The nervous wait to exchange....

[.Griff.]

Sorry to hear of your struggles. I know from first hand experience what it can be like.

 

[rexehuk]

So my purchase is still ongoing since the start of December, I expect it's going to fall through either this week or next so back to looking for something else to buy. Been having a look on zoopla/rightmove etc over the past month but not really seen much of interest tbh.

Seller has moved out and can't afford to keep paying the mortgage, so unless we can exchange contracts by the end of May the estate agent has suggested the vendor is going to pull out and rent the place instead. Considering my solicitor sent 25 enquiries 3 months ago and so far we've only had replies to 4 of them I highly doubt we'd exchange by next week. They still have 8 of the outstanding enquiries to resolve before sending it all back to my solicitor, and they're also waiting on the Land Registry to register the parking space that wasn't registered in their name.

Considering how slow the other side has been, I've been half expecting this tbh. Oh well, back to house hunting.

That sucks.

There really should be laws around doing this, if you accept an offer you should be legally bound at that point. If you pull out, you front all legal fees for other side. Only having that from exchange of contracts leaves it so open and makes it doubly stressful.

 

[{SAS}TB]

That's shocking mate

 

[Skillmister]

There really should be laws around doing this, if you accept an offer you should be legally bound at that point. If you pull out, you front all legal fees for other side. Only having that from exchange of contracts leaves it so open and makes it doubly stressful.

The only way that works is if it's from both sides and a buyer is able to inspect the equivalent of a full contract pack and survey before putting an offer in. You can't fault people who put an offer in not knowing that there is a sewer running underneath the living room and no formal rights of access to the property, for example.

And neither should the seller be at fault when their conveyancer has caused all the delays.

 

[Jamesyboyjim]

That sucks.

There really should be laws around doing this, if you accept an offer you should be legally bound at that point. If you pull out, you front all legal fees for other side. Only having that from exchange of contracts leaves it so open and makes it doubly stressful.

There should certainly be some kind of protection, that's for sure!

We are going through the motions at the moment, we said from the off the earliest date we could afford to complete, happy to exchange as soon as possible though, but now, after we've spent money on the solicitors and survey, the vender is starting to re-think her options on her end of the chain as she's annoyed with where she's supposed to be going and has asked about completing earlier as she's tempted to break her chain. This makes us very nervous that she cant make up her mind, not only could we lose a house we really want, but also lose all that money!

 

[.Griff.]

if you accept an offer you should be legally bound at that point.

I disagree.

I accepted an offer on my place in the second week of January. The buyer claimed she had a mortgage offer in place (subject to survey) and could move immediately as she had no chain. As a result, we accepted her offer.

The estate agents then spent six weeks chasing the "buyer" who was either "busy", "dropping the kids off" or simply ignored calls. Eight weeks after accepting her offer and still getting nowhere we had to start over again.

There needs to be protection in place for both sides. You can't just simply say that once a seller accepts an offer they are legally bound to sit and wait for the buyer.

 

[rexehuk]

I disagree.

I accepted an offer on my place in the second week of January. The buyer claimed she had a mortgage offer in place (subject to survey) and could move immediately as she had no chain. As a result, we accepted her offer.

The estate agents then spent six weeks chasing the "buyer" who was either "busy", "dropping the kids off" or simply ignored calls. Eight weeks after accepting her offer and still getting nowhere we had to start over again.

There needs to be protection in place for both sides. You can't just simply say that once a seller accepts an offer they are legally bound to sit and wait for the buyer.

That is what I said...

"If you pull out, you front all legal fees for other side."

 

[Tom|Nbk]

Offer accepted on a house im buying two months ago, I recieved the mortgage offer about a week and half ago. Just going through searches now with solicitor, but there is a chain involved it's probably going to be another couple of months I'd imagine, such a long process!

Hi All

Little update, my vendor has found another house without chain so they have put forward to buy that. We are nearing completion now. I have today sent off the contract and deposit. Completion dates should be set next week or the week after.

 

[Phantom Shadow]

Thankfully the vendors have now agreed to wait the extra few weeks so hopefully we will be able to complete. I suspect he was more using it more to encourage the estate agent to make things happen as they'd lose their commission if he decided not to sell. Seems to have worked at least. Mortgage offer expires at the end of June having already been extended, so we have a fairly rigid date to get everything done by. By that point the vendor almost certainly will be pulling out to rent the place out anyway.

All enquiries have apparently had answers prepared (except for the parking space, that is with Land Registry and should be sorted next week). Only problem now seems to be getting the solicitors to actually communicate. The other side are saying they've emailed them across, my solicitor is saying he has received nothing, meanwhile I'm going back and forth trying to get everyone to pull their finger out and chase this up to actually get the replies sent across correctly.

So things are looking better than last week at least, hoping we can complete in 3-4 weeks time - assuming my solicitor ever receives the replies.

 

[sparkymark75]

Conveyancers.....the only thing that moves slower than a tortoise!

