The nervous wait to exchange....

kitkat9933 · 18 Jul 2020 at 11:30

kitkat9933 said:
18 viewings booked within less than 24 hours of it being put back on the market. All want to see it ASAP. Another 5 to confirm times for 23 total. It's mental....

Less than 40 hours back on the market, 2 offers and 23 viewings. Will accept the higher offer from the cash buyer when finished the rest of the viewings today. Glad it didn’t take long to resolve...

HungryHippos · 18 Jul 2020 at 13:15

kitkat9933 said:
Less than 40 hours back on the market, 2 offers and 23 viewings. Will accept the higher offer from the cash buyer when finished the rest of the viewings today. Glad it didn’t take long to resolve...

That's quite nuts, guess a lot of people are looking to complete purchases within the the next 6 months for the stamp duty holiday.

Jez · 18 Jul 2020 at 16:18

kitkat9933 said:
Less than 40 hours back on the market, 2 offers and 23 viewings. Will accept the higher offer from the cash buyer when finished the rest of the viewings today. Glad it didn’t take long to resolve...

Are you sure that this is priced correctly! If you are getting quite that much interest then it seems to me that you should test the water at a higher price.

mid_gen · 18 Jul 2020 at 16:55

Same story with any decent property at the moment, loads of buyers around and they all know how critical it is to view the second anything promising goes on the market.

kitkat9933 · 19 Jul 2020 at 16:00

Jez said:
Are you sure that this is priced correctly! If you are getting quite that much interest then it seems to me that you should test the water at a higher price.

Probably a little under valued. We had sold last year to someone else and were meant to finally exchange, then they pulled out as he lost his job. Took so long due to Covid and us trying to find somewhere etc. We sold at the same price as agreed last year as we were happy with that as it’s what we had budgeted everything on the back off.

We just wanted to not hold our purchase up any more. Probably, if we waited we could have got another £5-£10k. Not worth the risk and delay of moving to our new one.

MrKnifey · 20 Jul 2020 at 07:17

My drama continues, seems roughly a quarter of the garage is not in our land/plans. Ive checked the neighbouring houses and it is not in theirs either. Im sure we can just do a land claim this when we move in, but trying to cover ourselves legally is taking a while. Not really sure where to go. The solicitors have been an absolute nightmare. Cant even see the light at the end of the tunnel!

Danm54 · 20 Jul 2020 at 10:35

MrKnifey said:
My drama continues, seems roughly a quarter of the garage is not in our land/plans. Ive checked the neighbouring houses and it is not in theirs either. Im sure we can just do a land claim this when we move in, but trying to cover ourselves legally is taking a while. Not really sure where to go. The solicitors have been an absolute nightmare. Cant even see the light at the end of the tunnel!

We had a similar issue where the property boundary was wrong. The previous owners had bought some adjoining land and that and the original property boundary didn't match up, the area was around 6m x 30m.

The previous owners had started the process of claiming the land but it was taking ages with no completion date and we really had to move.
The solicitors set up a £5k retention so when it was completed the sellers got they're last 5k, if it didn't go through we got 5k back.

Ours was pretty safe as we're surrounded by grazing land and the farmer had already stated the land wasn't his so we were only waiting on Land Registry.

HungryHippos · 20 Jul 2020 at 12:04

MrKnifey said:
My drama continues, seems roughly a quarter of the garage is not in our land/plans. Ive checked the neighbouring houses and it is not in theirs either. Im sure we can just do a land claim this when we move in, but trying to cover ourselves legally is taking a while. Not really sure where to go. The solicitors have been an absolute nightmare. Cant even see the light at the end of the tunnel!

The go to word I've seen solicitors use for anything uncertain is indemnity insurance. Can you get some to cover this?

byeo · 20 Jul 2020 at 12:21

Me and the Mrs viewed a property we were interested in yesterday and have had an offer accepted this morning which we're happy with but also scared at the same time. We're FTB and it's quite overwhelming what we need to do and when. I've sent proof of deposit and mortgage in principle and I've been told the property will be showing online as sold later today. I've got a few conveyancing quotes I need to go through and decide on and then I guess I'll need to go forward with my mortgage in principle.

As FTB we've got no chain behind us and the couple who's house it is say the bungalow they love is empty so fingers crossed. Very early days, first time I've had an offer accepted which is why we're a little nervous but also excited that this could be the one.

HungryHippos · 20 Jul 2020 at 12:30

byeo said:
Me and the Mrs viewed a property we were interested in yesterday and have had an offer accepted this morning which we're happy with but also scared at the same time. We're FTB and it's quite overwhelming what we need to do and when. I've sent proof of deposit and mortgage in principle and I've been told the property will be showing online as sold later today. I've got a few conveyancing quotes I need to go through and decide on and then I guess I'll need to go forward with my mortgage in principle.

