Buying a home in the UK
September 25, 2014 3:50 AM Subscribe
My partner and I are looking into the possibility of buying a home in Edinburgh. We're originally from the U.S., and some of the differences have us mystified. Help us out? Specifics inside.
Here are some of the questions that have come up. Any other advice you could give us would also be welcome!
1) Apparently we need to get a solicitor for this? How do we do that, and what do they do?
2) In the U.S., we'd most likely contact a real estate agent who would make appointments to show us various places. That doesn't seem to be the case here -- how does it work?
3) I'd always planned on getting a fixed-rate mortgage when we bought a place. But preliminary investigation seems to indicate that fixed-rate mortgage loans are either uncommon or nonexistent in the UK. At best, they seem to be fixed-rate for a few years and then turn into APR loans. APR loans literally confuse and frighten me. I don't understand how they work, how you can financially plan when you don't know if your payments will change, and what keeps a bank from just jacking up the rate as much as they want whenever they feel like. Could you (a) tell me if APRs are actually the only option in the UK, (b) explain APRs to me like I'm an idiot who knows nothing, and (c) tell me why they aren't terrible things that will screw us over (or why they are)?
4) When should we start trying to find a loan -- after we've found a place and made an offer? Or can you arrange for one "in advance" without knowing the exact amount?
5) In the area where we're most likely to be looking, we're probably going to find far more flats in multi-flat buildings than we are going to find anything else. In the U.S., this would most likely be called a condominium and there would be an organization you paid a fee to that kept the place in general repair. That doesn't seem to be the case here ... so who does it? Who is responsible for shared halls and stairs? What happens if the roof needs work, or if a leak in an upstairs flat is causing damage in ours?
Thanks in advance!
Here are some of the questions that have come up. Any other advice you could give us would also be welcome!
1) Apparently we need to get a solicitor for this? How do we do that, and what do they do?
2) In the U.S., we'd most likely contact a real estate agent who would make appointments to show us various places. That doesn't seem to be the case here -- how does it work?
3) I'd always planned on getting a fixed-rate mortgage when we bought a place. But preliminary investigation seems to indicate that fixed-rate mortgage loans are either uncommon or nonexistent in the UK. At best, they seem to be fixed-rate for a few years and then turn into APR loans. APR loans literally confuse and frighten me. I don't understand how they work, how you can financially plan when you don't know if your payments will change, and what keeps a bank from just jacking up the rate as much as they want whenever they feel like. Could you (a) tell me if APRs are actually the only option in the UK, (b) explain APRs to me like I'm an idiot who knows nothing, and (c) tell me why they aren't terrible things that will screw us over (or why they are)?
4) When should we start trying to find a loan -- after we've found a place and made an offer? Or can you arrange for one "in advance" without knowing the exact amount?
5) In the area where we're most likely to be looking, we're probably going to find far more flats in multi-flat buildings than we are going to find anything else. In the U.S., this would most likely be called a condominium and there would be an organization you paid a fee to that kept the place in general repair. That doesn't seem to be the case here ... so who does it? Who is responsible for shared halls and stairs? What happens if the roof needs work, or if a leak in an upstairs flat is causing damage in ours?
Thanks in advance!
Short answers:
1) Google/ask for recommendations. They basically manage the conveyancing process and do the due diligence on the documentation provided by the seller. Note Scottish property law is different to English law, so you definitely need a Scottish firm. If they are in the same area as you're looking it helps a bit, but it's by no means essential.
2) You have to talk to the various estate agents about what they have. Most of them will be putting their listings up on rightmove, so that's a good start for your search.
3) Get a fix for 3 or 5 years if that makes you more comfortable, and then take your time to understand the market a bit more before that term comes up. You can get long fixes but they are uncommon and expensive.
4) You can get an agreement in advance from a lender up to a certain amount. It's a good idea to do so.
