The nervous wait to exchange....

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happy_2008 said:
So our FTB have not managed to get a mortgage for the amount they require which means we can continue the sale at a £6k loss. Not sure if i should re-market or try to lower that loss to a minimum:mad:
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That's a tough one - would you have accepted an initial offer £6k lower?
 
happy_2008 said:
So our FTB have not managed to get a mortgage for the amount they require which means we can continue the sale at a £6k loss. Not sure if i should re-market or try to lower that loss to a minimum:mad:
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What was the reason for not getting the mortgage? Lack of means, or the valuation on your house coming in low? If it's the former, I'd re-market unless you're in a position where you urgently need to move, or are otherwise time pressured. If it's the latter, I think you just need to accept your house isn't worth the amount you want.
 
Mr Jack said:
What was the reason for not getting the mortgage? Lack of means, or the valuation on your house coming in low? If it's the former, I'd re-market unless you're in a position where you urgently need to move, or are otherwise time pressured. If it's the latter, I think you just need to accept your house isn't worth the amount you want.
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I think its probably affordability test, dont think valuation is the problem. However, if we re-market the property then we are essentially racing against time with the stamp duty.
 
So our purchase is pretty much ready to go now awaiting the sale of our house to go through.

The seller of the house we are buying said we can move in if we wanted, which I ideally want to do but how do I cover myself legally if it all falls through? Do you think it's worth drawing up a contact saying we will rent for minimum of a year or until the purchase goes through? Moving in sooner rather than later helps with moving schools with my kids etc.. what do you guys think?
 
MrKnifey said:
So our purchase is pretty much ready to go now awaiting the sale of our house to go through.

The seller of the house we are buying said we can move in if we wanted, which I ideally want to do but how do I cover myself legally if it all falls through? Do you think it's worth drawing up a contact saying we will rent for minimum of a year or until the purchase goes through? Moving in sooner rather than later helps with moving schools with my kids etc.. what do you guys think?
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It would be sane to get some legal advise on this - I'd imagine you'd want an AST and something separate with regards to your purchase etc
 
I was going to speak to my solicitor about it, but was just wondering other people's thoughts on it. It's a bizarre purchase so far as the seller has given us all the keys already lol!
 
MrKnifey said:
I was going to speak to my solicitor about it, but was just wondering other people's thoughts on it. It's a bizarre purchase so far as the seller has given us all the keys already lol!
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As above, I imagine the best approach would be an AST with clauses to get out as and when the sale goes through.

You need some legal right to be in the house.
 
How bizarre. That seller is either very trusting, or desperate to sell and going to play on the fact you stayed there if things went sour -how they could do/use that is anyone's guess. I just can't imagine giving someone some keys pre hand with a verbal contract would hold up much though.

If the survey is good, you're happy, ie definitely no issues, then if it were me i'd crack on with moving in but not settle in properly. But then again if your current house doesn't need to be moved out of, why bother.
 
The_Arbiter said:
How bizarre. That seller is either very trusting, or desperate to sell and going to play on the fact you stayed there if things went sour -how they could do/use that is anyone's guess. I just can't imagine giving someone some keys pre hand with a verbal contract would hold up much though.

If the survey is good, you're happy, ie definitely no issues, then if it were me i'd crack on with moving in but not settle in properly. But then again if your current house doesn't need to be moved out of, why bother.
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He seems like a very trusting guy, it was his mother house who passed away and he lives around two hours away. I guess I'm being impatient but I want to get in, start cleaning, get daughter settled into a new school and take our time rather than here's the date and one big rush.
 
I'd probably feel the same way as you then. Definitely check with solicitor to be safe as said. But the guy probably doesn't care then, tbf the house is safer if someone is there too.
 
Solicitor will tell you not to move until you have some kind of legal agreement in place to prevent the seller kicking you out on the street. Especially at the moment, too much risk of sales falling through to chance it imo.

I'm now waiting on local authority searches, due back 14th Oct. Everything is lined up ready to exchange immediately and the sellers are constantly hassling to get it done.

Still, I feel like I've been in this 1-2 weeks from completion state for over six months now so I can't bring myself to believe it's actually going to happen....
 
ash_scotland88 said:
I think we've hit a year now of looking, doesn't help that now post lockdown everyone is attempting the rural/semi-rural move.

The property we offered on on our drive home from viewing we've still not heard back, recon it will be a closing date. I keep looking at pictures and the video, which I know is wrong :(
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And a closing date has been set for next Monday, when we found out last week already had 6notes of interest.
 
MrKnifey said:
I was going to speak to my solicitor about it, but was just wondering other people's thoughts on it. It's a bizarre purchase so far as the seller has given us all the keys already lol!
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More hassle than it's worth imo

You need to consider all sorts of stuff like legal basis to live there, insurance, what to do about post/utilities/car registrations etc etc.

Do you live in the house you are selling? If so what if it all falls through would you stick to having moved into the new property and leave yours vacant? What if yours didn't re-sell for 6 months would the seller still be happy having you in there for free? If not would he charge rent and if so, would you be happy paying rent on the new place and presumably mortgage on your existing property?
 
I agree with @Skillmister having keys to someone else's property would make me twitchy. Just seems such an odd thing to do. If I mentioned this to friends they would think I have lost the plot.

Maximum I would do - use the freedom to plan, measure, obtain quotes, the temptation to clean, tidy the garden would be strong - but then if it all went south, worst thing is you have wasted time and effort. I am not sure I would stretch to this in all honesty, likely use the time to plan and thats it.

I would not go as far as decorating or make any changes (e.g. hack down a tree, decorate) as I would imagine, this could land you in trouble? Would I move in - No chance. Wouldn't be able to sleep also, you get settled and something happens - you have to move out. That would be awful.

Save or minimise the pain, so if you do exhaust some time and energy into the house before completion, you do it with an open mind, at worst - you lose out on effort, and only self to blame.
 
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How long did it take for the mortgage company to release the funds to the solicitors? Were there any delays as we are hoping to exchange in 10 days time.
 
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