Depends what part of the process someone is in - there is generally quite a few weeks delay anyhow while everything is sorted. But you might find people get bored of waiting if you don't at least let them know things are still in motion now and again - so many people seem to think that if there is nothing new they don't need to communicate until there is even when someone has asked for an update and then wonder why people pull out after awhile.
The nervous wait to exchange....
- Thread starter noj
- Start date
Depends what part of the process someone is in - there is generally quite a few weeks delay anyhow while everything is sorted. But you might find people get bored of waiting if you don't at least let them know things are still in motion now and again - so many people seem to think that if there is nothing new they don't need to communicate until there is even when someone has asked for an update and then wonder why people pull out after awhile.
You can’t put an offer in on a house until yours has sold, this is because you can’t proceed with the sale. You’ll just be wasting the sellers time. We had an offer like this a few days after ours hit the market which we declined promptly. Their property was still on the market after we completed our sale with someone else.
I would also take what the agent says about having buyers with the biggest pinch of salt you can possibly find. Their job is to sign you up and charge you a bonkers fee for little work, they’ll say almost anything to do it. Even if they had buyers wanting shared ownership it’s unlikely they will only be engaged with one agent and not looking at Right Move.
I wouldn’t be put off by being locked into a particular agent for 8 weeks either. These days the cheapest way of getting your property on sites like Right Move is how property gets sold, that’s where people are looking, not in agents windows. As long as it has a good advert, is well presented and priced appropriately it will sell regardless of the agent.
We used purple bricks recently who have little presence in our area, the property sold without any issues and I had a good experience. But as soon as the property was listed I had all the local agents hassling me to get me to sign up with them. We had all the same lines, online agents are rubbish, how they had buyers lined up and they could get more for the house. It was all utter nonsense, especially the last point given how the property was priced against identical houses on the same estate.
I did my own research before deciding to sell so I knew exactly how much I would be marketing it at before talking to anyone. You should do the same so you are not sucked in by sales talk.
Soldato
Indemnity insurance only provides cover in the (highly unlikely) scenario that the local authority take enforcement action due to a lack of building regulations compliance. It is not to be used to provide any sort of protection due to poor workmanship or any other sort of issues that may arise due to it not being built in accordance with the regs.
In reality the likelihood of the local authority taking action is pretty low as you will see from the cost of the indemnity policy (you can get a policy that covers 200k for like £50
)I'm not aware of it affecting buildings insurance but I'm also not an insurance broker and you should read the terms of your policy
Ahhhhhhh, should be exchanging by the end of the week with a move in date of 20 September. I'm more scared than excited, I finally feel like a grown up
I'm glad Amazon cancelled my new camera order got so many expenses coming up.
This is our first home I have no clue about what I should be prepping for, arranging etc... Help!
My tip, use a removal service. Takes a bunch of stress out of the day.
Thanks for the replies. I’m tending to ignore the agents comments but as a trusting person I tend to take people at what they say.
We have organised EPC for this morning and required RICS valuation is next Friday. Can get it listed with the required agents after that.
Will see where we go.
We have organised EPC for this morning and required RICS valuation is next Friday. Can get it listed with the required agents after that.
Will see where we go.
Just a a point on your previous post. As a seller you can accept any offer you want, even if you know the buyer still hasn't sold. However I'd be under no obligation to take the house off the market and I could accept another cash offer over yours.
In terms of EA, I went with Sarah Mains as in the part of Newcastle I live in, they offer a fixed fee and let me use whichever conveyancing solicitor I wanted.
Soldato
I need to start looking into removal services even though we are early stages.
Indemnity insurance only provides cover in the (highly unlikely) scenario that the local authority take enforcement action due to a lack of building regulations compliance. It is not to be used to provide any sort of protection due to poor workmanship or any other sort of issues that may arise due to it not being built in accordance with the regs.
