The nervous wait to exchange....

[Casdawer]

Put our house on the market last Monday and accepted an offer yesterday with them offering just £5k under our asking price.

We were interested in a new build home that's been on the market for a while and found out yesterday that they have another interested party and they're currently working with them. Hoping it's not far enough along that I can't come in and hopefully procure it for myself.

 

[LiE]

So house sold within 24 hours to a FTB family, who are currently renting. Their finances check out so it looks promising.

We’ve had our offer accepted on a new build - small development of 20 houses, this being 1 of the 2 left. Developer will pay full stamp duty, so a nice ~£21k bonus.

We should hopefully be able to crack on with speed with the new buyers.

Things are little slow right now with the enquiries and technical review of the new build that the solicitors do. I don’t think we will make end of the month. Our first time buyers have said no to worry if it goes over the stamp duty rise, they have the extra funds for that (£6,000!)

Our mortgage offer should be produced today. Took ages because we were messed about by the external surveyor Halifax instructed.

 

[fez]

We have been vaguely looking at houses for about the past 6 months and very few have come up that fitted our criteria. One just came up that excited us but the more we looked into it, the more it all fell apart.

It was a large detached house that needed complete renovation internally but seemed to have a lovely garden, had woodland attached and a fishing lake. The woodland and fishing lake were not things we wanted but hey, if they come with the house they come with the house. There were various caveats to it. Complete and expensive renovation required. **** internet (78mb or whatever the crap phone line based on is). Septic tank for waste. Oil fired heating.

When we asked for the land plan, it turns out they aren't actually including 70% of the garden. I said to my partner that there is only one reason they aren't including it. Unsurprisingly I was correct. They wanted another £300k for the garden because they had initial planning consent for a large house on it. Its one of those things where you are intrigued to see what happens in the end because you can't imagine any sane person buying the house without the land to the side.

Their asking price was on the high side anyway. The woodland and fishing lake aren't selling points for most people as they will require upkeep and aren't adding any value to the property (not commercial lake). The internet, oil heating and septic tank are all downsides. It requires extensive renovations. Has lost 70% of the garden it should have and in the immediate future you are going to be living next to a building site and instead of being on your own on a lovely piece of land you will have a house of unknown size and design being built next to you for god knows how long.

If we had a lot of money to spend then perhaps it would make sense to buy them both but we don't. Now we can understand their position up to a point. The value of the garden to us is as a garden so not worth that much. Obviously the value to them is that it can be built upon so we have a fundamentally different view on the price. I just cannot see how they are going to get what they are asking for either. Perhaps I am wrong and the right buyer will snap it up. Perhaps a developer will snap them both up.

I have asked the EA to let us know if they change their minds on the valuation but I doubt it.

 

[sigma]

We have been vaguely looking at houses for about the past 6 months and very few have come up that fitted our criteria. One just came up that excited us but the more we looked into it, the more it all fell apart.

It was a large detached house that needed complete renovation internally but seemed to have a lovely garden, had woodland attached and a fishing lake. The woodland and fishing lake were not things we wanted but hey, if they come with the house they come with the house. There were various caveats to it. Complete and expensive renovation required. **** internet (78mb or whatever the crap phone line based on is). Septic tank for waste. Oil fired heating.

When we asked for the land plan, it turns out they aren't actually including 70% of the garden. I said to my partner that there is only one reason they aren't including it. Unsurprisingly I was correct. They wanted another £300k for the garden because they had initial planning consent for a large house on it. Its one of those things where you are intrigued to see what happens in the end because you can't imagine any sane person buying the house without the land to the side.

Their asking price was on the high side anyway. The woodland and fishing lake aren't selling points for most people as they will require upkeep and aren't adding any value to the property (not commercial lake). The internet, oil heating and septic tank are all downsides. It requires extensive renovations. Has lost 70% of the garden it should have and in the immediate future you are going to be living next to a building site and instead of being on your own on a lovely piece of land you will have a house of unknown size and design being built next to you for god knows how long.

If we had a lot of money to spend then perhaps it would make sense to buy them both but we don't. Now we can understand their position up to a point. The value of the garden to us is as a garden so not worth that much. Obviously the value to them is that it can be built upon so we have a fundamentally different view on the price. I just cannot see how they are going to get what they are asking for either. Perhaps I am wrong and the right buyer will snap it up. Perhaps a developer will snap them both up.

I have asked the EA to let us know if they change their minds on the valuation but I doubt it.

