Property advice for first time buyer

Another word on buying, you need to be very careful with tw@ts who will lie and bullsh*t to get your money.

I went for a new build and during reservation the house builders pushed me towards their recommended solicitor and mortgage broker (which the sales reps get commission on). They dress this up like they are doing you a favour and then turn to nasty practices when you refuse like trying to bullsh*t you into how the sale may fail. For example they told me only their recommended solicitors can supposedly meet the builders 'strict' 28 day exchange time limit.... lol!

I told the builder I'd go with whatever they wanted if they give me their commission for it, naturally they refused! In the end they gave it up, we used our own solicitor who did the business and I have a mate who found us a good mortgage, it was no problem and cost us half the price.

I've seen similar practices with estate agents. I'd ring up to book a viewing and they'd say thanks for your interest in this house but before we book a viewing have you sorted a mortgage or IFA yet? Ignore them, the estate agent is not in any position to recommend you anything that would actually benefit you. They are there to sell a house for someone and nothing more, I've told many estate agents that they are failing their sellers by putting people off viewings due to their commission hunting.

For anyone buying, be VERY careful around these people or anyone involved in the process who doesn't represent you. Take the assumption that you will completely ignore everything they say because anything they recommend will benefit them, not you. Even when picking people to represent you, pick people who have nothing to gain other than by representing you, and don't take recommendations from anyone who stands to benefit from that recommendation.

In all scenarios if it doesn't sound right then you must be prepared to step away and give yourself the time to seek advice from someone independent to the transaction. Being prepared to walk away and stand firm is critical, not just to ensure you don't get conned but also to ensure you get the best possible deal for you. You are the buyer and you are the most valuable person in any purchase because it's your money that everyone wants.
 
mancityscot said:
looked into getting a mortgage this time last year for a place in edinburgh, i'm 26. Had about £8,000 at the time saved up and thought id have a chance at something. Met with the mortgage advisor and had a bit of a rude awakening when i found out how much more i would actually need for a half decent place that wasnt in a shithole. Put the idea of getting a mortgage to bed for the foreseeable.
Click to expand...
Isn’t Edinburgh one of the most expensive places outside London?
 
inbetween said:
Another word on buying, you need to be very careful with tw@ts who will lie and bullsh*t to get your money.

I went for a new build and during reservation the house builders pushed me towards their recommended solicitor and mortgage broker (which the sales reps get commission on). They dress this up like they are doing you a favour and then turn to nasty practices when you refuse like trying to bullsh*t you into how the sale may fail. For example they told me only their recommended solicitors can supposedly meet the builders 'strict' 28 day exchange time limit.... lol!

I told the builder I'd go with whatever they wanted if they give me their commission for it, naturally they refused! In the end they gave it up, we used our own solicitor who did the business and I have a mate who found us a good mortgage, it was no problem and cost us half the price.

I've seen similar practices with estate agents. I'd ring up to book a viewing and they'd say thanks for your interest in this house but before we book a viewing have you sorted a mortgage or IFA yet? Ignore them, the estate agent is not in any position to recommend you anything that would actually benefit you. They are there to sell a house for someone and nothing more, I've told many estate agents that they are failing their sellers by putting people off viewings due to their commission hunting.

For anyone buying, be VERY careful around these people or anyone involved in the process who doesn't represent you. Take the assumption that you will completely ignore everything they say because anything they recommend will benefit them, not you. Even when picking people to represent you, pick people who have nothing to gain other than by representing you, and don't take recommendations from anyone who stands to benefit from that recommendation.

In all scenarios if it doesn't sound right then you must be prepared to step away and give yourself the time to seek advice from someone independent to the transaction. Being prepared to walk away and stand firm is critical, not just to ensure you don't get conned but also to ensure you get the best possible deal for you. You are the buyer and you are the most valuable person in any purchase because it's your money that everyone wants.
Click to expand...
This post should be a sticky.
 
inbetween said:
Another word on buying, you need to be very careful with tw@ts who will lie and bullsh*t to get your money.

I went for a new build and during reservation the house builders pushed me towards their recommended solicitor and mortgage broker (which the sales reps get commission on). They dress this up like they are doing you a favour and then turn to nasty practices when you refuse like trying to bullsh*t you into how the sale may fail. For example they told me only their recommended solicitors can supposedly meet the builders 'strict' 28 day exchange time limit.... lol!

I told the builder I'd go with whatever they wanted if they give me their commission for it, naturally they refused! In the end they gave it up, we used our own solicitor who did the business and I have a mate who found us a good mortgage, it was no problem and cost us half the price.

I've seen similar practices with estate agents. I'd ring up to book a viewing and they'd say thanks for your interest in this house but before we book a viewing have you sorted a mortgage or IFA yet? Ignore them, the estate agent is not in any position to recommend you anything that would actually benefit you. They are there to sell a house for someone and nothing more, I've told many estate agents that they are failing their sellers by putting people off viewings due to their commission hunting.

For anyone buying, be VERY careful around these people or anyone involved in the process who doesn't represent you. Take the assumption that you will completely ignore everything they say because anything they recommend will benefit them, not you. Even when picking people to represent you, pick people who have nothing to gain other than by representing you, and don't take recommendations from anyone who stands to benefit from that recommendation.

In all scenarios if it doesn't sound right then you must be prepared to step away and give yourself the time to seek advice from someone independent to the transaction. Being prepared to walk away and stand firm is critical, not just to ensure you don't get conned but also to ensure you get the best possible deal for you. You are the buyer and you are the most valuable person in any purchase because it's your money that everyone wants.
Click to expand...

Cheers pal, a mate warned me about this. I think he is having to fork out extra because he agreed to use the Estate Agents "recommended" mortgage advisor. I rang up just to book a viewing and the agent was already pushing me to get in touch with their IFA. I just said can I view the place, nothing else. I've been recommended a good one to use in the area who I will probably use.
 
Northernstorirs said:
Cheers pal, a mate warned me about this. I think he is having to fork out extra because he agreed to use the Estate Agents "recommended" mortgage advisor. I rang up just to book a viewing and the agent was already pushing me to get in touch with their IFA. I just said can I view the place, nothing else. I've been recommended a good one to use in the area who I will probably use.
Click to expand...

You did the best thing by telling them no. It is illegal for them to sell or give advice on financial products or force you down that route as a condition of the sale. However, they can recommend you to someone who can do that stuff but it won't be the best option, they just make commission on it.

One estate agent rang me after a viewing saying did you like the house, yes, well if you make an offer i'll put you in contact with 'our' mortgage adviser who will sort everything for you so can I take your details etc.... Obviously an estate agent won't have an 'in-house' mortgage adviser but they'll dress this as doing you a favour but they aren't.

The worst thing I have ever read about is a story where two people made the same offer on a property and the estate agent tried to bully one buyer into using their surveyor because supposedly the other buyer was doing (implying they had to in order to get the house). They considered a higher offer but then found out that the seller had already gone with the other equal offer with no reason given why....

I'm not tarnishing them all the same though, most estate agents and house builders will be fine and accept no. However, because it's the topic of this thread (sort of), I really think this stuff needs hammering home. Young first time buyers are more vulnerable because of naivety and so are more likely to sleepwalk into a rubbish deal or even worse, being conned into something they didn't want.
 
Last edited:
Get a good conveyancing solicitor. My man is worth his weight in gold. He’s excellent.
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top
✖
  AdBlock Detected
Bluemoon relies on advertising to pay our hosting fees. Please support the site by disabling your ad blocking software to help keep the forum sustainable. Thanks.