The nervous wait to exchange....

  • Thread starter Thread starter noj
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R.O.S.S.I said:
I know it has been a long standing issues but I wish they would overhaul the stamp duty system and make it so you are only taxed on the amounts ABOVE the thresholds not the whole amount.
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the whole things crazy, the jump between levels is monumentally stupid though - why is it not treated in the same way as income tax?

Would be much nicer if it was cumulative though, if you've already paid £Xk against your first house if you sell that and buy something else you get your first stamp duty payment knocked off the new place.
 
Had an offer accepted on a place Tuesday last week.
My solicitor has been in contact with the agent as has the vendors.

My mortgage appointment is on Monday next week, I'm unsure as to what to expect in this appointment.
I've had my mortgage in principal and I think this will be a more indepth check into my money.

He's asked for copies of my last 3 wage slips and also a bank statement (the account my wages go into).
Will I find out on the day if they'll lend me the money or will I have to wait?
 
The problem with stamp duty as it stands is that at the max end of the lower bracket you go from paying £2.5k stamp duty on a £250k house to paying £7.8k on a £260k house, It is unrealistic and makes buying a house over that a chore. It also stops house prices rising properly as my house should be valued around the £260-270k mark.... no one will pay that due to the increase in the stamp duty. I know I personally would only buy at 250k or 300+

I do believe it should be like our income tax brackets so 0% on anything up to 125k, then 1% on the next 125k, then 3% on the next 250k and not a flat sum.
 
Were going to offer the stamp duty under the asking price and then try and get the vendor's to pay the stamp duty, And end up paying asking for the property. That way it kinda gets added onto the mortgage.
 
Has anyone borrowed over £500k recently? We are now in full swing of viewing and about to put my flat on the market, but when I speak to my lender (according to affordability calcs what we want to borrow is well within the cap we could), they keep saying that as it's over £500k, we will go through additional underwriting, with more manual checks etc. Our credit records are squeeky clean, regularly paid off in full CC, mortgage history etc etc

What exactly is this? I presume just looking at the bank accounts in detail etc...everytime I ask the lender they say they can't tell me exactly as it constitutes advice etc
 
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They will probably be looking at your ability to pay, so that could include a close look at what you're already committed to spending from your income.

We are expecting to exchange next Friday and complete the week after, getting close now.

Andi.
 
After months of slowly slowly it's all gone mad over the last week and I complete on Monday. Great but also annoying as I am in Romania until Tuesday!

Quick question for people, had an email from my mortgage provider advising my first payment will be 1st December, but is about 1.8 times my monthly payment, any ideas why?
 
Exchanged on Friday and complete on the 12th November, which puts it exactly 8 weeks since we viewed the property online!

You hear so many horror stories, here and elsewhere, but I think ours has gone ridiculously smoothly :eek:. And I'm self employed so was expecting faff but appears not!

Two of our friends who completed yesterday had their survey take 3 weeks, whereas ours took 2 days. The difference is crazy.
 
Russinating said:
Exchanged on Friday and complete on the 12th November, which puts it exactly 8 weeks since we viewed the property online!

You hear so many horror stories, here and elsewhere.
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Lucky you! I made an offer on a new build (no chain either side) on 5th July and accepted the same day. Only this weekend I received the results from the searches as the solicitors delayed it due to various issues. It's one of two houses only and the other one has so far taken over 15 months and still not completed.
I realise new builds can have their complexities but the one I am buying previously fell through at exchange (buyers lost their buyer) so thought it would have been straight forward.
With threats of pulling out I'm hoping the rest of the issues will be ironed out in next four weeks - apparently both houses are now close to the end......I hope
 
Me and my GF are in the process of buying our first house, really exciting yet long winded.

Because I'm a director there was a lot more paperwork needed and to be honest it was a nightmare. We put an offer in on a house we really liked and it got accepted, but my paperwork wasn't quite ready and it took a good few weeks.

The mortgage is all approved, the solicitors have done their searches, just waiting on the home buyers survey to be done and then other bits and bobs to happen. Should be in maybe around the start of December if all goes well.

The house looks in good condition, couldn't see or smell any damp or anything. Plus is was being rented out previously so I assume if there was anything wrong, it would have been sorted.

I'm hoping it's a very low chance of something bad to be found in the survey, just want the house to be all good and nothing to go wrong!

Me and my GF are both 25 and we don't have the opportunity to save for a big deposit so we've gone for a 95% mortgage. Going to overpay as much as possible though.

We've got a back boiler, any advice with them? From what I've seen they are less efficient but more reliable.

Exciting times!
 
:D

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Exactly 2 months from viewing the property to exchanging! We also met our mortgage broker after the viewing so all-in-all it's gone ridiculously smoothly.

Now the renovation begins... project log coming soon!
 
The viewing should be taking place this week. That should go perfectly fine.
What would be next till I get the complete mortgage offer?
 
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