As FTB we've got no chain behind us and the couple who's house it is say the bungalow they love is empty so fingers crossed. Very early days, first time I've had an offer accepted which is why we're a little nervous but also excited that this could be the one.

It's not that difficult really, especially if you are FTB and not having something to sell at the same time.

You'll want to appoint a solicitor pretty quick though, then they basically take care of everything. A lot of your proof/evidence goes to them rather than the EA really. The EA should more or less be happy with a mortgage in principal as it shows intent to lend to you. They are probably a bit more cautious at the moment due to most banks only lending at 15% deposit at the moment.

Make sure you have reasonably up to date ID docs like passports, driving licence, utility bill with current address. Also best to have last 3-6 months worth of payslips for the mortgage application.

Junglist · 20 Jul 2020 at 13:06

byeo said:
Me and the Mrs viewed a property we were interested in yesterday and have had an offer accepted this morning which we're happy with but also scared at the same time. We're FTB and it's quite overwhelming what we need to do and when. I've sent proof of deposit and mortgage in principle and I've been told the property will be showing online as sold later today. I've got a few conveyancing quotes I need to go through and decide on and then I guess I'll need to go forward with my mortgage in principle.

As FTB we've got no chain behind us and the couple who's house it is say the bungalow they love is empty so fingers crossed. Very early days, first time I've had an offer accepted which is why we're a little nervous but also excited that this could be the one.

Congratulations. I think it's all quite straight forward to get sorted so I'm sure you'll both be fine! stop being scared and get excited!

Hawk Tuah · 20 Jul 2020 at 13:22

Just factor in, it seems to take forever.

MikeTheNative · 20 Jul 2020 at 14:41

Bug One said:
Just factor in, it seems to take forever.

Took us 5 months from offer acceptance to completion on our house and there was no upper chain for the seller!

The_Arbiter · 20 Jul 2020 at 14:56

byeo said:
..

As long as you're sure the area is nice enough, your work is secure, and you can afford any interest rate hikes, it'll be a breeze. Forums will help along the way. Nothing to be edgey about in regards to the process, unless you get someone who jumps in with a silly offer, that's annoying af.

The more aprehensive you are, the more research you'll want to do imo, and have a decent surveyor being a priority if unsure. And go with them if possible and ask questions

MikeTheNative · 20 Jul 2020 at 15:10

byeo said:
Me and the Mrs viewed a property we were interested in yesterday and have had an offer accepted this morning which we're happy with but also scared at the same time. We're FTB and it's quite overwhelming what we need to do and when. I've sent proof of deposit and mortgage in principle and I've been told the property will be showing online as sold later today. I've got a few conveyancing quotes I need to go through and decide on and then I guess I'll need to go forward with my mortgage in principle.

As FTB we've got no chain behind us and the couple who's house it is say the bungalow they love is empty so fingers crossed. Very early days, first time I've had an offer accepted which is why we're a little nervous but also excited that this could be the one.

One bit of advice is don't skimp on the survey. It may not seem like a full survey is worth the extra couple of hundred of quid but it's cheaper than getting landed with a £20,000 bill after you have bought it.

happy_2008 · 20 Jul 2020 at 15:45

I cant see an interest hike for a while especially with Covid 19. Since the 2008 crash the interest rates have never really recovered from the highs in early 2000 e.g. 4-5%

Hawk Tuah · 20 Jul 2020 at 15:54

MikeTheNative said:
Took us 5 months from offer acceptance to completion on our house and there was no upper chain for the seller!

Eugh, we're 5 weeks away from the proposed moving date - and the buyers solicitor has just suggested they should get a full survey, and has only just started the searches.

Obviously have no problem with a survey - but FFS - couldn't they have done that a month ago like we did!

byeo · 20 Jul 2020 at 15:55

The_Arbiter said:
As long as you're sure the area is nice enough, your work is secure, and you can afford any interest rate hikes, it'll be a breeze.

We already live in the area renting and family have each lived around this area since I was a young un’ so we’re happy with the area.

HungryHippos said:
A lot of your proof/evidence goes to them rather than the EA really. The EA should more or less be happy with a mortgage in principal as it shows intent to lend to you. They are probably a bit more cautious at the moment due to most banks only lending at 15% deposit at the moment.

Yeah she did mention what percentage of a deposit I had so I assume it was for that reason.

MrKnifey · 20 Jul 2020 at 17:11

HungryHippos said:
The go to word I've seen solicitors use for anything uncertain is indemnity insurance. Can you get some to cover this?

Yea, I have mentioned this. Sellers solicitors is awaiting "quotes"

HungryHippos · 20 Jul 2020 at 17:35

MrKnifey said:
Yea, I have mentioned this. Sellers solicitors is awaiting "quotes"

They aren't usually insanely expensive. Additionally seller should pay it if it's their problem more than yours.

I had to get one on the place I bought though, sellers wouldn't budge and for the sake of a couple of hundred £ I just coughed up to keep things moving.

Don't think it takes long for them to get the quotes either.