5) Going from English law, so beware, but basically there will either be a landlord who owns the freehold of the property in which case they (or more likely their agent) will be the body responsible for shared areas or, you may get a share of the freehold in which case there will probably be a tenants' association that manages these things (or again, they may have appointed a company to manage it for them). Either way, you will pay a fee to someone for this, and it can vary quite widely depending on the property.
posted by crocomancer at 4:11 AM on September 25, 2014
1) Google/ask for recommendations. They basically manage the conveyancing process and do the due diligence on the documentation provided by the seller. Note Scottish property law is different to English law, so you definitely need a Scottish firm. If they are in the same area as you're looking it helps a bit, but it's by no means essential.
2) You have to talk to the various estate agents about what they have. Most of them will be putting their listings up on rightmove, so that's a good start for your search.
3) Get a fix for 3 or 5 years if that makes you more comfortable, and then take your time to understand the market a bit more before that term comes up. You can get long fixes but they are uncommon and expensive.
4) You can get an agreement in advance from a lender up to a certain amount. It's a good idea to do so.
5) Going from English law, so beware, but basically there will either be a landlord who owns the freehold of the property in which case they (or more likely their agent) will be the body responsible for shared areas or, you may get a share of the freehold in which case there will probably be a tenants' association that manages these things (or again, they may have appointed a company to manage it for them). Either way, you will pay a fee to someone for this, and it can vary quite widely depending on the property.
posted by crocomancer at 4:11 AM on September 25, 2014
I'll wait for the Scottish Mefites to answer the questions about the conveyancing process but I'll contribute the following:
2) Yes, it works the same way here - check out rightmove or primelocation, enter your parameters, and when you see something you like, ring the estate agent and organise a viewing!
3) You should be able to get a short-term fixed rate mortgage. I have one, which I opted for for the same reasons that you mention. It lasts for 4 years and when the time is up I'll renew it for another 4 years. It helps me budget effectively.
4) You can arrange for a mortgage in principle before you start looking. Some people do, some don't, but your offer will be taken more seriously by the seller if you already have an agreement in principle for the amount you wish to spend. It also speeds up the process of actually securing the loan once your offer has been accepted. Finally, it helps you keep your expectations realistic when you're looking at places if you know the maximum amount the bank is happy to lend you.
5) This is variable. Either the property will be managed by a company and you will have to pay service charge to that company to take care of communal areas etc or the people who live in the building will manage communal matters themselves. I have experience of both; I currently pay service charge to the company who manage the block of flats I live in, they take care of general maintenance. My father owns a flat in a building where there is no management company and communal matters need to be discussed with the other landlords before any action is taken. This is a NIGHTMARE; I would very much recommend you go for a building where communal areas are managed by a company even though it entails paying a fee.
posted by Ziggy500 at 4:19 AM on September 25, 2014
2) Yes, it works the same way here - check out rightmove or primelocation, enter your parameters, and when you see something you like, ring the estate agent and organise a viewing!
3) You should be able to get a short-term fixed rate mortgage. I have one, which I opted for for the same reasons that you mention. It lasts for 4 years and when the time is up I'll renew it for another 4 years. It helps me budget effectively.
4) You can arrange for a mortgage in principle before you start looking. Some people do, some don't, but your offer will be taken more seriously by the seller if you already have an agreement in principle for the amount you wish to spend. It also speeds up the process of actually securing the loan once your offer has been accepted. Finally, it helps you keep your expectations realistic when you're looking at places if you know the maximum amount the bank is happy to lend you.
