The nervous wait to exchange....

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Rob200sx said:
I was hoping to post in here with positive news today as we'd applied for a mortgage with hsbc to move from where we are to somewhere a little bigger but we've been rejected based on affordability. Despite having just over £1700 disposable between us based on the new mortgage payments (borrowing 244k, 60% ltv)

I guess we were hoping for a little too much based on customer loyalty having both banked with them for over 20yrs. Still, computer said no!

So we've gone to a broker and have a meeting on Monday afternoon, fingers crossed it's positive. Having provided the numbers we gave hsbc, he couldn't really see anything wrong. So we'll put it down to hsbc being fussy.
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i take it your both nearer to 50 than 30? if not then i cannot understand why they would reject unless credit score is bad or you have a lot of credit already.

nationwide are good.
 
In a dramatic turn of events, we didn't hear back from the estate agent regarding our new offer.
http://www.rightmove.co.uk/property-for-sale/property-53609800.html
Needed a lot of work which we were willing to do but seeing as nobody on the vendors side can get their ass in gear and thinks we have money to burn, we've let it go.

Have seen 5 places in last 2 days. Heard back from the favourite that they had accepted our offer so here we go again. Will we complete by Xmas? Tune in next...er...January..
 
Nationwide are taking their sweet time with my mortgage thanks to computer issues. Apparently they have not been able to find the payment for the hom****** report I requested, despite me having a credit card transaction on 03.08.2016 showing this.

My broker is going to chase this up on Monday.
 
Anyone re negotiated price after buying a house?

My structural survey has come back and a lot of work needs doing :(.
Including : cavity wall insulation patchy, loft insulation patchy/poor, 2 windows condensing /seal broken, outer ceilings need re pointing as wasp nest getting into roof, outside fences falling to bits, and the garage doors pretty knackered.

Im thinking around the 8 to 10k ballpark on a circa 250k house (bungalow).
 
Yes I have not exchanged etc, just done the surveys.

And I assume I do it directly with the estate agent rather than my solicitor/to there's?
 
Conanius said:
And we are back on the merry-go-round.

Listed our property for sale on Monday 18th July. Circa 16 Viewings and then accepted an offer for asking price on Saturday 6th August.

We'd seen the house we wanted the Thursday before we went on the market. It was still available after we accepted the offer on our property on Saturday, so we nipped round to view it again. A bit of a sanity check on Sunday checking anything else that was available resulted in us putting in an offer yesterday. Bit of negotiation on Monday morning, and it was sold.

I won't put any right move links in till exchange else I'll be tempting fate, but very happy. Our buyers are 5 weeks in to their sale to a FTB, and we are buying a property with no onward chain. Hoping we can do this nice and quickly.
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Update at the end of week 1:

- Mortgage meeting on Weds was an instant approval subject to valuation survey, which is due to take place on Tues 16th. Fingers crossed quick offer decision after that.
- All my paperwork sent to me for my sale and purchase from my solicitors completed and returned within 24 hrs.

Next week should be a good one for progress and to work out where we're going to have fun.

I was told going into the purchase the vendor was keen to sell quickly and its no onward chain, however I'm getting radio silence when I ask whats going on. I'll be contacting the EA on Monday to ask what progress she's made on her paperwork.

My hope is moving in before the end of Nov. Ideal is moving on Friday 30th Sept - 7 weeks from today. Hopeful? you bet.
 
The Craig said:
Anyone re negotiated price after buying a house?

My structural survey has come back and a lot of work needs doing :(.
Including : cavity wall insulation patchy, loft insulation patchy/poor, 2 windows condensing /seal broken, outer ceilings need re pointing as wasp nest getting into roof, outside fences falling to bits, and the garage doors pretty knackered.

Im thinking around the 8 to 10k ballpark on a circa 250k house (bungalow).
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I've negotiated reductions in the past for major items but unless all these items are stated as being perfect/complete these are hardly major faults like faulty drains, leaking roof, structural issues etc.

Things like fences you can see when viewing, other items should be considered in relation to the general state of repair of the property. A couple of fogged windows is a few hundred to fix even with replacement. Did the sale documents claim full cavity and roof insulation?
 