 

[Scottland]

Spoke to our conveyancer yesterday, she thinks we'll be completing early July. Searches are yet to come back, so I guess if there are a number of enquiries that may delay things - but fingers crossed we should be there in 4 weeks time.

 

[Tom|Nbk]

Hi All

Little update, my vendor has found another house without chain so they have put forward to buy that. We are nearing completion now. I have today sent off the contract and deposit. Completion dates should be set next week or the week after.

Update. 5th July completion date, thank god, if that date all goes smoothly thats just under 5 months start to finish!

 

[bcjames]

Third time lucky for us too, hopefully! The two previous attempts have fallen through because of big disparities between agreed price and the valuation price, with the vendor not willing to budge.

We put in at offer of 235k for the third house, valued at 212k, but thankfully the vendors met us at 220k, although it meant we've had to stick another 8k on top of our deposit. The sudden 8k jump is a big stretch compared to what we had budgeted to this point.

Our solicitor has arranged an appointment for the end of this month to sign our exchange paperwork. Is that usual, given the exchange date hasn't been set, and I don't think our vendors will have moved on that far with their purchase to be in that position yet anyway.

Still hopeful to complete end of July! A big plus of being in a village is we bump in to the vendors about once a week and can have a quick catch up.

 

[Buffman]

Third time lucky for us too, hopefully! The two previous attempts have fallen through because of big disparities between agreed price and the valuation price, with the vendor not willing to budge.

We put in at offer of 235k for the third house, valued at 212k, but thankfully the vendors met us at 220k, although it meant we've had to stick another 8k on top of our deposit. The sudden 8k jump is a big stretch compared to what we had budgeted to this point.

Our solicitor has arranged an appointment for the end of this month to sign our exchange paperwork. Is that usual, given the exchange date hasn't been set, and I don't think our vendors will have moved on that far with their purchase to be in that position yet anyway.

Still hopeful to complete end of July! A big plus of being in a village is we bump in to the vendors about once a week and can have a quick catch up.

If the valuation is significantly lower does that not suggest you're overpaying for the property?

 

[bcjames]

If the valuation is significantly lower does that not suggest you're overpaying for the property?

We pulled out our of the previous two because that seemed to be the case, but 8k is hardly significant in the greater scheme of things. House 1 that we pulled out of came back with a 40k discrepancy, which certainly is significant!

 

[Skillmister]

And I'm debating increasing one of my offers because I don't want to overpay by £5k (albeit on a ~100k property)...

The way I see it whilst I'm happy to pay that extra £5k in theory for a house, I know it's money I wont be seeing again as its unlikely to be recouped when I come to sell. I know an estate agent and a surveyor well who have both said it would be the absolute top end for the what the property is worth.

Also debating between 2 properties.. One is a 2 bed mid terrace which is ready to move in to (the one mentioned above which is on the market for £105k. I've offered £95k and be told the seller is likely to accept £100k-£102k. One is a 3 bed end terrace which needs a bit of TLC (nothing major except unblocking the fireplace, mainly a good clean and some decorating). Second one is in a slightly worse area (neighbourhood) but backs onto the hills so ideal for mountain biking. Also a lot more house for the money in the long run (on the market for £110k, could probably get for £105k or maybe less) even if I have to spend a lot of evenings painting

Lots to think about.

 

[koolpc]

We got to go through it all again due to divorce. Only moved last sept.

 

[b0rn2sk8]

And I'm debating increasing one of my offers because I don't want to overpay by £5k (albeit on a ~100k property)...

The way I see it whilst I'm happy to pay that extra £5k in theory for a house, I know it's money I wont be seeing again as its unlikely to be recouped when I come to sell. I know an estate agent and a surveyor well who have both said it would be the absolute top end for the what the property is worth.

Also debating between 2 properties.. One is a 2 bed mid terrace which is ready to move in to (the one mentioned above which is on the market for £105k. I've offered £95k and be told the seller is likely to accept £100k-£102k. One is a 3 bed end terrace which needs a bit of TLC (nothing major except unblocking the fireplace, mainly a good clean and some decorating). Second one is in a slightly worse area (neighbourhood) but backs onto the hills so ideal for mountain biking. Also a lot more house for the money in the long run (on the market for £110k, could probably get for £105k or maybe less) even if I have to spend a lot of evenings painting

Lots to think about.

I wouldn't put much value on the interior decor as that can be changed easily and cheaply. Just comes back to size vs location assuming the fixtures and fittings are acceptable in both.

 

[Skillmister]

Said 3 bed house above.. Seller won't budge on the (optimistic) asking price despite the next door property which is in better condition with a better garden selling for £107,500 after 300+ days on the market..

People say it gets stressful once the lawyers are involved but I can't even get to that stage

 

[Tom|Nbk]

Update. 5th July completion date, thank god, if that date all goes smoothly thats just under 5 months start to finish!

Final update, keys this Wednesday, so so excited!