5) This is variable. Either the property will be managed by a company and you will have to pay service charge to that company to take care of communal areas etc or the people who live in the building will manage communal matters themselves. I have experience of both; I currently pay service charge to the company who manage the block of flats I live in, they take care of general maintenance. My father owns a flat in a building where there is no management company and communal matters need to be discussed with the other landlords before any action is taken. This is a NIGHTMARE; I would very much recommend you go for a building where communal areas are managed by a company even though it entails paying a fee.
posted by Ziggy500 at 4:19 AM on September 25, 2014
5) The Scottish equivalent is a factor. Most newer buildings will have one, and some older buildings. For the ones that don't, residents sort things out amongst themselves, which as you can imagine works out... variably depending on who your neighbours are. (My current set of neighbours have had all-out war a few times over things like cleaning and garden maintenance.) There is legislation governing owners' duties for maintenance and repair to communal spaces.
posted by Catseye at 4:27 AM on September 25, 2014
posted by Catseye at 4:27 AM on September 25, 2014
Use Rightmove or Zoopla to find houses. When you call the estate agent to book a viewing they will generally take your details and what you're looking for (type of house, area, price range etc) and email you when they get new matching properties on their books.
posted by EndsOfInvention at 5:01 AM on September 25, 2014
posted by EndsOfInvention at 5:01 AM on September 25, 2014
Variable rate mortgages are usually cheaper, as the lender doesn't have to factor in their (slightly padded) risk into the payments. And yes, get a place with a factor. The places I've lived without one turned into either hovels or dictatorships. Either way, ugly.
It's been a while since I owned in Scotland. At least you've got rid of feus since then.
posted by scruss at 5:16 AM on September 25, 2014
It's been a while since I owned in Scotland. At least you've got rid of feus since then.
posted by scruss at 5:16 AM on September 25, 2014
To find properties in Edinburgh, ESPC is your best resource. Some of your questions are answered on their site. But also go in to their office on George Street & ask - they'll talk you through it.
Some answers of my own...
1. Ask around, if you're already in Edinburgh. Many people will be happy to recommend a solicitor they've used in the past. You can also find their details via ESPC, but it's only a listing - you might like a personal recommendation.
2. Sometimes the current owner will show you around, sometimes the estate agent will. Some places where there's a high demand (or the estate agent wants to create the illusion of a high demand) there will be an open-day where everyone views at once. That's pretty stressful.
3. & 4. others have answered those well already I think
5. I guess you're talking about tenements here. It totally depends on the stair. On some stairs, people have well-organised ways of doing this with monthly payments etc. On others, it's a lot more ad-hoc / occasional & based on a whip-round when something needs doing. Ownership of shared areas also varies - watch out in particular for top-floor flats that have sole responsibility for upkeep of the roof. This is definitely something to ask about on viewings.
The other thing that might come as a suprise is the offers-over system that's common in Scotland. A flat might be advertised at offers over £200k (say). If it's popular, the successful bid might be somewhere near £250k. You need to add that into your budget. A few places are also advertised at fixed-price for a quick sale.
Good luck. It's a great place to live.
posted by rd45 at 5:22 AM on September 25, 2014 [1 favorite]
Some answers of my own...
1. Ask around, if you're already in Edinburgh. Many people will be happy to recommend a solicitor they've used in the past. You can also find their details via ESPC, but it's only a listing - you might like a personal recommendation.
2. Sometimes the current owner will show you around, sometimes the estate agent will. Some places where there's a high demand (or the estate agent wants to create the illusion of a high demand) there will be an open-day where everyone views at once. That's pretty stressful.
3. & 4. others have answered those well already I think
5. I guess you're talking about tenements here. It totally depends on the stair. On some stairs, people have well-organised ways of doing this with monthly payments etc. On others, it's a lot more ad-hoc / occasional & based on a whip-round when something needs doing. Ownership of shared areas also varies - watch out in particular for top-floor flats that have sole responsibility for upkeep of the roof. This is definitely something to ask about on viewings.
The other thing that might come as a suprise is the offers-over system that's common in Scotland. A flat might be advertised at offers over £200k (say). If it's popular, the successful bid might be somewhere near £250k. You need to add that into your budget. A few places are also advertised at fixed-price for a quick sale.
