The nervous wait to exchange....

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Lenders simply have a risk profile they are prepared to accept or not. Basically 3 questions

1) Is the borrower able and likely to pay back the mortgage
2) Is the loan to value good enough I can foreclose and get my money back
3) Is the property going to fall down or maintain/increase in value (see rule 2)

1 can be answered independently of 2&3 - get the borrower to fill in a cross-verified form!
2 can be answered by any competent surveyor - by all means make being a licenced surveyor harder - more akin to a solicitor if you want. Ones that make up values won't last long!
3 See 2 - make surveying a licenced profession. Building societies accept surveys carried out with a pair of binoculars without even getting out of the car! Again make the surveyor liable for misleading or inaccurate reports

My proposals are eminently achievable and would save people so much hassle!
 
mattyfez said:
The survey bit could be a probelm as a decent survey is going to cost a few hundred quid at least, no buyer would be happy relying on a survey that's two years old, and no seller is going to be getting a new survey every 12 months or whatever.
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I paid £450 for type 2 survey and £480 for a structural survey of a large rear retaining wall.
 
It would save the buyers much hassle and place it all on the vendors. This has been mooted before as the homebuyers pack which did not last long. The people placing a price on a property are usually estate agents in their marketing, sometimes with little rhyme or reason, just feels. A surveyor may comment on its value if asked but the vendor may want to play the longer game and be looking for a return on his investment all of which this scheme regiments.
New builds have a builders premium built in which generally exceeds the value by a margin. Run down or derelict properties have an inherent value dependant on ah lot of work being done. It is down to the vendor to ascertain his value. I don't know of any system that does not imply caveat emptor or buyer beware. I expect it would employ more solicitors.
 
2 weeks between a mortgage application and a valuation and then up to 2 weeks for the valuation report to be completed. Madness.

#MoanOver
 
Update.
We pulled out of buying the house, we had a meeting with our solicitor and the problems grew, no building regs or planning on building works, right of way through the garden, water meter in a separate street with the water pipe running at least 50 m, deep under the garden, water leaking through a lower retaining wall and so on.
we were lucky enough to find a house we liked not to far away and our offer was accepted last night, now to try and get the completion done asap, I don't foresee any problems, the house is only 10 years old.
 
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bobuk said:
Update.
We pulled out of buying the house, we had a meeting with our solicitor and the problems grew, no building regs or planning on building works, right of way through the garden, water meter in a separate street with the water pipe running at least 50 m, deep under the garden, water leaking through a lower retaining wall and so on.
we were lucky enough to find a house we liked not to far away and our offer was accepted last night, now to try and get the completion done asap, I don't foresee any problems, the house is only 10 years old.
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I am sure the seller will try and complete asap with prices dropping.
 
Anyone else looking to buy and the moment and finding that the market is just a bit crap right now? Very little coming on and most of it still horribly overpriced. Perhaps its different depending on what sort of price range you are looking at. We are looking for quite a specific house as well which isn't super common in our area. Well, not for the amount we want to pay!
 
fez said:
Anyone else looking to buy and the moment and finding that the market is just a bit crap right now? Very little coming on and most of it still horribly overpriced. Perhaps its different depending on what sort of price range you are looking at. We are looking for quite a specific house as well which isn't super common in our area. Well, not for the amount we want to pay!
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We are just going on the market now (first time selling/buying) and from what I gather it's not great right now, especially on the back of the stamp duty deal coming to an end. I think that's probably had an effect.
 
kinger8938 said:
We are just going on the market now (first time selling/buying) and from what I gather it's not great right now, especially on the back of the stamp duty deal coming to an end. I think that's probably had an effect.
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Just feels like we're in a weird place where people still think houses are selling like hotcakes and their house is worth peak 2022 prices.
 
bobuk said:
Update.
We pulled out of buying the house, we had a meeting with our solicitor and the problems grew, no building regs or planning on building works, right of way through the garden, water meter in a separate street with the water pipe running at least 50 m, deep under the garden, water leaking through a lower retaining wall and so on.
we were lucky enough to find a house we liked not to far away and our offer was accepted last night, now to try and get the completion done asap, I don't foresee any problems, the house is only 10 years old.
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Sorry to hear about that. Have you found anything else to bid on yet or that you like?
 
Our house is about to go on the Market! Photos taken etc. EPC tomorrow.

Then it will be online soon I guess!

This is our first time selling/buying.

We moved in here 10 years ago as first time buyers. So what's the best thing to do now? I was under the impression it's best not to even look until ours is under offer?

Whats the norm when it sells, do you have ample time to find somewhere before the buyers need to move in?
 
Moving along with mine at the moment - the estate agent is being hilariously persistent to my solicitor considering they're just starting searches they pester them every 48 hours and the average response time from our LA is 5 weeks. The owner has vacated the property though and I suspect they need the money fairly promptly.

Will need to arrange another viewing prior to exchange as the house will have been sat vacant for >5-6 weeks at a minimum.
 
kinger8938 said:
Our house is about to go on the Market! Photos taken etc. EPC tomorrow.

Then it will be online soon I guess!

This is our first time selling/buying.

We moved in here 10 years ago as first time buyers. So what's the best thing to do now? I was under the impression it's best not to even look until ours is under offer?

Whats the norm when it sells, do you have ample time to find somewhere before the buyers need to move in?
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You really should have an idea of house types and areas. What you can live with, what you can't and can you make it work for you. So I would start to look around, firstly drive bys and working up to viewings if you feel that the house is right. You should have at least ten to twelve weeks to buy, eight minimum but that is with no chain either way which you won't have as your selling.

Good luck.
 
So this house buying lark isn't proving straight forward.

Viewed a property that I really liked, only to find that offers had already been submitted above the asking price and it was taken off the market the next day.

Similar thing happened (but possibly faster) with another property. Noticed it come onto the market that day via Purple Bricks and I booked the first available viewing slot, which was in the evening two days later. The owner said they already had lots of interest and were expecting to receive offers the following day. The next morning I attempt to submit an offer, only to find it's already sold STC.

Found a third property (apparently back on the market after a collapsed chain) and submitted an offer. Was told by the estate agent it was the only one received and the owner was keen to sell. Now found out they have gone with a later offer from a cash buyer for speed of sale. I asked whether it was worth offering more but was told no, it was purely because there was no chain with the other offer. I actually got the impression from the agent that the other offer was slightly less than mine.

So, the search continues. What's the view on putting in offers on multiple properties at the same time? I'm tempted to start low balling on some of the houses that have been hanging around on the market for a while, as competition seems hot for nice places coming onto the market in the area I'm looking at.
 
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Hagar said:
You really should have an idea of house types and areas. What you can live with, what you can't and can you make it work for you. So I would start to look around, firstly drive bys and working up to viewings if you feel that the house is right. You should have at least ten to twelve weeks to buy, eight minimum but that is with no chain either way which you won't have as your selling.

Good luck.
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Thanks sounds like we are doing the right thing then! We know roughly what we want/can live without, the area etc and have actually done a drive by to see how practical the school run would be ;)
 
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