The nervous wait to exchange....
- Thread starter noj
- Start date
Yup that’s what I’m coming to realise. The agent did say though that’s it’s been extremely quiet in my area recently. We looked at a house back in the summer one it’s only recently STC.
Soldato
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Goodluck with your house selling.
Looking at this thread has made me realise
A house prices have gone bonkers since I bought my house in 2012
B i haven't looked at house prices since then
C I got lucky and couldn't buy a decent house now
Me and the mrs took a risk and sold up and rented for a while in the hope it would simplify things when we were buying. It did- I negotiated a big reduction for a non-chain buyer.
Dunno if that's an option for you?
It is, we could even move in with her mum. Although it (renting) is something I want to avoid. If we rented through an agency the prices are bonkers around here. And I don’t want to have to move twice in 6-12 months.
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Soldato
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Moving was a bit of a pain, that's for sure, but we just hired a van and roped in mates to help. It gives you two chances to get rid of your trash, on the plus side!
It helped a lot- especially as our rental was on a rolling contract after the first six months. I was happy enough to compromise on quality for the rental, as we knew it was fairly short term.
I guess the risk is continuing price rises. But then you always need a bit of luck, eh?
Good luck with your sale.
Honestly I'd rather just remortgage here on a tracker rate and dump as much money onto the mortgage as we can and then move when the price is right. I get the whole no chain selling/buying is massively advantageous but we aren't that desperate to move unless it's the sort of house we both want. Either that or I have power put in the garage along with some decorating, a new kitchen and bathroom and then re-evaluate in 2-4 years. We don't have children yet and there is plenty of room for the moment.
I think the "do nothing" approach may be better financially rather than put a new kitchen etc in unless there's anything wrong with yours.
I'm getting slightly concerned I haven't yet received my sellers draft sales documents (Apparently they roughly take conveyancers 2 weeks to prepare - why? Is there much in them?) @Skillmister you still conveyancing/have an idea?
Any rough ideas how long searches are taking? they havent started searches until they receive the above. their EA estimates circa 4 weeks.
It *Must* complete before stamp duty holiday as I want to avoid the 15k stamp duty costs. same as most people I imagine. hopefully I'm not cutting it too fine and being in by February will be OK.
My buyer is having a homebuyers report at the house I'm selling with price evaluation at end. Hopefully they wont be tyre kickers trying to knock money off at end unless its warranted. I've already paid the best part of 400 quid to fix a leak in the roof
. Mate was telling me a story of how his sellers wanted an arbitrary extra £10,000 at the end of the sale days prior to exchange purely as they wanted more, really stressed something mad like that might happen!
Soldato
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- 1 Jul 2007
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We got an offer accepted after the first lot fell through. Over a year of looking and submitting on houses!
The house is 1930s and doesn't look like it's had any work since 50/60s, not even central heating! Just some electric panel radiators hard wired in a few rooms.
But the current stressful thing is our mortgage. I'm not long self employed and we were told it's as almost as simple as updating the address for new property. Turns out it's a whole new application, even thought we're not borrowing more.
Anyway, our house is getting the home report, photos etc all done this week, which is also stressful to find time to tidy and "dress" the place.
I think these two instances, decisions out of our control and time, have been the only time I've felt stressed while house buying.
The house is 1930s and doesn't look like it's had any work since 50/60s, not even central heating! Just some electric panel radiators hard wired in a few rooms.
But the current stressful thing is our mortgage. I'm not long self employed and we were told it's as almost as simple as updating the address for new property. Turns out it's a whole new application, even thought we're not borrowing more.
Anyway, our house is getting the home report, photos etc all done this week, which is also stressful to find time to tidy and "dress" the place.
I think these two instances, decisions out of our control and time, have been the only time I've felt stressed while house buying.
Associate
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- 12 Jun 2018
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Ours is still rolling on. We are good to go on our purchase and our sellers are all set as well.
My buyers have been dragging their feet, but we sent enquiries back a couple weeks ago now. Just waiting for them to sign the contract! Hopefully this week and we can exchange Friday to complete on following (18th).
On an aside, during enquiries, they asked me to undertake gas and electrical tests - I said no (they have had survey and RICS home report), but is this common? I presume solicitor trying their luck.
My buyers have been dragging their feet, but we sent enquiries back a couple weeks ago now. Just waiting for them to sign the contract! Hopefully this week and we can exchange Friday to complete on following (18th).
On an aside, during enquiries, they asked me to undertake gas and electrical tests - I said no (they have had survey and RICS home report), but is this common? I presume solicitor trying their luck.
I didn't do any gas or electrical tests, the buyer can pay for that if its that much of a concern.
Nice! Are you going to accept/negotiate or hold out for others?
We've spoken to the agent selling the house we both want and explained that ideally our cost to move should be no more than x amount and asked if the vendors would accept £10k below asking. We both really like the house so if they do I think I'm just going to accept. I figure if my house sells for £10k below asking and the house we want is also £10k below then there's not a fat lot of difference.
With the stamp duty holiday, is it a case of having to have exchanged by the end of March or just completed? My current fixed rate mortgage ends on the 31st of March so if it's exchanged it's going to be a bit annoying paying 1% ERC to get the stamp duty saving. That's all of course assuming exchange will happen that quickly, but our potential buyer is chain free so it could be possible I guess.
I've had a quick look and I think it has to complete. We would need to take out a second mortgage to make up the deficit which would be at variable rate, the current lender gave us an AIP for that a few months ago so it's possible for sure. The interest amount would still be less than the ERC charge!
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Might as well ask your buyer for more in tandem?
say meet at - 3k off then "meet in middle" at 5k off if they cant do 257.Thats just the haggler in me.
I’ve never been in this position before. This is my first house, and I haggled with the developers.Might as well ask your buyer for more in tandem?
Thats just the haggler in me.
I just figure 1 single offer in 3 months is pretty bad and suggests the valuations I’ve had have been too high.
We don’t want to risk missing out on the house we like. But then again it’s a lot of money being talked about!
Worst they can say is "no" but retain their current interest/offer. I think most people dont go in at their "top offer" so there's potential you'll get more.
Yeah unfortunately it sounds like it was high estimate before and now at a better level if you're getting significant increase in viewings. Doesn't mean you need to take first offer though. Also worth clarifying what their chain position is.