Good luck. It's a great place to live.
posted by rd45 at 5:22 AM on September 25, 2014 [1 favorite]
pt 2 - the main difference is that the buyer generally does not have an estate agent acting for them. The estate agents you will call to arrange a viewing act for the seller and market the properties for them. It's down to you to search a property to your specifications and contact the sellers' agents about viewings. They will happily refer you to other similar properties in their portfolio at the same time.
posted by koahiatamadl at 5:24 AM on September 25, 2014
posted by koahiatamadl at 5:24 AM on September 25, 2014
1) Apparently we need to get a solicitor for this? How do we do that, and what do they do?
Just to note for future googlers and whatnot that this is common-to-universal in parts of the US, too.
posted by ROU_Xenophobe at 5:34 AM on September 25, 2014 [1 favorite]
Just to note for future googlers and whatnot that this is common-to-universal in parts of the US, too.
posted by ROU_Xenophobe at 5:34 AM on September 25, 2014 [1 favorite]
It's important to remember that the process of offering and accepting deals is totally different to how it is in England, so any advice based on that is unlikely to be helpful. Particularly important is that it's much rarer for an offer that's conditional on a survey or a mortgage to be accepted, and also the practice of accepting sealed bids from all interested parties on a closing date is the normal way a property likely to have multiple people interested would be sold. This looks like a helpful overview, but a good solicitor will be very used to explaining it, obviously.
In terms of mortgages, basically you have to trust the market to discourage your lender from upping the rates disproportionately, because if they do there'll be a mass exodus. People move their mortgages to different banks fairly frequently in the UK, so it's fairly unlikely your mortgage provider will be far above market rate.
posted by ambrosen at 6:02 AM on September 25, 2014
In terms of mortgages, basically you have to trust the market to discourage your lender from upping the rates disproportionately, because if they do there'll be a mass exodus. People move their mortgages to different banks fairly frequently in the UK, so it's fairly unlikely your mortgage provider will be far above market rate.
posted by ambrosen at 6:02 AM on September 25, 2014
Not going to comment on the Scotland-specific stuff - it's very different to the rest of UK.
Fixing for 3-5 years is much better for you than fixing for the life of the mortgage because it gives you flexibility. For example, when we bought our house 15 years ago, interest rates were about 6%. If we had fixed for 30 years, we'd still be stuck paying that. As it is, after our fixed rate period was up we shopped around and found another fix at 3.9%, and then later changed to one at 2.6%. We've saved a fortune.
Nobody actually pays the APR, you either move from discounted fix to discounted fix or from discounted variable rate to discounted variable rate. Variable rates are tied to the Bank of England base rate, and will also often be capped. This means that banks can't up the rate on their own, or go above a certain ceiling). Because people move mortgages often, rates are kept down - if somebody can get a better deal down the road after the fixed rate comes to an end they will change because there are no penalties for doing so. There are lists of best-buy mortgages in newspapers and financial advice websites if you need help finding the best offers.
posted by tinkletown at 6:32 AM on September 25, 2014
Fixing for 3-5 years is much better for you than fixing for the life of the mortgage because it gives you flexibility. For example, when we bought our house 15 years ago, interest rates were about 6%. If we had fixed for 30 years, we'd still be stuck paying that. As it is, after our fixed rate period was up we shopped around and found another fix at 3.9%, and then later changed to one at 2.6%. We've saved a fortune.
Nobody actually pays the APR, you either move from discounted fix to discounted fix or from discounted variable rate to discounted variable rate. Variable rates are tied to the Bank of England base rate, and will also often be capped. This means that banks can't up the rate on their own, or go above a certain ceiling). Because people move mortgages often, rates are kept down - if somebody can get a better deal down the road after the fixed rate comes to an end they will change because there are no penalties for doing so. There are lists of best-buy mortgages in newspapers and financial advice websites if you need help finding the best offers.
posted by tinkletown at 6:32 AM on September 25, 2014
Tinkletown, is refinancing not a thing in the UK? In the US you would simply get a new loan and pay off the old one, when the decrease in the APR was big enough to exceed any initial costs.
