for my end of things are suitable. They're just looking for some red flags I guess, inexplicable deposits, anything that looks like shifting money-laundering, trickling money in from suspicious sources etc.. It might be nothing for you but, I would suggest when you have a solicitor sorted you know all this stuff well in advance.
Raining_again Posted May 12, 2016 Posted May 12, 2016 My solicitor just asked me for a copy of my photographic ID and address evidence for the money laundering thing. The deeds and land registry has FINALLY BEEN SORTED. Now on week 17 as of tomorrow, and waiting on my solicitor to get some bits and pieces back.
Mr_Odwin Posted May 13, 2016 Posted May 13, 2016 The stress is awful, but it'll probably be worth it in the end. I feel bad for the next generation because I can only see property becoming more expensive as time goes on, and it becoming harder to get that first foot on the ladder. When I speak with older people and we discuss what they paid for their property it annoys me how little they paid, but the next generation will probably see what I paid as something similarly annoying. What sort of mortgage is everyone getting? I've felt fortunate in this regard. Moved to a lifetime tracker rate in September 2008 (BoE+0.99%), when the interest rate was something like 5.5%, but the rates have come crashing down since then, and I've been on 1.49% for years.
Eenuh Posted May 13, 2016 Posted May 13, 2016 What sort of mortgage is everyone getting? I've felt fortunate in this regard. Moved to a lifetime tracker rate in September 2008 (BoE+0.99%), when the interest rate was something like 5.5%, but the rates have come crashing down since then, and I've been on 1.49% for years. I think what we are looking at right now (our Agreement in Principle) is a 2 year fixed rate at 2.54% (based on borrowing £220,000 over a 35 year term). But that will obviously go up after the 2 years (actually don't even know to what, broker forgot to tell us...). But I'm assuming we can renegotiate a deal then. Bit annoyed with the whole housing thing. Saw a house I quite liked, posted online on the 11th. Wanted to contact them the next day to arrange a viewing (less than 24 hours after it came online), and it's already sold! It's ridiculous how fast things go. How are we supposed to go and view houses when they're gone so fast?
Mr_Odwin Posted May 13, 2016 Posted May 13, 2016 I think what we are looking at right now (our Agreement in Principle) is a 2 year fixed rate at 2.54% (based on borrowing £220,000 over a 35 year term). But that will obviously go up after the 2 years (actually don't even know to what, broker forgot to tell us...). But I'm assuming we can renegotiate a deal then. Bit annoyed with the whole housing thing. Saw a house I quite liked, posted online on the 11th. Wanted to contact them the next day to arrange a viewing (less than 24 hours after it came online), and it's already sold! It's ridiculous how fast things go. How are we supposed to go and view houses when they're gone so fast? Make sure all the local estate agents know what you're looking for, and then they'll contact you when something comes on the market. Or at least that's what we did. I guess it might be different bigger towns/cities.
Eenuh Posted May 13, 2016 Posted May 13, 2016 Make sure all the local estate agents know what you're looking for, and then they'll contact you when something comes on the market. Or at least that's what we did. I guess it might be different bigger towns/cities. There's so many estate agents though... wouldn't even know where to start with contacting them all!
bob Posted May 13, 2016 Posted May 13, 2016 Yeah, the ones that end up online are the ones that a lot of people have already passed on. You need to be in contact with the estate agents directly so they phone you with new houses!
Raining_again Posted May 13, 2016 Posted May 13, 2016 Mine is 5 year fixed at 3.69%. Then onto a variable rate for another.... 18 years.
Shorty Posted May 13, 2016 Author Posted May 13, 2016 No no, then onto remortgage into another fixed deal There's so many estate agents though... wouldn't even know where to start with contacting them all! I just set up alerts on Zoopla and rightmove. Zoopla was best because it allowed you to save and set alerts for keywords ("garage", in my case).
Raining_again Posted May 14, 2016 Posted May 14, 2016 well that's what I currently have been offered. depending on the market I probably will go into another fixed deal. It is nice to know that for the next 5 years at least i have a fixed amount. I spoke to my solicitor on tuesday, and he said a few more days, so I'm ringing on monday again. Hopefully for good news!