In reality the likelihood of the local authority taking action is pretty low as you will see from the cost of the indemnity policy (you can get a policy that covers 200k for like £50
I'm not aware of it affecting buildings insurance but I'm also not an insurance broker and you should read the terms of your policy
Thanks buddy! Will be sure to ask about the impact on insurance but reassuring indemnity shouldn't cost too much in grand scheme of things
I'm in the middle of a chain with everything going smoothly apart from delays because people want holidays in July/August. All the searches came back yesterday and it suddenly seemed like a move date might be somewhere on the horizon. Then, this morning, the people buying my house suddenly decide they want a homebuyers survey, when they put in the offer eight weeks ago and had the bank survey done five weeks ago. It's going to add at least three weeks to the process for everyone in the chain. I don't know what goes through some peoples' minds!
Next big step done for my purchase. Mortgage approved - it was a bit bumpy because we totally didn't pay attention to the fact my other half has only been back into work for 4 months, so we ended up having to go with our third choice lender.
We've decided to lock to 5 years for personal stability.
We've decided to lock to 5 years for personal stability.
Associate
2.5 months in...........Still waiting for grant of probate from our sellers.
Mortgage stuff is ready, searches are done, most of the conveyancing is done, haven't done a homebuyers yet though, as we don't want to spend on one without at least grant of probate.
Ho hum. I don't know if I'll even be in before Christmas at this rate
Mortgage stuff is ready, searches are done, most of the conveyancing is done, haven't done a homebuyers yet though, as we don't want to spend on one without at least grant of probate.
Ho hum. I don't know if I'll even be in before Christmas at this rate
^^ oh i know your feeling.
I'm getting really fed up / wound up with the rate of progress on ours.
We're in a no-chain purchase, and our sellers aren't even living at the property. In terms of property sales, ours should be about as simple and as easiest as it gets.
We put an offer in early June.
- Mortgage has been approved (that was insanely quick, that was about 6 weeks ago)
- Searches have been completed (that was about 3 weeks ago)
- Deed paperwork etc has now been signed and sent back
- I had a buildings survey arranged 2 weeks ago, but the surveyor seems to be taking forever to send back the report.
- Our solicitor had sent over some final enquiries to vendors solicitor nearly 2 weeks ago and still no news
We were hoping to have exchanged by end of next week due to having to give notice to our landlord at least a month before the contract date, but this seems less of a reality now. If we miss thate date, then there's no point in us exchanging until the end of September. Which drags the whole process out another month.
I'm getting really fed up / wound up with the rate of progress on ours.
We're in a no-chain purchase, and our sellers aren't even living at the property. In terms of property sales, ours should be about as simple and as easiest as it gets.
We put an offer in early June.
- Mortgage has been approved (that was insanely quick, that was about 6 weeks ago)
- Searches have been completed (that was about 3 weeks ago)
- Deed paperwork etc has now been signed and sent back
- I had a buildings survey arranged 2 weeks ago, but the surveyor seems to be taking forever to send back the report.
- Our solicitor had sent over some final enquiries to vendors solicitor nearly 2 weeks ago and still no news
We were hoping to have exchanged by end of next week due to having to give notice to our landlord at least a month before the contract date, but this seems less of a reality now. If we miss thate date, then there's no point in us exchanging until the end of September. Which drags the whole process out another month.
Soldato
We've just exchanged, other half is over the moon but I'm a tad bit nervous with such a huge commitment. Is that normal?
We had to constantly push and follow up with our solicitors otherwise they took their time with everything, some of the dates of the paperwork compared with when we got them were weeks apart. In the past two weeks we had so much done because we called and chased.
Our current landlord is sad to see us go and said he'd take our deposit as the final month's payment. We are completing on the 20th of September but have our current flat till the 29th of September.
We had to constantly push and follow up with our solicitors otherwise they took their time with everything, some of the dates of the paperwork compared with when we got them were weeks apart. In the past two weeks we had so much done because we called and chased.
Our current landlord is sad to see us go and said he'd take our deposit as the final month's payment. We are completing on the 20th of September but have our current flat till the 29th of September.