posted by scolbath at 6:47 AM on September 25, 2014
posted by scolbath at 6:47 AM on September 25, 2014
Sure, you can refinance (re-mortgaging it's usually called in the UK) if you want to. Of course, your lender knows this perfectly well & is likely to make you an offer that splits the difference in costs, so a lot of people just stay with their current lender, hopping from one fix to the next.
posted by pharm at 7:22 AM on September 25, 2014
posted by pharm at 7:22 AM on September 25, 2014
NB. On point three: My understanding is that lifetime fixed rate loans only exist in the US because they are subsidised by the government via Fannie Mae / Freddie Mac.
In the UK the length of a fixed rate mortgage is pretty much bound by the ability of the lending bank to trade away the interest rate risk by buying swaps on the open market. Hence the time limits & the varying rates of interest depending on length of fix.
Also, you must, *must* understand the Scottish buying process before you start the process - making an offer on a house in Scotland is usually binding on the buyer, unlike in England where either party is able back out until the point where formal signed contracts have been exchanged via a solicitor.
posted by pharm at 7:32 AM on September 25, 2014
In the UK the length of a fixed rate mortgage is pretty much bound by the ability of the lending bank to trade away the interest rate risk by buying swaps on the open market. Hence the time limits & the varying rates of interest depending on length of fix.
Also, you must, *must* understand the Scottish buying process before you start the process - making an offer on a house in Scotland is usually binding on the buyer, unlike in England where either party is able back out until the point where formal signed contracts have been exchanged via a solicitor.
posted by pharm at 7:32 AM on September 25, 2014
This is a good overview.
1) You need what is know as a conveyancing solicitor. Any conveyancing solicitor will do. Be aware that things seem to move slowly.
2) You contact each selling agent directly to view properties.
3) This is complicated. As noted above, it's typical for a mortgage to be fixed for 2 - 5 years and then move to a variable if you do not refinance it. Your variable rate will be in one way or another be tied to the base rate, which is currently very low: 0.5%. Your mortgage will typically be 2% or 3% more than the base rate, and fluctuate with it. The base rate is set by the Bank of England. Here is a chart showing rates leading up to the boom and then through the bust.
In the US, where rates are typically fixed, the stock advice is "buy as much house as you can afford." My personal feeling is that this is unwise outside of the US and that you should instead buy as much house as you can afford were interest rates rise to their 10-year retrospective high of 9.75%. If the rate rose to that level again, could you still make your mortgage payment? (This is unlikely happen -- the "natural resting place" for UK mortgages is 5% or 6% -- but I like to plan for the worst case scenario.) Some mortgages are capped; they will fluctuate with the base rate but are guaranteed not to rise above X%.
Also when calculating costs, be aware that your mortgage lender will charge you an arrangement fee, and likely require you to take out mortgage insurance (which pays off the house if either of you dies.) And don't forget stamp duty!
3B) Unsolicited advice: we are in Ireland but like you I am from the U.S. When we bought our home, we used an independent mortgage broker like this one because we were vastly confused. The £300 we paid was, of all the money we spent buying a house, the best money we spent. Not only did we get an incredibly unlikely, amazing deal, but our mortgage broker was the single most useful person in the whole process, extremely helpful at every step (our conveyancing solicitor was useless; I think they mostly are.) I understood all the costs, rates and risks with every offer, and got good advice on how much we should actually borrow vs the alarmingly huge amount we could have borrowed. I recommend this option.
4) In advance; the lender will make you an offer in principle.
5) I have no idea, but ask the estate agent when you view each property.
posted by DarlingBri at 8:18 AM on September 25, 2014
1) You need what is know as a conveyancing solicitor. Any conveyancing solicitor will do. Be aware that things seem to move slowly.
2) You contact each selling agent directly to view properties.
