The nervous wait to exchange....

[wesimmo]

When and how do you pay stamp duty on a second property?

I'm in the process of buying the house we currently rent off my brother in law and I declared on all paperwork that I already own a house I used to live in before having to move up north due to having our daughter.

I received all the paperwork through today to sign and a request for an amount to cover the deposit and outstanding fees, no mention I can find of stamp duty though?

FWIW I went with HSBC for my mortgage as I've banked with them for years and they have some decent products. It was as easy a process as I could imagine, 2 appointments with the advisor and all done, no paperwork to fill in about expenditure etc, just went through my bank statements for 15 mins while sat at his PC.

Probably helps that I put 20% down and only borrowed 1 x salary on top of my existing mortgage of 2 x salary and the other property yields twice the mortgage payments.

 

[Richie]

Not had any interest or viewings on mine yet, it's in a bit of an out of the way location, but it's certainly not been flooded with viewing requests!

Always said the right thing should sell at the right price within a couple of weeks. I think mine is competitively priced so hopefully get some interest in it.

Same here... Had mine on since April and no interest yet... Recently changed it to a Fixed Price so hoping this will drive some enquiries in. Given a purchase around 18 months ago of an identical flat which needed some work done (install gas central heating and full redecoration), I think mine is competitively priced at £2500 more as mine has GCH and I just had it all re-painted so its genuine move in condition.

Waiting game

 

[Skillmister]

Not had any interest or viewings on mine yet, it's in a bit of an out of the way location, but it's certainly not been flooded with viewing requests!

Always said the right thing should sell at the right price within a couple of weeks. I think mine is competitively priced so hopefully get some interest in it.

How long has it been on the market? It's the worst time of the year to sell now. October was extremely busy with new people wanting to get in before Christmas so they would have all been looking in September time I guess.

My dad has just put his house on the market (with Doorsteps, £199 ) and I reckon he's probably missed the boat till late Winter/ early Spring unless he gets lucky.

When and how do you pay stamp duty on a second property?

If you're buying with a mortgage your solicitor has to have sufficient funds in their account to pay stamp duty on completion, this is a lender requirement.

Either way, it has to be paid within 30 days of completion. No different to 1st, 3rd or 10th property.

 

[TripleT]

Top of a 3 party chain and the 2 below me are driving me mad. Problems after problems and so utterly utterly slow. I've had all my paperwork signed for 2 months now

First there was an issue with the people at the bottom being unable to prove where the deposit money was coming from, after 2 rejected mortgages 3rd one was ok, hooray all on track.

Now my buyers are messing around with their mortgage. Originally their daughter-in-law was re-mortgaging her house to come up with the addition £30k required to buy my house (couple in their 60's mortgage free, so proceeds of their house plus £30k buys mine), turns out the bank have pulled the plug on that idea when they asked what the re-mortgage money was being used for. Now couple in 60's are looking to mortgage the extra £30k which will hopefully be ok but don't know as they're close to / semi-retired. Hopefully find out if successful next week, I've put mine back on the market for now, new viewings lined up, dreaming of an easy cash buyer!

Hoping my house builders don't pull the plug on my house

So still not found out about my buyers mortgage It all seems ok as HSBC (who they're getting the mortgage with) has appointed Countrywide to do a valuation report on my house which I'm guessing they wouldn't do if there was any issue with affordability or anything. Only problem is they can't do this until next Friday

All legal work is done so once this is done we should move pretty soon after I'm hoping.

 

[photoshop]

So still not found out about my buyers mortgage It all seems ok as HSBC (who they're getting the mortgage with) has appointed Countrywide to do a valuation report on my house which I'm guessing they wouldn't do if there was any issue with affordability or anything. Only problem is they can't do this until next Friday

All legal work is done so once this is done we should move pretty soon after I'm hoping.

If HSBC has instructed a valuation then the mortgage is kind of approved.
I has mine approved after 3 weeks of submitting offer. Now I'll have to wait atleast a month for the searches to come back so your probably still looking at 4-6 weeks yet

 

[redline]

Same here... Had mine on since April and no interest yet... Recently changed it to a Fixed Price so hoping this will drive some enquiries in. Given a purchase around 18 months ago of an identical flat which needed some work done (install gas central heating and full redecoration), I think mine is competitively priced at £2500 more as mine has GCH and I just had it all re-painted so its genuine move in condition.

Waiting game

It took us nearly five months to sell ours... We changed agents when the contract period was up with the first ones we went with, and the new ones sold it in two weeks. They were without doubt more far proactive and also the change gets it re-listed on Rightmove etc. so it gets seen again being a new instruction.

We are now - fingers crossed - around three weeks away from moving, and are now living surrounded by boxes.... How does the space books take up on a bookcase expand tenfold when you box them up? heavy buggers too...

 

[TripleT]

If HSBC has instructed a valuation then the mortgage is kind of approved.
I has mine approved after 3 weeks of submitting offer. Now I'll have to wait atleast a month for the searches to come back so your probably still looking at 4-6 weeks yet

Searches and all legal work is done already as they did them the first time round when their Daughter In-law was the "purchaser on their behalf" but then that all fell through and wasted 2months work. So now the buyer just needs the mortgage sorted and we're good to go. Fingers crossed

 

[Woogie]

I am a bit loathed to say this but......Getting close to the exchange\completion point of ours now and it has been smooth sailing all the way. Our house went on the Market on 29th of September (Friday) and by the Monday we had 6 offers. We accepted one that was bang on asking and put an offer in on the house we wanted @ 15k under asking which was accepted. Our buyers are at point of completion, We are about a week away from completion and the people we are buying from are about 2 weeks away. Literally not one thing has gone wrong and everything has gone right, It is wrong that I am sat waiting for the rug to be pulled out from under us any moment now

 

[TripleT]

I would have kept quiet if I was you. I was in that position 2 months ago

 

[i5aces]

So I have had my offer on a house accepted. I was hoping to have the keys for Xmas when I started searching in August but it’s taken me until now to find the right house.
As a FTB and the house we’re buying is empty I’m still hoping it can be quite quick but have resigned to the fact Xmas is just to close at this point. sometime this thread can make for some depressing reading. Especially for someone going through this process for the first time.