The Craig said:
Anyone re negotiated price after buying a house?

My structural survey has come back and a lot of work needs doing :(.
Including : cavity wall insulation patchy, loft insulation patchy/poor, 2 windows condensing /seal broken, outer ceilings need re pointing as wasp nest getting into roof, outside fences falling to bits, and the garage doors pretty knackered.

Im thinking around the 8 to 10k ballpark on a circa 250k house (bungalow).
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That doesn't sound like 8-10k of work, I'd imagine you'll get laughed away.
 
Has anyone ever got a mortgage to pay someone back?

I've borrowed some money from family to purchase a house outright, its being renovated at the moment, but just wondered if there would be a problem with lenders?

Edit: hmmm yes, it is an issue, Santander are not interested.
 
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Johno please? said:
Has anyone ever got a mortgage to pay someone back?

I've borrowed some money from family to purchase a house outright, its being renovated at the moment, but just wondered if there would be a problem with lenders?

Edit: hmmm yes, it is an issue, Santander are not interested.
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Feel you best get a loan instead maybe?
 
Psycho Sonny said:
plenty of people re-mortgage their homes, don't see why you can't shop elsewhere and explain why you need to do it, etc and prove that you have the means to pay it back easily.

he purchased outright, i'm guessing he need a lot more than £10K.
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Exactly.

Yea, I'm not sure if the santander guy on the phone fully understand what I was asking.
 
Johno please? said:
Exactly.

Yea, I'm not sure if the santander guy on the phone fully understand what I was asking.
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Forget phoning and I'd recommend nationwide, book an appointment to go in and see them. You will have a video call conference with a real advisor and they will talk you through the full thing. They will then put your application in and then request you to scan and send them proof of income, bank statements, etc, etc. After 1-3 weeks you will be notified of the outcome.


However if someone loaned you money to buy a house you could be in iffy water if it's not been done above board. They are strict about these things these days, money laundering, etc. They could refuse you because of that. Whereas a gifted deposit or gifted money, you can get the person to sign saying they have zero interest in your property or getting the money back it's a gift. With a loan I don't know what would happen. It's good you have bought outright so I can't see an issue but there may have been if you had a mortgage and never declared you had a personal loan to cover the deposit per say.

Since you don't have a mortgage did you not just plan on paying them back £XXX amount per month? Or was it a gift and now they need the cash so you haven't made any plans to pay it back?
 
Psycho Sonny said:
Forget phoning and I'd recommend nationwide, book an appointment to go in and see them. You will have a video call conference with a real advisor and they will talk you through the full thing. They will then put your application in and then request you to scan and send them proof of income, bank statements, etc, etc. After 1-3 weeks you will be notified of the outcome.

However if someone loaned you money to buy a house you could be in iffy water if it's not been done above board. They are strict about these things these days, money laundering, etc. They could refuse you because of that. Whereas a gifted deposit or gifted money, you can get the person to sign saying they have zero interest in your property or getting the money back it's a gift. With a loan I don't know what would happen. It's good you have bought outright so I can't see an issue but there may have been if you had a mortgage and never declared you had a personal loan to cover the deposit per say.

Since you don't have a mortgage did you not just plan on paying them back £XXX amount per month? Or was it a gift and now they need the cash so you haven't made any plans to pay it back?
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ok thanks, il give that a go.

No, this has been the plan from the start (i just never researched it myself) and is all above board as you put it.
 
^ True. Our mortgage will be through Nationwide. We asked about a loan to re do the kitchen and were told we have to have the house for at least 6 months before they can approve it.
 
Signed the mortgage deeds over the weekend, just waiting on searches back then we can exchange contracts and should have a completion date :)
 
Organised a home buyers report on 15 year old house, £170 via Nationwides preference of surveyors. Best decision I've made.

Negotiated a grand off previously agreed asking price because of ill fitted windows (result of home buyers report). Seller has agreed to settle as a cash payment to aid our funding of repair work and to prevent delaying the exchange process and needing to resubmit mortgage application.

Land registry searches have been done, waiting for solicitor now.. Happy days!
 
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