The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
Ugh that sucks :(

We had issues at the start of the year with bad vendors and sneaky estate agents. I feel your pain :(

Fingers crossed the rest goes through as pain free as possible!
 
We completed on our house in South Wales last week, got all the paperwork through and funds etc. Nice to see the bank balance looking like that for a few weeks until it all goes back out again.
All searches done on house we are buying and no concerns (coastal flood risk medium but it is Gosport so expected that one). Should have survey back over the weekend too.

Have been checking everyday on the housing market just in case and in the past 2 months, I've only added 1 property that has potential. Must be a high demand around here at the moment.


Congrats FF, house looks lovely. Garden looks great, hope you have green fingers.
 
So our seller accepted us out of a few offers because they had a buyer pull out last minute and wanted someone who can move fast (we are first time buyers with an existing mortgage offer and all the deposit money in the bank ready to go). You would think that would mean things would move quickly.

4 weeks in and literally nothing. Every time we ask our solicitor for updates and progress he just says that he is "still waiting for draft contracts from the vendors solicitor". I'm starting to wonder if thats actually true, or if he is just saying that to fob us off because he's actually just incompetent and hasn't done anything yet.
 
Skeeter said:
So our seller accepted us out of a few offers because they had a buyer pull out last minute and wanted someone who can move fast (we are first time buyers with an existing mortgage offer and all the deposit money in the bank ready to go). You would think that would mean things would move quickly.

4 weeks in and literally nothing. Every time we ask our solicitor for updates and progress he just says that he is "still waiting for draft contracts from the vendors solicitor". I'm starting to wonder if thats actually true, or if he is just saying that to fob us off because he's actually just incompetent and hasn't done anything yet.
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This happened to me on my last attempt to buy a house. I had paid for searches through my solicitor, who had been quick to do everything. We had a mortgage offer ready and deposit too. It turned out the vendor was purposefully holding things up and had not sent in the seller's forms to his solicitor. The vendor was also a distant relative of mine who i was in direct contact with! Stopped answering my calls and texts. Idiot.

Skeeter I wouldn't be surprised he may have a higher offer on the table through the estate agent and is weighing up his options. People are greedy at the end of the day and the £££'s is all they think about.
 
I got an email just before 6 last night to say we had completed. Phew! This is from an offer accepted in November with no chain involved... think the seller was dragging his feet as long as he could to see if a higher offer might come in. Not moving or anything, this property is an investment and already has a tenant.
 
This property is/was unmortgageable so I don't feel too bad about being a "scum of the earth" landlord now. :o
 
Naan_H said:
This happened to me on my last attempt to buy a house. I had paid for searches through my solicitor, who had been quick to do everything. We had a mortgage offer ready and deposit too. It turned out the vendor was purposefully holding things up and had not sent in the seller's forms to his solicitor. The vendor was also a distant relative of mine who i was in direct contact with! Stopped answering my calls and texts. Idiot.

Skeeter I wouldn't be surprised he may have a higher offer on the table through the estate agent and is weighing up his options. People are greedy at the end of the day and the £££'s is all they think about.
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Had a call this morning from the Estate Agent to say the vendors have pulled out of the house they were purchasing based on a survey report that has basically said "don't buy this house, its falling over!". :eek:

This is exactly how our last purchase fell apart. The selelrs pulled out of their purchase, then decided they wouldn't find anything quickly so pulled out of the sale to us too. :(

But... the contracts have just arrived at our Solicitors and he's started doing the searches...
 
Skillmister said:
Get him to cancel them and save yourself a few ££ then if it's likely your sellers will withdraw
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They haven't withdrawn the house, but cancelling the searches and telling our solicitor to stop could cause them too.

In the grand scheme of things its only £300 out of what will eventually cost us £LOL so were just going to continue. They seemed keen to tell us what was happening and reassure us that they were back looking. At the end of the day they will have better luck getting their own offers accepted with a confirmed sale on their house already.

Also, the pace that houses are rising here, this is pretty much it for us. If this one falls through we are now officially unable to afford a house around here, so were going to hang onto this one for as long as we can.
 
Skeeter said:
Had a call this morning from the Estate Agent to say the vendors have pulled out of the house they were purchasing based on a survey report that has basically said "don't buy this house, its falling over!". :eek:

This is exactly how our last purchase fell apart. The sellers pulled out of their purchase, then decided they wouldn't find anything quickly so pulled out of the sale to us too. :(

But... the contracts have just arrived at our Solicitors and he's started doing the searches...
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Oh that really sucks, i feel for you. Make sure you get those searches cancelled. This is the problem of having a chain i guess. I think its important not to get your heart set on a house and just keep looking regardless, even if you have an offer accepted. Im still looking despite the valuation booked in for next week.

The house i am purchasing has tenants so is chain free, and we are too, so fingers crossed no hurdles.

Edit: just saw your post - at least there is some light at the end of the tunnel. The problem is if you wait too long the prices will go up, and your mortgage offer may expire...
 
The No.1 learning I have from house buying - find out who's on the Title. In our case the house was "Chain Free" because the lady was moving to a relatives. However there was a co-owner on the title who unfortunately died a few years earlier and the title had not been updated. Therefore they had to go through probate.
 
Naan_H said:
Oh that really sucks, i feel for you. Make sure you get those searches cancelled. This is the problem of having a chain i guess. I think its important not to get your heart set on a house and just keep looking regardless, even if you have an offer accepted. Im still looking despite the valuation booked in for next week.

The house i am purchasing has tenants so is chain free, and we are too, so fingers crossed no hurdles.

Edit: just saw your post - at least there is some light at the end of the tunnel. The problem is if you wait too long the prices will go up, and your mortgage offer may expire...
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Were being screwed by the speed house prices are rising. The last one dragged on for a couple of months and I said "if it drags on too long they will withdraw the house and put it back on for more money", which is exactly what they did.

I'm now genuinely concerned the same will happen again, but we are going to stick with it so that if it doesn't and we do proceed we are all set and ready to go.

If it does fall through we are going to have to look at a plan b.
 
All the experts are saying prices will stabilise now, maybe even fall a bit, now that the stamp duty changes have come into force, so hopefully they're right.
 
*Looks at location...*

You realise prices are rising at ~10% around here, right? Adding a few extra grand to a landlord buying a house is not going to stop that.
 
Just trying to offer you a bit of hope fella by passing on what I've read in the papers and heard on the radio...
 
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