So the house (without the land) isn't worth what they're asking? In that case it's unlikely to sell it and they'll either take it off the market or reduce price.

I know someone who went through similar, the seller took it off the market, put it back on at a higher price but ultimately took it off again.

Logic/reality goes out the window for some (most?) people

 

[mattyfez]

So the house (without the land) isn't worth what they're asking? In that case it's unlikely to sell it and they'll either take it off the market or reduce price.

I know someone who went through similar, the seller took it off the market, put it back on at a higher price but ultimately took it off again.

Logic/reality goes out the window for some (most?) people

Yup - I pulled out of a sale as it needed about £30k worth of work doing...proper structural work, not just a bit of decor.. they wouldn't entertain giving me a fair discount... it eventually sold about 6 months later for, quell supprise, about 30k less than asking...

So a waste of time for all involved... it's like some sellers don't think people will get a survey done, or thier solicitors or mortgage lenders won't do any due dilligence... people gonna people, I guess.

 

[Throrik]

Logic/reality goes out the window for some (most?) people

It really does, bid on a house which has been up for sale for 3 years, one price drop in that time and that was over a year ago. They won't even consider budging apparently. Idiocy. It's the sort of house 95% of people won't be interested in either, whereas for me it'd be perfect.

 

[EvilRob]

I don't think it's always sellers actively trying to take the ****. Some people just have their head in the clouds and can't accept their ****** house isn't just the same as the one that sold for a higher price.

 

[Casdawer]

Put our house on the market last Monday and accepted an offer yesterday with them offering just £5k under our asking price.

We were interested in a new build home that's been on the market for a while and found out yesterday that they have another interested party and they're currently working with them. Hoping it's not far enough along that I can't come in and hopefully procure it for myself.

So, a little update on this.

I managed to speak directly with the Area Sales Manager for the site and to cut a long story short, we reserved the property yesterday so we're all good to go.

We're fortunate to have a small chain (4 parties total including ourselves) and things are moving along nicely.

Now have a boat load of documents to complete for the solictors and then have to keep our fingers crossed that any survey that our buyers have doesn't pick up anything (it shouldn't as we've kept this house in good condition!)

 

[Hutchy]

So, a little update on this.

I managed to speak directly with the Area Sales Manager for the site and to cut a long story short, we reserved the property yesterday so we're all good to go.

We're fortunate to have a small chain (4 parties total including ourselves) and things are moving along nicely.

Now have a boat load of documents to complete for the solictors and then have to keep our fingers crossed that any survey that our buyers have doesn't pick up anything (it shouldn't as we've kept this house in good condition!)

Let the "fun" begin. Good luck to you!

Has anyone noticed a difference in the market (specifically peoples attitude in their chain or the buying/selling process) with the stamp duty changes fast approaching in April?

 

[fez]

So the house (without the land) isn't worth what they're asking? In that case it's unlikely to sell it and they'll either take it off the market or reduce price.

I know someone who went through similar, the seller took it off the market, put it back on at a higher price but ultimately took it off again.

Logic/reality goes out the window for some (most?) people

The house without the land is overpriced but its quite hard to say by how much as I have no idea what the house that will be built next to it will do to the value of it. Nothing good obviously but certainly the fact a large house is going to be built in the near future right next door won't do much for the value of the house. It could be a really nice house with a chunk of money spent on renovating it but I think the only person who is likely to want to do that is a developer who bought both the land and the existing house and who would renovate/build in tandem.

In theory they could have 2 ~£1m houses on their hands for the cost of £1.1m + whatever the renovations + build costs but they would have to do the renovations/build for probably half a million total to make it worthwhile and I can't see that happening. You could easily spend £150k on the existing house alone.

Yup - I pulled out of a sale as it needed about £30k worth of work doing...proper structural work, not just a bit of decor.. they wouldn't entertain giving me a fair discount... it eventually sold about 6 months later for, quell supprise, about 30k less than asking...

So a waste of time for all involved... it's like some sellers don't think people will get a survey done, or thier solicitors or mortgage lenders won't do any due dilligence... people gonna people, I guess.

Yep, people seem to think that they will find the right buyer who doesn't care about the costs involved in sorting the house out and won't value it based on that cost.

It really does, bid on a house which has been up for sale for 3 years, one price drop in that time and that was over a year ago. They won't even consider budging apparently. Idiocy. It's the sort of house 95% of people won't be interested in either, whereas for me it'd be perfect.

