The nervous wait to exchange....

Itchytrigg · 16 Jun 2022 at 15:15

grudas said:
hopefully they find something.. depends how hot the market is where they're looking. Some areas seem to be OK others are insane. Even rentals here are crazy and prices have gone up by 400-500 a month for the same house we're in right now

Rentals similar here with them going very quickly. The place we were in 3 years ago I saw go up again a month back and it’s rent was £600 more than we were paying whilst there. If we had to rent again we’d probably be having to pay £400 odd or more per month than currently and about £200 more than our mortgage will be.

jonneymendoza · 16 Jun 2022 at 15:36

whoof!

I just been running around interacting with my mortgage broker, solictor and EA and they now all seem to be in sync.

We have confirmation in writing of the offer accepted and the vendor's solictor will contact my solictor and my mortgage broker will start the application process ASAP.

All this done when my partner is abroad for work and me and my partner sorting stuff out together on video calls etc!!

This is mixed with her work being soo busy and now my work is all kicking off now!

Sods law earlier this week and even last couple of weeks i been in front of my work pc twiddling my thumbs and watching the clouds move throughout the day lol.

This is i guess Round 1 of a long journey and i hope it all goes smoothly!!

Thanks again to m,any people here with some advices etc and i have learned a lot here. Great thread and we probably should make this thread a sticky as it contains soooo much usefull info

grudas · 16 Jun 2022 at 16:02

Itchytrigg said:
Rentals similar here with them going very quickly. The place we were in 3 years ago I saw go up again a month back and it’s rent was £600 more than we were paying whilst there. If we had to rent again we’d probably be having to pay £400 odd or more per month than currently and about £200 more than our mortgage will be.

yeah I'm glad we don't need to rent. We initially thought that renting would be cheaper to what our mortgage is going to be but looking at it, it'll actually be cheaper to may mortgage and that is saying something when mortgage is over £1600/month.

We can find only one house in 3 mile radius from us that has a driveway and a garage and that is £1900/month!! we pay £1250 and have for the last 5 years. Our landlady just yesterday sent renewal for another year at the same amount and if we stayed we'd be very happy with that. I don't know what the new tenants will pay but I'm pretty sure it'll be more than that. Crazy world.

grudas · 16 Jun 2022 at 16:33

jonneymendoza said:
whoof!

I just been running around interacting with my mortgage broker, solictor and EA and they now all seem to be in sync.

We have confirmation in writing of the offer accepted and the vendor's solictor will contact my solictor and my mortgage broker will start the application process ASAP.

All this done when my partner is abroad for work and me and my partner sorting stuff out together on video calls etc!!

This is mixed with her work being soo busy and now my work is all kicking off now!

Sods law earlier this week and even last couple of weeks i been in front of my work pc twiddling my thumbs and watching the clouds move throughout the day lol.

This is i guess Round 1 of a long journey and i hope it all goes smoothly!!

Thanks again to m,any people here with some advices etc and i have learned a lot here. Great thread and we probably should make this thread a sticky as it contains soooo much usefull info

I found that there was a lot of running, filling in etc in the first 2-3 weeks and then it all stopped

mostly because it reached the vendors and they just sat on it with their solicitors. Meantime we had surveys, mortgage approved etc. So after that, until draft contracts are in and sent over to you, you won't have much to do really bar wait or chase like in our case ha. It's the radio silence thart's extremely stressful.

nantucket66 · 16 Jun 2022 at 16:39

It's the radio silence that is the worst part for me, I hate it. I feel like the world is conspiring against me and I hate dealing with useless people as well!
I never let the grass grow under my feet and if I have to deal with a question or query from whoever I get right on it immediately, but everyone else is like 'manyana, manyana', then people complain to me things are taking too long and I'm the most organised person out of everyone involved, annoys the hell out of me!

ChrisD. · 16 Jun 2022 at 17:48

My 1.54% 5 year fix decision last year is now paying dividends.

Irish_Tom said:
As some of the others have said, if the broker can handle some of the admin side of things for me (liaise with solicitors etc) then I'll gladly palm that work off to them.

Such as? I went direct to Nationwide and it couldn’t have been easier. All I had to do was send the EA the AIP and the formal offer to my solicitor.

grudas · 17 Jun 2022 at 10:07

ChrisD. said:
My 1.54% 5 year fix decision last year is now paying dividends.

Such as? I went direct to Nationwide and it couldn’t have been easier. All I had to do was send the EA the AIP and the formal offer to my solicitor.

lucky! I wonder what we'll get to. Mine is set for 1.99% 3 year fixed. I'm hoping it won't go up much/at-all after 3 years. As we haven't officially started our mortgage until 30th.

ChrisD. · 17 Jun 2022 at 10:25

grudas said:
lucky! I wonder what we'll get to. Mine is set for 1.99% 3 year fixed. I'm hoping it won't go up much/at-all after 3 years. As we haven't officially started our mortgage until 30th.