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Most definitely. When I picked up my keys, I walked into my new flat and was very nervous. Just the thought of losing my job (live alone), or something going wrong.
I'm past that phase now. Just just have to build up a decent emergency fund so that you know you have that to fall back on.
My main bit of advice is to just not try and buy everything at once for your house and leave yourself without enough money for an emergency. Things can go wrong, like you find a leak or something.
Wish i was in your shoes
It's the notice thing that can also push out the length. There's no point us completing and exchanging on the same day as that'll be very expensive having to pay out for the first month and a bit of the mortgage and rent for a flat when you can only stay in one. If it was like employment where you could give X weeks/months notice on any day, that would be perfect. But in our case if we don't give notice by the 7th September then we have to hang on until the 7th October - we can of course give notice earlier, but that would be potentially 7 weeks notice. As bottom line is, if we give notice by the 7th October it means handing the keys back on the 8th Nov.
Soldato
Caporegime
Slowly still trying to save for a deposit, miles off yet
Misses just got another job to go alongside her self employed work so this will hopefully aid in the saving, just needed to clear some debt we have a bit first.
Misses just got another job to go alongside her self employed work so this will hopefully aid in the saving, just needed to clear some debt we have a bit first.
Soldato
Bit miffed. Viewed a house, which is 420 miles away so went up this weekend. Loved it (It’s in Scotland) and priced at offers in excess of £395k. We were told by the owners who did the viewing that they bought it 12 years ago for £450k so want as close to that as possible. This was news to us, at any rate it’s been for sale for 14 months.
This morning we put an offer in for £415k and are advised that the owners have declined offers over that in the past, so I ask what they would accept, only to be told they don’t know but they will talk to the owners and come back to me.
The house is perfect for us, and we could go to £450k but I’m annoyed it’s priced at ‘offers in excess of £395k’ at £415K that’s £20k in excess of £395k!!!!
If you wanted £450k, why not price it at offers over £430k/£440k and have done with it rather than waste everyone’s time.
Out of principle I won’t pay £450k, we’ve decided we’ll go to £435k if needs be but I’m annoyed.
This morning we put an offer in for £415k and are advised that the owners have declined offers over that in the past, so I ask what they would accept, only to be told they don’t know but they will talk to the owners and come back to me.
The house is perfect for us, and we could go to £450k but I’m annoyed it’s priced at ‘offers in excess of £395k’ at £415K that’s £20k in excess of £395k!!!!
If you wanted £450k, why not price it at offers over £430k/£440k and have done with it rather than waste everyone’s time.
Out of principle I won’t pay £450k, we’ve decided we’ll go to £435k if needs be but I’m annoyed.
Sounds like it's probably not even worth 400+. If they've had it up for sale for 14 months and still haven't sold, then either there's not enough interest for it, or they're asking too much.
What they bought it for 12 years ago is kind of irrelevant. House prices move, both up and down. If the area has declined slightly, then so may their house price.
Sounds almost as if the owner feels the house is worth more than it is. Frankly it's ridiculous if they've put OIEO 395k and are declining offers 20k above this.
I'd probably put them down as not a serious seller and move on. 14 months means they're clearly not in a rush to sell and are just testing the waters for when an offer comes along. Have you asked how many viewings it's had?
I can see why you're a bit miffed at it.
Sounds like my old neighbour - wanted half a million but was on the market for less, turned down offers well up in the 400Ks and then went to some kind of private treaty auction thing and still he just kept messing potential buyers around. As the market turned down a bit and people lost interest his renters offered somewhere in the 300Ks but he turned that down (and they moved out) and it has now sold at just 240K (apparently a mixture of his wife laying down the law and financial pressures forced him to accept whatever was on the table) - so he ended up cutting off his nose to spite his face.
I'd absolutely not get suckered into that situation though - go back with a silly increase like 417.5K and then walk away (if you go back at like 430K they'll think they can rinse 450 out of you).
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