 

[Skillmister]

So I have had my offer on a house accepted. I was hoping to have the keys for Xmas when I started searching in August but it’s taken me until now to find the right house.
As a FTB and the house we’re buying is empty I’m still hoping it can be quite quick but have resigned to the fact Xmas is just to close at this point. sometime this thread can make for some depressing reading. Especially for someone going through this process for the first time.

It's doable in your position if your mortgage is forthcoming and your solicitor is on the ball. Chase, but don't be a pain, deal with everything proactively on your end and expect not to be in before Xmas and you never know

 

[dessimpson]

So I have had my offer on a house accepted. I was hoping to have the keys for Xmas when I started searching in August but it’s taken me until now to find the right house.
As a FTB and the house we’re buying is empty I’m still hoping it can be quite quick but have resigned to the fact Xmas is just to close at this point. sometime this thread can make for some depressing reading. Especially for someone going through this process for the first time.

Took me 5 months to get the keys after my offer was accepted. House was empty when we viewed it.
Have known people to be in and done in a few weeks though so there's still hope for Christmas.

 

[fastwunz]

It took us nearly five months to sell ours... We changed agents when the contract period was up with the first ones we went with, and the new ones sold it in two weeks. They were without doubt more far proactive and also the change gets it re-listed on Rightmove etc. so it gets seen again being a new instruction.

We are now - fingers crossed - around three weeks away from moving, and are now living surrounded by boxes.... How does the space books take up on a bookcase expand tenfold when you box them up? heavy buggers too...

Legally it cannot be advertised on Rightmove as a ‘new instruction’ until six months have passed without it being on Rightmove as for sale. It’s miss leading and so Rightmove put a stop to it at the beginning if this year. So, the new agent would have been breaking advertising laws if they did somehow manage to swindle the system to show it as a new instruction when actually, it definitely wasn’t.

9 times out of ten a change in agent results in a sale primarily due to the vendor reducing the price although in my experience the fee you pay to a good agent is so very very worth it.

 

[wesimmo]

I had one lady come round to value our house who literally flattened herself to the wall and started hyper ventilating when she saw the cat walk past.

After I'd shooed the cat upstairs and she calmed down she valued the house without going upstairs.."Yeah, I'm not going up there with the cats, I know these houses, there's no need really,"

Needless to say I didn't use that agency....

 

[Woogie]

Some friends of ours are currently selling their house and they called PurpleBricks to come value the house etc. Guy walked in, Had a hissy fit about the dog but still insisted he could do viewings on his own with potential buyers with a dog in the house.

Why go into these professions with a fear of what are common pets.

 

[Hagar]

Drove past my prospective bungalow purchase yesterday, I was pleased to see the sold board up and the house cleared of furniture and belongings.

Gained access to the rear through the unlocked gate and 'fixed' the open gas meter door with gaffer tape (defect mentioned on the survey) . First man job.

Now just awaiting the contract documents from the solicitor.

 

[koolpc]

As I said, ours went on the market on a Friday and sold on the Saturday at over asking! That was about 2 weeks ago now. Purchaser has had mortgage all arranged and survey is next week.

Wife has found a house she put offer on and got accepted. Survey for that this Friday.

Just me looking for a house now! Pics look good but in reality most are naff in reality!

 

[agw_01]

Just had an offer accepted on a property, in the process of lining up the solicitor and mortgage.

Unsure as to what sort of survey I should go for though... I've read quite a bit about the homebuyers report and that it's generally not worth the paper it's written on. I already know the property will need a bit of pointing and potentially some work on the roof and may be able to use the survey to knock a bit more off the price. The house is about 70 years old.

 

[redline]

Legally it cannot be advertised on Rightmove as a ‘new instruction’ until six months have passed without it being on Rightmove as for sale. It’s miss leading and so Rightmove put a stop to it at the beginning if this year. So, the new agent would have been breaking advertising laws if they did somehow manage to swindle the system to show it as a new instruction when actually, it definitely wasn’t.

9 times out of ten a change in agent results in a sale primarily due to the vendor reducing the price although in my experience the fee you pay to a good agent is so very very worth it.

I'm pretty sure our agent, who is one of the biggest in the country, did not break the law ... and we did not drop the price Utterly professional and SOLD! which is all that matters to me.

 

[i5aces]

Just had an offer accepted on a property, in the process of lining up the solicitor and mortgage.

Unsure as to what sort of survey I should go for though... I've read quite a bit about the homebuyers report and that it's generally not worth the paper it's written on. I already know the property will need a bit of pointing and potentially some work on the roof and may be able to use the survey to knock a bit more off the price. The house is about 70 years old.

I’m in the same position. My house is only 10 years old but looking at it Halifax are charging me 200 for the valuation survey or 400 for what they call level 2 survey. From what I can tell this is the same as the homebuyers report, I was reluctant at first after also reading and being told there not worth it but for an extra 200 I figure I would be daft not to get it done for peace of mind if nothing else.