The nervous wait to exchange....

toshj · 18 Dec 2017 at 20:37

fastwunz said:
Yeh thought so - the market for very expensive high end conversions and purpose built maisonettes has dropped significantly I’m afraid - all across London. Expensive areas like Wimbledon, Earlsfield, Clapham, Balham and then further in to Kew, Ealing etc has all dropped to more reasonable levels. I would be inclined to take agents advice (cumulative over three different firms) as there really is nobody better to advise you despite the added BS.

I saw the market rise over 30-40% in three years from 2013 and then mid last year it stopped. Abruptly. Now, your London property is worth either the same or less than it was for example in jan 2016.

Yeah, that was what I was hoping to have rubbished by the estate agent, but it seems to be the case. We have a good relationship with the agents who sold us the place 7 years ago, so we'll get them round to have a look. I'm not too disappointed to be honest, as we'll likely be renting it out, although it would be nice if all property prices in London/UK moved up or down in line with our property - annoying that it seems to be primarily our flat type that has dropped! As we've got our deposit sorted for our next move, a countrywide correction would probably suit us.

I recall seeing the value of our property go nuts around the 2013 mark - makes my slightly disappointed that we didn't spend a bit more and get a house round this way. Only makes sense for London to be righted given how much it's grown in recent years.

Spikey · 19 Dec 2017 at 19:18

Today we got our mortgage offer, absolutely over the moon. It's a horrible feeling waiting for it but now the excitement begins!

P.S. I've been impressed with how efficient Leeds Building society have been and they fell well within the two day lead times. Looking to move in next month (new build). All rests now on our solicitor meeting their deadlines.

photoshop · 20 Dec 2017 at 00:14

Spikey said:
Today we got our mortgage offer, absolutely over the moon. It's a horrible feeling waiting for it but now the excitement begins!

P.S. I've been impressed with how efficient Leeds Building society have been and they fell well within the two day lead times. Looking to move in next month (new build). All rests now on our solicitor meeting their deadlines.

Leeds did mine too- was a breeze! Mortgage offer done in less than a week from me applying

Spikey · 20 Dec 2017 at 00:40

photoshop said:
Leeds did mine too- was a breeze! Mortgage offer done in less than a week from me applying

Mine went very smoothly, the only slight delay was a reference from my work but they only got that on monday so just over 24 hours later we've got the offer. Can't fault them.

SamuearlJackson · 21 Dec 2017 at 20:25

Greater London is down 3.0% over the last 12 months according to Acadata so it can’t just be you.

TripleT · 22 Dec 2017 at 08:43

Completed and moved in yesterday!

After three days of panicked packing at the beginning of the week, yesterday went pretty smoothly. Movers turned up at 8:15am, van was loaded by 12pm, had to wait until 3pm to get the keys, unpacked by 6pm.

Big relief!

BT can't get in until 8th Jan annoyingly and I'm booking the kitchen fitters to come back and fit a dishwasher. Want the drive widening and many other things so busy busy busy!

Spikey · 22 Dec 2017 at 09:16

We are aiming to exchange on the 12th Jan and complete the following week on the 19th. Paid up in our rented place until 24th.

photoshop · 22 Dec 2017 at 17:48

Exchanged today. Complete on 5th January.

MichaelAwkward · 2 Jan 2018 at 14:09

Might be a silly question - we want to overpay our mortgage by the maximum allowed (10%). It says that this is per calender year - so I assume we can overpay by the same amount for the next twelve months, then we'll have to adjust it down for the new balance for each new year?

peige · 2 Jan 2018 at 14:15

MichaelAwkward said:
Might be a silly question - we want to overpay our mortgage by the maximum allowed (10%). It says that this is per calender year - so I assume we can overpay by the same amount for the next twelve months, then we'll have to adjust it down for the new balance for each new year?

