The nervous wait to exchange....

Zefan · 5 Jun 2015 at 01:10

That is a situation to be pushy in IMO. They see you as a safe bet. Put your foot down and say your offer is valid until the weekend, when you'll be then viewing other properties!

Teknobry · 5 Jun 2015 at 01:16

Thanks for the advice, I'll be ringing them first thing in the morning (ish, fly to tunisia for a week at 6am. Will have to call from over there!)

Problem I have is that they know and I know it's a desirable property - needs completely redecorating throughout which is reflected in the price but location is superb. Am sure they wouldn't be phased by my threat to withdraw. It will be very easy to sell.

However, will definitely play hard with them tomorrow and push for it

Zefan · 5 Jun 2015 at 01:22

Hmmm. It's so difficult isn't it

It's easy for someone on an internet forum to advise you to be pushy but only you'll know the ins and outs of it - as you say, it's desirable and they know it so the hard push could be counter-productive in some cases. If it is that desirable it's likely they'll receive similar offers, so I suppose there isn't much to lose.

Teknobry · 5 Jun 2015 at 01:41

i think you are right though, i need to make sure the offer has gone to the solicitors who are selling it rather than the estate agents hanging onto my offer whilst they squeeze in a few more people -which i think is whats happening.

will update tomorrow evening

Skillmister · 5 Jun 2015 at 11:50

Teknobry said:
Jumping into this thread to have a rant!

House is for sale, vacant. Previous owner died, no relatives, being sold by solicitors firm.

Put offer of asking price in. Already have mortgage in principal and deposit ready.

Bloody estate agents have decided to book 3 more viewings in after us despite saying then and there that I want it and will pay asking price.

I'll get gazumped, i know it. Have to wait until at least tuesday now to find out what the outcome is once these other viewings are done.

Rant over.

Not a great situation to be in but also not a lot you can do except wait and see if you need to beat someone's offer!

Your offer will have gone to the sellers, that's a legal requirement, but a) they don't have to accept it straight away and b) they may well have mentioned that it's likely to go for more than asking!

7. Offers
7a By law, you must tell sellers as soon as is reasonably possible about all offers that you
receive at any time until contracts have been exchanged (in Scotland, missives have
been concluded) unless the offer is an amount or type which the seller has specifically
instructed you, in writing, not to pass on. You must confirm each offer in writing to the
seller, and to the buyer who made it, within 2 working days.

Zefan · 5 Jun 2015 at 11:58

I've never had confirmation of my offers in writing.

FinglisHobbit · 5 Jun 2015 at 13:10

Well searches are complete, formal mortgage offer has been issued.

I guess its now all about exchanging contracts or something.

Hopefully only a few weeks left!

Malt_Vinegar · 5 Jun 2015 at 14:39

FinglisHobbit said:
Well searches are complete, formal mortgage offer has been issued.

I guess its now all about exchanging contracts or something.

Hopefully only a few weeks left!

Same situation here now. Searches completed today

Sellers have requested 3 weeks from exchange to completion. So they can move stuff out to Scotland. I feel that is reasonable, but would prefer it to be shorter!!

FinglisHobbit · 5 Jun 2015 at 15:45

Malt_Vinegar said:
Same situation here now. Searches completed today

Sellers have requested 3 weeks from exchange to completion. So they can move stuff out to Scotland. I feel that is reasonable, but would prefer it to be shorter!!

Ah cool.

Do you mind telling me what mortgage rate you got?

Ours was 2.39% fixed for 2yrs at 85% LTV. I get the impression there is better to be had.

Malt_Vinegar · 5 Jun 2015 at 16:53

FinglisHobbit said:
Ah cool.

Do you mind telling me what mortgage rate you got?

Ours was 2.39% fixed for 2yrs at 85% LTV. I get the impression there is better to be had.

I am just waiting on the documentation now. They managed to send it to my old address I think!

We are on a 85% LTV too (although we are actully paying 18% deposit), will update when I get the documents through. They should have arrived today!

Zefan · 5 Jun 2015 at 18:49

FinglisHobbit said:
Ours was 2.39% fixed for 2yrs at 85% LTV. I get the impression there is better to be had.

That seems pretty good - depending on product fee. How much were your product fees? Makes a huge difference over a short fixed period like 2 years.

FinglisHobbit · 5 Jun 2015 at 18:54

Product fee was 495 which makes it worse I guess.

I'm pretty clueless with all this stuff tbh lol.

Zefan · 5 Jun 2015 at 18:59

That is pretty good by my reckoning! Which lender is this with?

Regy53 · 5 Jun 2015 at 19:15

Zefan said:
I've never had confirmation of my offers in writing.

I just have first house ie ver bought

Malt_Vinegar said:
Same situation here now. Searches completed today

Sellers have requested 3 weeks from exchange to completion. So they can move stuff out to Scotland. I feel that is reasonable, but would prefer it to be shorter!!

Me too, my mortgage offer took the best part of 6 weeks to come but the searches etc are all done, so we are not far away at all.

Happy days as they say, i viewed the house again last night to measure a few bits and so on.

Every room is wallpapered which is a bugger as it all needs to come off, just hoping we find good wall underneath, there is a lot of work but i have the keys to my current house until August 7 so hopefully get keys in 2/3 weeks and have a few weeks to get it right

lots of work to do

FinglisHobbit · 5 Jun 2015 at 21:12

Zefan said:
That is pretty good by my reckoning! Which lender is this with?

Thats with Nationwide.

Teknobry · 5 Jun 2015 at 21:50

update for those interested...spoke to estate agent. She told me all details had been passed to the solicitor but as they have to speak to the executor and a decision made i won't hear until early next week.

bah

Raymond Lin · 5 Jun 2015 at 21:58

It's in the estate agent's interest to get the highest price offered, asking price is nothing more than an invitation to treat, not so much as the price they will necessarily accept especially if they know the house is in demand so they would want to see what offers they can get.

Sucks because as a buyer you just want the deal sealed.

mad_allan · 5 Jun 2015 at 22:53

I'm in the same boat now, the valuer has now been out and we are just awaiting the searches. Haven't purchased a house for 15 years, so this is all new too me and I hate the waiting.

FinglisHobbit · 5 Jun 2015 at 23:01

mad_allan said:
I'm in the same boat now, the valuer has now been out and we are just awaiting the searches. Haven't purchased a house for 15 years, so this is all new too me and I hate the waiting.

Yeah it goes pretty quiet and you have no idea what the hell is going on. Its kinda annoying. Exciting though.

We just need to go arrange some mortgage protection on Monday and then we await the exchange. Id love it to be complete within the next 4 weeks at the most. Only issue is the Forces help to buy scheme we are using will take 10 days to release funds.

Im gonna be on everyones case these upcoming weeks because we go on holiday in July and I dont want the stress of thinking about it when Im away.

FinglisHobbit · 6 Jun 2015 at 10:37

This morning we received our paperwork from the Conveyencers. Its more real when you see the land boundries and everything stated within the sale.

The seller wants it complete by 20th of July. We want it complete by 3rd of July so I've emailed the solicitor to tell em to do their best to complete things fast as possible from now.

The 10 day delay on FHTB will be our biggest issue.

Its exciting getting our first house together. Its took me long enough!