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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, Apr 3, 2014.

  1. Jez

    Caporegime

    Joined: Oct 18, 2002

    Posts: 32,294

    There is no need to justify an offer, and to be honest it is unlikely to sway the vendor either way. It is fairly usual to put some context to it though, to show that it is calculated and had thought, rather than a random figure.
     
  2. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,603

    Location: Wales

    Some context would probably help. I mentioned something along the lines of time it had been on the market, a very brief outline of what work needed doing and the fact I was a first time buyer with the ability to push it through extremely quickly
     
  3. Deadly Ferret

    Man of Honour

    Joined: Apr 11, 2003

    Posts: 9,372

    Location: London

    That's a ridiculous condition. A person who has owned property previously, but doesn't currently, is back to square one and more likely than not needs no less help than any other person without property. A small few may still have some of the cash from the sale, but the vast majority would have sold their only and/or last property - without buying any more property - due to a pressing need such as debt, divorce, keeping a business afloat etc.
     
  4. i5aces

    Hitman

    Joined: Jan 29, 2012

    Posts: 678

    Location: Andover

    my survey took place Friday but I am yet to receive a copy of the report, I also found out today that the searches are back and will be reviewed this week. Hopefully by the end of the week I might start to see some progress, I'm still optimistically hoping to have the keys for Christmas.
     
  5. MichaelAwkward

    Mobster

    Joined: Jul 22, 2014

    Posts: 3,298

    Location: Oxon

    Completing next Tuesday after exchanging today. Had our offer accepted on the 26th October, so just over a month start to finish but there's been no chain involved.
     
  6. coolsurfer

    Hitman

    Joined: Apr 11, 2006

    Posts: 750

    Location: Yorkshire

    Exchanged on an off plan new build house for BTL. Completion in June next year. 3rd property and hungry for more cash permitting!
     
  7. Richie

    Soldato

    Joined: Oct 18, 2002

    Posts: 7,448

    Location: Entering Hell...

    *shakes head*
     
  8. cainer

    Man of Honour

    Joined: Jan 9, 2010

    Posts: 12,857

    i put in an offer for a house last week (27th Nov) that was accepted,
    been back for a second viewing this week (5th Dec) + paid the solicitors the required £200 upfront payment for their work,
    im hoping it gets sorted pretty quick as there is no chain involved
     
  9. agw_01

    Capodecina

    Joined: Apr 11, 2004

    Posts: 19,631

    Had my valuation back last week and the lender has valued the property lower than my original offer. I expected this so am not too surprised but have had a pretty frustrating few days trying to line people up for further surveys/reports.

    Got a full building survey being done on Tuesday but at this stage, I've not told the estate agent about the possibility of a revised offer. I'd rather wait until I had something concrete written down to say the property isn't worth what I'd offered. I've advised my solicitor of the hold up and they are waiting on my say so before starting their searches.

    Is this the right way to go about this? Should I make the estate agent aware before I go in with a lower offer? I just don't want to be seen to waste anyone's time when I am very much ready to proceed on this property pending acceptance of a lower offer, once I know what to offer.

    edit... I'm pretty confident that a lower offer will be accepted though, the property is being sold by family after the owner passed away. My offer was accepted the same day so it's possible that I went in a bit too high in the first place and they were expecting a lower offer anyway.
     
    Last edited: Dec 8, 2017
  10. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,603

    Location: Wales

    There's really no benefit to telling the agent in advance. Do it in one email once you have all your reports and figures to hand (enclose them if you want) setting out your offer and why it has been reduced.
     
  11. Spikey

    Soldato

    Joined: Feb 28, 2004

    Posts: 5,247

    Location: North East, UK

    Finally some good news. Stumbled across a new 4 bed detached new build which previously had a buyer but they backed out pretty much last minute due to their house sale falling through. Getting 7K worth of extras inc kitchen/bathroom upgrades, turfed gardens, all white goods inc dishwasher (only missing a washer), all carpeted, upgraded light fittings. It's on a a very private single access road on the estate and they are going to pay our full stamp duty and give us £1500 towards solicitors fees and removals. Mortgage approved in principle so once we get that out of the way next week the nervous wait begins. The builder wants us to move in January! I think it's pushing it but I guess a 5-6 completion time isn't unrealistic!
     