Weirdly I'm also waiting for exactly that answer on a mortgage that we have just been offered, mine says

During the early repayment charge period (See Section 10), you can make overpayments of up to 10% of your
mortgage balance each year from anniversary of account open date without incurring an early repayment
charge.

I want to know if thats the amount outstanding at the start or end of the year, logic says its the start of each year but like you, I want to be sure although I intend to do lump payments nearing the end of each mortgage year rather than monthly overpayments.

MichaelAwkward · 2 Jan 2018 at 14:18

Hmm, I don't think it would be the balance at the end of the year as you'd have no way of knowing what this is if you're overpaying anything other than a regular amount, with interest, surely? We're just adjusting the DD amount to the maximum we can (rounding down).

We're with Halifax btw.

Richie · 2 Jan 2018 at 20:01

From Halifax Website - https://www.halifax.co.uk/mortgages/mortgage-information/early-repayment-charges/

Currently, as a concession, in each calendar year you can make regular or lump-sum overpayments of up to 10% of the amount owed at 1st January without having to pay an early repayment charge. (This is for any product where an early repayment charge applies.)

If the total amount you overpay during the year exceeds 10%, we'll only charge you an early repayment charge on the proportion you overpay above 10%.

So whatever the balance is from 1st Jan every year, you can make upto 10% of this in overpayments for that year.

rah^ · 3 Jan 2018 at 19:22

So my flat went on the market in November and things were slow, just before Christmas the viewings rolled in and I accepted an offer between then and New Year

Now time to get the ball rolling solicitor is on board and exchange so I can exchange with the house builder of my new property (completion is unlikely to happen until May so most likely be looking for a short term let)

kaptainmarc · 4 Jan 2018 at 08:28

put my house on the market on boxing day, had 8 viewings last night and one offered full asking price on the spot.

were waiting to see if anyone else offers today but happy to of had a full asking price offer within 7 days

rah^ · 4 Jan 2018 at 16:58

Had some good news, a plot has become available that I was originally after so I've put the wheels in motion to take that instead!

fastwunz · 5 Jan 2018 at 07:33

kaptainmarc said:
put my house on the market on boxing day, had 8 viewings last night and one offered full asking price on the spot.

were waiting to see if anyone else offers today but happy to of had a full asking price offer within 7 days

Provided it’s not too good to be true, in this market, take it and run.

kaptainmarc · 5 Jan 2018 at 08:07

fastwunz said:
Provided it’s not too good to be true, in this market, take it and run.

Had 3 more offers all over the asking price yesterday so awaiting everyones best and final offer.

chuffed to bits as we put the house on for 10K more than we thought we would get anyway. Its a great first house and nothing comes close to it at that price in the market so its in high demand.

SiD the Turtle · 5 Jan 2018 at 08:43

I still have a Rightmove alert on my area a year after moving because a) I'm interested in the market and b) I'm nosy. At least once a month I get notifications on the same dozen or so properties that are continually discounted a grand here or there. They've been on the market for at least 2 years now, but are still consistently more than I paid for my place.

Surely that's a sign that you're asking too much for your house!?

peige · 5 Jan 2018 at 10:37

We have similar in our road, some houses have been on and off the market but consistently want too much for their house. I've no idea how they come to their conclusion but more than one has gone on with a value way in excess of what I would consider realistic and they never sell.

I followed the value of mine in relation to others in our road, found Zoopla was really good at indication a realistic value, possibly due to the amount that sell in my road. When we did go we put offers in excess of the base value Zoopla had on and got bob on the mean value one week after it went on. The house is nice and in good order but it proves that houses at the right price sell.

Currently in the "nervous wait to exchange" phase of the process, really hope for pinning down a date next week.

fastwunz · 5 Jan 2018 at 12:30

kaptainmarc said:
Had 3 more offers all over the asking price yesterday so awaiting everyones best and final offer.

chuffed to bits as we put the house on for 10K more than we thought we would get anyway. Its a great first house and nothing comes close to it at that price in the market so its in high demand.

Blimey well done!!