I'm kinda wishing we'd have gone for 10 if I'm honest, but we always had it in the back of our minds this would be 3-5 year or so house. With the rates going how they are, that might not be happening so I guess we should overpay as much as possible prior to being shafted in 4 years time!

grudas · 17 Jun 2022 at 10:32

ChrisD. said:
I'm kinda wishing we'd have gone for 10 if I'm honest, but we always had it in the back of our minds this would be 3-5 year or so house. With the rates going how they are, that might not be happening so I guess we should overpay as much as possible prior to being shafted in 4 years time!

we'll probably end up over-paying too.. once we settle in and have an idea of what everything costs us month-to-month. Goal is to overpay by 10-15k over the 3 years, not a lot but it'll make a dent.

ChrisD. · 17 Jun 2022 at 10:34

We are due £100k or so through family and the original plan was to use that to help us move, but now we are thinking of investing it and using spare cash after my salary on the mortgage. But even investing isn't great now so it might end up giving us more money back by just hitting the 10% overpayment limit each year instead and put the rest into bonds and pray for winnings.

grudas · 17 Jun 2022 at 11:00

ChrisD. said:
We are due £100k or so through family and the original plan was to use that to help us move, but now we are thinking of investing it and using spare cash after my salary on the mortgage. But even investing isn't great now so it might end up giving us more money back by just hitting the 10% overpayment limit each year instead and put the rest into bonds and pray for winnings.

I think that's a sensible thing! imo pay it off ASAP and then you're set. Would love to be in that position.

413x · 17 Jun 2022 at 11:24

grudas said:
I think that's a sensible thing! imo pay it off ASAP and then you're set. Would love to be in that position.

Same! Would love that!

Heck. With that you could potentially get. BTL after the market falls, if it falls enough

ChrisD. · 17 Jun 2022 at 11:26

I'm already a high rate tax payer so BTL is not something I'm really interested in. Sure we could do it in my mrs' name but we'd still have to pay second home SDLT as we are joint owners.

Irish_Tom · 17 Jun 2022 at 15:41

Solicitor instructed, mortgage applied for, waiting for one more quote from a surveyor.

Feels like a lot of progress has been made in the first week. Shame it’s mostly out of my hands now.

CaptainRAVE · 19 Jun 2022 at 18:17

After hearing nothing for weeks it sounds like all the legal stuff is done. Just need to work out when we can exchange/complete, hopefully soon.

squerble · 20 Jun 2022 at 08:11

Still silence on our purchase. Having to wait for 3 copies of a deed of variation to get around three company's external solicitors is taking an obscene amount of time. The cynic in me is expecting to hear this week that it'll be delayed further by people not being in work due to the train strike or something stupid like that with the luck we've had :rolleyes:

We made our first offer on a house over a year ago and we still haven't managed to get in anywhere. Crazy unlucky.

Chris344 · 20 Jun 2022 at 10:44

squerble said:
Still silence on our purchase. Having to wait for 3 copies of a deed of variation to get around three company's external solicitors is taking an obscene amount of time. The cynic in me is expecting to hear this week that it'll be delayed further by people not being in work due to the train strike or something stupid like that with the luck we've had

We made our first offer on a house over a year ago and we still haven't managed to get in anywhere. Crazy unlucky.

Wow, sorry to hear this. The offer you made a year ago, is this the house you're still waiting to move in to?

jonneymendoza · 20 Jun 2022 at 10:49

Hi all. quick question. has anyone used the money they saved up on there Help to buy account on a property thats over the cap?

How does it work? Do you just simply transfer the funds from that account to your main account?

I heard there were penalties in using the help to buy scheme account on a property over the cap limit? What is this penalty charge?

squerble · 20 Jun 2022 at 11:01

Chris344 said:
Wow, sorry to hear this. The offer you made a year ago, is this the house you're still waiting to move in to?

Ooo no, that'd be depressing if we'd been waiting that long

We started househunting over a year ago, made various offers on houses, some at £20-30k+ over asking price (and this is on 200-220k houses) and kept missing out as we weren't quite chain-free.

House 1: Offer accepted in July, got to September and solicitors started talking about completion - got results of the RICS Level 2 back (delayed due to my stupidity) and it flagged a whole raft of issues including damp in all the external walls, missing cavity wall insulation, issues with chimney, works completed without building reg certs etc, so we pulled out.
House 2: Offer accepted in Sept, got to December and about to complete - seller pulled out without reason, wouldn't tell us why, wouldn't respond to emails. We moved into my partner's parents house in this time.
House 3: Offer accepted in Jan, still waiting for completion, still with parents!

grudas · 20 Jun 2022 at 11:07

jonneymendoza said:
Hi all. quick question. has anyone used the money they saved up on there Help to buy account on a property thats over the cap?

How does it work? Do you just simply transfer the funds from that account to your main account?

I heard there were penalties in using the help to buy scheme account on a property over the cap limit? What is this penalty charge?

there's more than one scheme. The LISA which is what we used had a £450k cap and we lucky got under it. Help to buy has 250k out of london no? London was something silly like £600k or something, did you go over it? I'd read your T&C's really for current info.