Shorty Posted May 14, 2016 Author Posted May 14, 2016 Yeah that's a good rate but I imagine in 5 years your broker will come back and offer you a new fixed deal better than the variable rate, unless something seriously changes in the market in 5 years. Fingers crossed your purchase makes some headway soon
Raining_again Posted May 14, 2016 Posted May 14, 2016 Yeah I hope so! Though saying that i'm not loving the idea of moving either. My flat is completely non furnished so EVERYTHING I have is mine, which is great expense wise but not so great moving wise Bought some uber cheap bulbs to replace the energy efficient ones in my flat
MilaGi Posted May 14, 2016 Posted May 14, 2016 Mine is a 5 year fixed at 3.99%. Would've been 3.49% had I secured a 15% deposit but I couldn't secure the additional funds for that, especially with all the other fees that needed to be paid. Was a bit stressful to say the least, but such a relief once everything was sorted out. Scary too since I'm by myself, but adds to the sense of achievement too
Shorty Posted May 17, 2016 Author Posted May 17, 2016 Just paid my deposit, I now have zero moneys. This is terrifying, never in my life have I had no savings or anything.
Raining_again Posted May 17, 2016 Posted May 17, 2016 I rang solicitor today, all the stuff is DONE. Going in tomorrow to go over the details and book the signing. whoop. I will also be in the same boat as you soon enough @Shorty. I've got some extra money, but it and more has jobs attached to it! No backup money scares me a LOT. Also glad im not the only one going through heavy mortgage stuff on my own! Seems here people are mostly doing it in couples, which is financially so much easier!
Shorty Posted May 18, 2016 Author Posted May 18, 2016 So getting the Help to Buy ISA sorted can definitely take weeks :/ Called Halifax the day the vendors suggested a completion date, they had to post out an account closure form which took 5-6 days to arrive. Returned that and the account was closed 2-3 days later. Then they've sent out the all important letter which I need to get in no less than 5 days before completion, but that hasn't arrived yet either and I'm currently 7 days before completion. Cue panic, as I cannot afford to not get that Help to Buy. The day I get my keys I'm getting myself a new 26 months 0% purchases credit card :p
Raining_again Posted May 18, 2016 Posted May 18, 2016 Had such a bad feeling in my stomach today. Got to solicitors. Docs all ok, until we get to the maps. There's a feckin discrepancy in the land. Original deeds have slightly more than the land registry docs recently done. Searches say no change to boundaries since build. It's not the land size really, its like a strip of land probably less than a foot in front of the house (assumedly to support the foundations/front step) and it is not present in the new documents. I am so fucking FED UP with this.
Shorty Posted May 19, 2016 Author Posted May 19, 2016 Sorry to hear that RA, but that's what solicitors are being paid for, hope they get it sorted. I've reached the point now where I'm no longer looking forward to actually living in my new house, I'm just looking forward to having the purchase process behind me.
Charlie Posted May 19, 2016 Posted May 19, 2016 Sorry to hear that RA, but that's what solicitors are being paid for, hope they get it sorted. I've reached the point now where I'm no longer looking forward to actually living in my new house, I'm just looking forward to having the purchase process behind me. I thought buying a house was meant to be a fun process. Spoke to my broker again this morning and he suggested that with my time frames (looking to buy from 2017 onwards) we start working towards a decision in principle around October time which will give me about 3 months. As of January I'll start looking properly and that gives me 3.5 months to get the keys before my lease here expires... In theory that should be enough time but with what you're saying I just don't know. Is buying a house harder than buying a flat?
Shorty Posted May 19, 2016 Author Posted May 19, 2016 I got really lucky and there's no chain. I'm a first time buyer, and the couple I'm buying from have bought an empty house, so there's only three people involved. I would say mine has been a pretty quick/smooth process. I had my offer accepted on Feb 12th and completion is May 25th so it took 3.5 months after finding a place to get through the hoops and red tape, although I might've been able to speed that up if I'd called and nagged a bit more.
Blade Posted May 19, 2016 Posted May 19, 2016 @Shorty I'd say 3 months from acceptance of offer to completion is average. So 3.5 months isn't too bad. Had such a bad feeling in my stomach today. Got to solicitors. Docs all ok, until we get to the maps. There's a feckin discrepancy in the land. Original deeds have slightly more than the land registry docs recently done. Searches say no change to boundaries since build. It's not the land size really, its like a strip of land probably less than a foot in front of the house (assumedly to support the foundations/front step) and it is not present in the new documents. I am so fucking FED UP with this. Your solicitor should advise you on the legal position here.
Shorty Posted May 19, 2016 Author Posted May 19, 2016 Got my Help to Buy ISA letter today, talk about skin of my teeth, dropped it off at the Solicitors, only a couple of steps left now......
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