  12. TripleT

    Sgarrista

    Joined: Oct 24, 2002

    Posts: 9,402

    Location: Manchester City Centre

    So 4 weeks on from finding this new buyer and we've just Exchanged! :D

    Moving in next Thursday 21st December... :eek: Going to be fun! Always spend Christmas at my parents so not too bad.

    This is after we were supposed to have been moving in on August Bank Holiday but we've had three buyers pull out, 4th time was the charm for me. :p Builders have be patient to be fair to them. It's the last house to be sold and moved in to on a big estate so that probably worked in our favour.
     
  13. Kol

    Don

    Joined: Jan 8, 2003

    Posts: 13,861

    Location: London

    Phew. Well done mate and just in time for Christmas!
     
  14. toshj

    Mobster

    Joined: Aug 11, 2009

    Posts: 3,370

    Location: KT8

    Had our flat valued yesterday by the normally price-aggressive Foxtons and it came under my expectations somewhat. Sounds massively arrogant, but I think they've missed the brief on this one as a lot of the terminology and comparisons they were making to our property were completely wrong - they showed us a load of comparables which were all new builds, but our building is 100 years+ old.

    On the up side, if we decide to rent it out and buy elsewhere, it should be fully paid off in 20 years without us having to be a penny in, although would prefer to chuck in cash periodically myself.
     
  15. fastwunz

    Mobster

    Joined: Jul 12, 2005

    Posts: 3,301

    Foxtons will normally inflate the price by at least 10% in order to justify their astronomical fees. So your comment about their valuation being low is very surprising. Get two more agents in - in what town is your place and how many bedrooms is it? Does it have a garden?

    If you are in London then the market is very flat and entirely static having dropped around 10% since mid last year
     
  16. toshj

    Mobster

    Joined: Aug 11, 2009

    Posts: 3,370

    Location: KT8

    Yeah, I knew about them over-inflating prices upon appointment, but was quite surprised. We've got a 1,100 sq ft 3 bedroom, 2 bathroom Mansionette with a terrace house-style front door/entrance. It's also been significantly renovated and modernised, with a 600+ sq ft living room/open plan kitchen. We have a lowered front garden, which we're decking next year.

    Honestly I was quite surprised with the slightly low valuation, given we're on the edge of Zone 1 and Crossrail will turn Canary Wharf into a 3 min journey. I appreciate Brexit has put a dampener on the market, but thought it would have been countered by Crossrail and our renovation.

    We're not actually looking to sell unless we decide to buy something outside our current budget, but I was looking to get a feel for where the market is right now. Will be speaking to a couple of other agents shortly. The rental income is in line with expectation however - does anyone know typical estate agent rental fees? They quoted 11% for their basic service and 17% for fully managed.
     
  17. fastwunz

    Mobster

    Joined: Jul 12, 2005

    Posts: 3,301

    We’re you thinking around £699,950? Ish?
     
  18. cainer

    Man of Honour

    Joined: Jan 9, 2010

    Posts: 12,857

    had a letter from the Solicitors on friday saying they are still doing their enquiries and searches, and that its unlikely we'l be exchanging before the Christmas holidays,
    tbh i would have stayed at my mums over the holidays anyway so no big deal
     
  19. toshj

    Mobster

    Joined: Aug 11, 2009

    Posts: 3,370

    Location: KT8

    They quoted £700k-£800k. I was thinking more around the £800k mark. Flat above ours (smaller, one-floored and with no real outdoor space) went for £735k a couple of years ago. We'd got ours valued at £775k-£850k last year shortly after the renovation, and I was curious to see how the market has moved this year.
     
  20. fastwunz

    Mobster

    Joined: Jul 12, 2005

    Posts: 3,301

    Yeh thought so - the market for very expensive high end conversions and purpose built maisonettes has dropped significantly I’m afraid - all across London. Expensive areas like Wimbledon, Earlsfield, Clapham, Balham and then further in to Kew, Ealing etc has all dropped to more reasonable levels. I would be inclined to take agents advice (cumulative over three different firms) as there really is nobody better to advise you despite the added BS.

    I saw the market rise over 30-40% in three years from 2013 and then mid last year it stopped. Abruptly. Now, your London property is worth either the same or less than it was for example in jan 2016.