3) This is complicated. As noted above, it's typical for a mortgage to be fixed for 2 - 5 years and then move to a variable if you do not refinance it. Your variable rate will be in one way or another be tied to the base rate, which is currently very low: 0.5%. Your mortgage will typically be 2% or 3% more than the base rate, and fluctuate with it. The base rate is set by the Bank of England. Here is a chart showing rates leading up to the boom and then through the bust.
In the US, where rates are typically fixed, the stock advice is "buy as much house as you can afford." My personal feeling is that this is unwise outside of the US and that you should instead buy as much house as you can afford were interest rates rise to their 10-year retrospective high of 9.75%. If the rate rose to that level again, could you still make your mortgage payment? (This is unlikely happen -- the "natural resting place" for UK mortgages is 5% or 6% -- but I like to plan for the worst case scenario.) Some mortgages are capped; they will fluctuate with the base rate but are guaranteed not to rise above X%.
Also when calculating costs, be aware that your mortgage lender will charge you an arrangement fee, and likely require you to take out mortgage insurance (which pays off the house if either of you dies.) And don't forget stamp duty!
3B) Unsolicited advice: we are in Ireland but like you I am from the U.S. When we bought our home, we used an independent mortgage broker like this one because we were vastly confused. The £300 we paid was, of all the money we spent buying a house, the best money we spent. Not only did we get an incredibly unlikely, amazing deal, but our mortgage broker was the single most useful person in the whole process, extremely helpful at every step (our conveyancing solicitor was useless; I think they mostly are.) I understood all the costs, rates and risks with every offer, and got good advice on how much we should actually borrow vs the alarmingly huge amount we could have borrowed. I recommend this option.
4) In advance; the lender will make you an offer in principle.
5) I have no idea, but ask the estate agent when you view each property.
posted by DarlingBri at 8:18 AM on September 25, 2014
here's a pretty comprehensive guide to getting a UK mortgage which explains the whole fixed rate switching to APR thing along with all your other options. I found it incredibly helpful when buying my house.
posted by rubyrudy at 3:49 PM on September 25, 2014 [1 favorite]
posted by rubyrudy at 3:49 PM on September 25, 2014 [1 favorite]
I agree that a mortgage broker is a wise choice. Ours took commission from our mortgage providers rather than payment from us, and while I realise a fee-based broker might be the best choice the mortgage we got was still at a lower fixed rate than we could have found ourselves (since banks often offer better rates via brokers that aren't open to the public).
posted by EndsOfInvention at 1:46 AM on September 26, 2014
posted by EndsOfInvention at 1:46 AM on September 26, 2014
1) As rd45 said above the ESPC is your best resource, almost all house sales in Edinburgh are covered by the ESPC, using them guarantees that the selling Solicitor/Estate Agent is regulated by the Law Society of Scotland.
2) Most properties have an open viewing time (typically Thu 7-9, Sun 2-4) where you can just turn up without an appointment, you can also contact the solicitor to view on a different day, but it will always be the owner showing you around not some agent. Places which don't offer open viewing are usually ex-rentals being sold by a landlord.
3) I don't think you have much to worry about here as long as you aren't over stretching yourself to buy, interest rates in the UK don't look like they are rising very far any time soon.
4) Talk to a bank/building society before you start looking so you know how much they are prepared to lend you.
5) This depends on the age of the property, new flats typically have a management company with an annual service charge, these vary enormously in both price and level of service offered. The service charges don't cover any actual repairs, they just pay for the 'management'. For older flats (which most of the central places will be) you will either have an informal arrangement with the neighbours or for emergency work there is the Council run Statutory Repairs system. Informal arrangements can work very well, but in places with a lot of neighbours sharing the same roof it can be difficult to get everyone to agree on a repair.
Looking closely at the communal front entrance/door can give you an indication - does the entry phone work, does the door close and lock properly or does it slam with an almighty thud that will wake the dead at 2am, if the front door is badly maintained theres a good chance the roof, drains and guttering are in a similar state.