There is a ****** little bungalow HMO opposite our current house that is in a horrible state of disrepair and they are trying to sell it for £575k (down from £600k). I reckon its worth ~£450k. Its got no garden, its about 20sqm smaller than our house, in bad nick, right on the corner of a pretty busy road, would need sorting out if someone wanted to use it as a home instead of a scuzzy HMO and our house is worth ~ £525k. I'm watching it on rightmove just to see what it goes for but I imagine it will just drift off the market.

 

[SGWills]

My partner and I have just waiting on the completion date of our next house. It was a modern auction which was different. Aside from some additional fees, it wasnt as bad as iIoriginally thought it might be.
The turn around is quite quick as well as its 56 days from the auction being won that everything should be sorted. Just means its on to the next task of refitting the whole house.

Waiting on the price of the fitting for the flooring throughout to come back today, which should get it liveable before having to do the kitchen.

Going to be a busy few months going forward but should be interesting at least

 

[MissChief]

I finally get a chance to join the thread. Looked at a house last night and I think we will be making an offer once I speak to my mortgage advisor.

 

[fez]

Where did you guys find your mortgage brokers? We are starting to make the moves to properly get our house ready to sell and start seriously looking but stage one is to get an agreement in principle. The only reason I am looking at brokers is because I am essentially self employed. I have a business that I pay myself ~£50k/year out of but it also has a fair chunk of cash in the business and I want to know how this will look to a lender etc.

 

[LuckyBenski]

Where did you guys find your mortgage brokers? We are starting to make the moves to properly get our house ready to sell and start seriously looking but stage one is to get an agreement in principle. The only reason I am looking at brokers is because I am essentially self employed. I have a business that I pay myself ~£50k/year out of but it also has a fair chunk of cash in the business and I want to know how this will look to a lender etc.

I got a recommendation from my sister who has used him twice. He was pretty direct and no bull**** which suited me. Nice to have a personal recommendation at the time.

In fact I got my AIP from Nationwide online (we bank with them) and at the point of selecting a mortgage the broker said it was one I could do myself, but he'd stay for the hand holding if desired.

 

[MissChief]

I got a recommendation from my sister who has used him twice. He was pretty direct and no bull**** which suited me. Nice to have a personal recommendation at the time.

In fact I got my AIP from Nationwide online (we bank with them) and at the point of selecting a mortgage the broker said it was one I could do myself, but he'd stay for the hand holding if desired.

So far I have an AIP from my bank of 40 years, Halifax, but a broker from one of the Estate Agents I looked at a house with thinks he can get me a better deal and the meeting I had, where he showed me what was on offer seems to indicate that is the case. I emailed him on Monday evening and he hasn't gotten back to me yet which I'm a little annoyed about.

 

[mattyfez]

So far I have an AIP from my bank of 40 years, Halifax, but a broker from one of the Estate Agents I looked at a house with thinks he can get me a better deal and the meeting I had, where he showed me what was on offer seems to indicate that is the case. I emailed him on Monday evening and he hasn't gotten back to me yet which I'm a little annoyed about.

It's always worth shopping around for stuff like this... As it's a huge commitment.

You might get a good deal from your bank but at the end of the day you are a customer looking to buy a financial product... So employ the same style of shopping around you might apply when looking for home insurance or car insurance etc.

 

[Junglist]

Just been given our completion date! April 22nd! That’s gonna get here fast. We started this process on a bit of a whim back in October. It’s been both extraordinary long and bizarrely quick!

Sold a wardrobe last light and it’s the first time I’ve felt like we’re moving

 

[LiE]

April is hopefully when we get to move. Conveyancing is pretty slow on a new build it seems. Contracts are signed already for the sale of our property though.

 

[rypt]

Got our completion date confirmed yesterday... and it's tomorrow!!!

Super excited, and also amazed that we managed to get everything done this fast. I only put on the offer on Feb 10th, and was lucky that both the seller, the sellers solicitor, my bank, and my solicitor were super fast at getting everything done.
The only slow part was the landlord for the building (it's leasehold), who took 4 weeks (to the day) to provide their parts. Otherwise we would have been ready to complete 2 weeks ago!

 

[MissChief]

Oh dear. On the verge of putting an offer in on a house, mandatory teams meeting at work, no cameras, mics muted and chat disabled. Now in consultation with potential redundancies planned. Not massively panicking yet, we're still hellish busy and have just taken on three new projects, two I'm involved in with 200+ sites and orders but it is a worry.