The nervous wait to exchange....
- Thread starter noj
- Start date
Soldato
Just heard that there is a delay with the vendors signing contracts (we were giving an anticipated completion date of 17th October), and it is likely to be 3 weeks or so before signed contracts are received. Very frustrating.We accepted a full asking price offer but continued to have viewings until they had paid for a survey. Well we had an over the asking price offer last night. Only £2k above but thats the estate agents fee's paid for.
Were NOT going to take it though. Its a larger chain with cash buyers at the bottom and cash to buy ours. But mortgage in the middle. £2k isnt enough to to break the first couple heart.
Now if they up it to £5k
Were NOT going to take it though. Its a larger chain with cash buyers at the bottom and cash to buy ours. But mortgage in the middle. £2k isnt enough to to break the first couple heart.
Now if they up it to £5k
Personally think if you've accepted the offer that should be that. In my opinion there should be legal ramifications if either party pulls out after an offer is accepted - it would kill the gazumping market and make house purchasing a far better experience.
M.
M.
Soldato
I believe when an offer is accepted in Scotland it is legally binding.
I'd have no objection to that provided that the people making the offer can't also pull out. However as in a few posts up things can fall apart at the very last second
We're contemplating making an asking price offer for the house we originally saw. Had a look at other houses for sale on the street and the past selling prices and it feels as though the house's asking price might be bang on what its worth.
I just don't want to pay asking price for it - it must be something psychological as I'd probably be OK about it if they had put it on for £125k and accepted a £120k offer. Rather than putting it on for £120k and after several offers deciding they are not budging from £120k.
I just don't want it to get to survey time which may throw up a few issues and they not be prepared to re-negotiate as wont take any less than £120k. Would I be right in saying that my offer is subject to survey? Has anyone had any experience of vendors not prepared to renegotiate after a survey?
I just don't want to pay asking price for it - it must be something psychological as I'd probably be OK about it if they had put it on for £125k and accepted a £120k offer. Rather than putting it on for £120k and after several offers deciding they are not budging from £120k.
I just don't want it to get to survey time which may throw up a few issues and they not be prepared to re-negotiate as wont take any less than £120k. Would I be right in saying that my offer is subject to survey? Has anyone had any experience of vendors not prepared to renegotiate after a survey?
Soldato
From our solicitor: "I have drafted your report and your file is with my director to finalise. I hope to send the report to you shortly."
Whatever that means? What's the report?
Whatever that means? What's the report?
Up here you get locked into a legally binding contract when you sign the missives which is done fairly early in the process. It's a much better system, backed up by what I read in this thread!
Sorry that's what I meant. I meant both sides are legally bound and if you pull out you incur x% costs.
It would kill gazumping, kill the week before vendor 'we want 5k more' because they know you're in a chain and all the nastiness that is house buying.
M.
Soldato
No we've already had our Home Buyer's Report.
Boooo! Put an asking price offer in this morning on a house we like to be told 2 other parties had also put asking price in.
Gave a full and final offer a couple k over asking (and pretty much the max I was prepared to pay on the property) in the hope this would swing it as we are FTB too with AIP and big deposit.
It wasn't to be. EA just phoned to say they've gone with another buyer who has offered more than us! Fair do's. The search continues!
Gave a full and final offer a couple k over asking (and pretty much the max I was prepared to pay on the property) in the hope this would swing it as we are FTB too with AIP and big deposit.
It wasn't to be. EA just phoned to say they've gone with another buyer who has offered more than us! Fair do's. The search continues!
Is this the same house you were dicking about with offering £108k a week ago?
I also think that stamp duty should be paid by the vendor. That may help a little with house prices.
I'm looking at a large house but the stamp duty is nearly 10k. That would really really really help if we could put that towards the deposit. It would drop us into the 85% LTV and save a few hundred a month.
Soldato
It would just push asking prices up and mean that buyers would finance much of that cost over the term of a mortgage. There'd also be a politically necessary generational embargo to avoid double taxation of those who had already paid when they bought. It'd take decades to wash through the system and no exchequer is going to easily give up such a stable source of revenue.
That's merely the pain of introduction though. I share your view - the housing market would be more liquid if the taxes due were paid by the party that's about to turn a fixed asset into cash, albeit temporarily in most cases as they'd mostly be using it to buy the next property.
That's merely the pain of introduction though. I share your view - the housing market would be more liquid if the taxes due were paid by the party that's about to turn a fixed asset into cash, albeit temporarily in most cases as they'd mostly be using it to buy the next property.
Soldato
In process of buying our first house
everything Is ready our end, but they "forgot" they had outstanding money owing on the house, I'm not sure of what exactly. Obviously we asked for proof that the debt will be squared and all they replied with was, "we will inform you in due course."
That's all great saying that, but my rent is now up after both parties agreeing too complete this Friday just passed 24th.
so now all my furniture is going into storage on Wednesday as I'm out of time on my flat and me and the partner have to move back in with our parents making are commutes twice as long and meaning we have to live apart.
I want to throttle them! I am just hoping they do actually sort it!
everything Is ready our end, but they "forgot" they had outstanding money owing on the house, I'm not sure of what exactly. Obviously we asked for proof that the debt will be squared and all they replied with was, "we will inform you in due course."
That's all great saying that, but my rent is now up after both parties agreeing too complete this Friday just passed 24th.
so now all my furniture is going into storage on Wednesday as I'm out of time on my flat and me and the partner have to move back in with our parents making are commutes twice as long and meaning we have to live apart.
I want to throttle them! I am just hoping they do actually sort it!