In the majority of Edinburgh flats you will be buying a share of the freehold, these are generally preferred to having a leasehold which may be subject to additional charges and can be more difficult to sell.
Although the Scottish bidding system is normally offers over, it is equally common for people to accept offers under. Most sellers will at least consider your offer and 'Fixed price' is a code word for 'we will definitely consider offers under'. This is where you should seek the advice of a good solicitor, they should know the market.
Quite a few flats in Edinburgh have great views, this is usually ignored by the valuation (a view can change so banks don't like to lend against it), but they will typically sell for around 10% more than the same flat without a view.
Ground floor flats and basements will sell for significantly less than a 1st floor or above but they will cost more to heat in winter.
Edinburgh is a very bus-centric city, think about which bus route(s) you want to be near. If you do need to have a car you are better off living slightly further out of town so you have some chance of finding a parking space.
posted by Lanark at 3:20 AM on September 26, 2014
2) Most properties have an open viewing time (typically Thu 7-9, Sun 2-4) where you can just turn up without an appointment, you can also contact the solicitor to view on a different day, but it will always be the owner showing you around not some agent. Places which don't offer open viewing are usually ex-rentals being sold by a landlord.
3) I don't think you have much to worry about here as long as you aren't over stretching yourself to buy, interest rates in the UK don't look like they are rising very far any time soon.
4) Talk to a bank/building society before you start looking so you know how much they are prepared to lend you.
5) This depends on the age of the property, new flats typically have a management company with an annual service charge, these vary enormously in both price and level of service offered. The service charges don't cover any actual repairs, they just pay for the 'management'. For older flats (which most of the central places will be) you will either have an informal arrangement with the neighbours or for emergency work there is the Council run Statutory Repairs system. Informal arrangements can work very well, but in places with a lot of neighbours sharing the same roof it can be difficult to get everyone to agree on a repair.
Looking closely at the communal front entrance/door can give you an indication - does the entry phone work, does the door close and lock properly or does it slam with an almighty thud that will wake the dead at 2am, if the front door is badly maintained theres a good chance the roof, drains and guttering are in a similar state.
In the majority of Edinburgh flats you will be buying a share of the freehold, these are generally preferred to having a leasehold which may be subject to additional charges and can be more difficult to sell.
Although the Scottish bidding system is normally offers over, it is equally common for people to accept offers under. Most sellers will at least consider your offer and 'Fixed price' is a code word for 'we will definitely consider offers under'. This is where you should seek the advice of a good solicitor, they should know the market.
Quite a few flats in Edinburgh have great views, this is usually ignored by the valuation (a view can change so banks don't like to lend against it), but they will typically sell for around 10% more than the same flat without a view.
Ground floor flats and basements will sell for significantly less than a 1st floor or above but they will cost more to heat in winter.
Edinburgh is a very bus-centric city, think about which bus route(s) you want to be near. If you do need to have a car you are better off living slightly further out of town so you have some chance of finding a parking space.
posted by Lanark at 3:20 AM on September 26, 2014
« Older citizenship tax and student loans | How-the-world-works kind of book for a 5-year-old? Newer »
This thread is closed to new comments.
With fixed rate mortgages, as you already know they start out on fixed rate and then revert to the APR, however you then can fix a new rate. In my experience, the mortgage company will contact you a few months before it's due to revert giving you their current fixed options, and you just go into the bank and arrange a new fix rate (this varied on whether you wanted to pay some capital, how long you wanted to fix etc). This didn't cost an additional fee, for us at least.
For getting a mortgage, you can arrange a mortgage in principle where the back will tell you how much they will lend and you house hunt with that in mind. You don't necessarily have to do this first (and again, this may be different in Scotland).
As far as househunting goes, you can start looking on websites like rightmove or zoopla or local estate agent sites, if you see something you like you ring them up and ask for a viewing and take it from there!
posted by threetwentytwo at 4:04 AM on September 25, 2014