The nervous wait to exchange....

  • Thread starter Thread starter noj
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The_Arbiter said:
Good news. As you're probably aware, follow the brain and ignore your heart. Some get a clean and quick move, others here like myself spend half a year going from pillar to post. I was FTB also xD
If you have the time it's worth going through some mortgage sites to see how much you can save going for X or Y, then you'll know if the broker is worth it.
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Yep definitely prepared for the worst (long wait) but the lady we are buying from has already found the place she wants which apparently has no chain and we of course have nowhere to sell etc.

Yeah ive done a fair few comparisons, spoke to 5/6 brokers via estate agents and they are all around the same to be honest. The broker I am going with is a friend of a friend and he doesn't charge any fees or anything and as hes a mate i dont mind giving him some business.

HungryHippos said:
Try and get an idea where everyone in your chain is positioned from the estate agent or something. Bigger chain = more complicated, although technically it shouldn't really be.
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I believe the property the current vendor is moving onto is no chain so should be a one-two punch hah, hopefully.
 
Accepted a cash offer on an apartment last night, after over a year on the market. Hoping it will now go smoothly. No chain, but a deadline of the end March for completion.
 
martin363 said:
Accepted a cash offer on an apartment last night, after over a year on the market. Hoping it will now go smoothly. No chain, but a deadline of the end March for completion.
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Is that actually feasible before stamp duty at this point?

Just had one offer on mine but 20k below guide price so not going to accept, got a few more viewings this weekend.... Fingers crossed the third buyer won't be a time waster like 1st/2nd...
 
Buffman said:
Is that actually feasible before stamp duty at this point?
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Without a mortgage yes he could always just get search indemnity insurance if they are going to be the delaying factor (which they are for most people now).

Most high street lenders have changed their policies and stopped accepting it though :eek:
 
Lovely.

Searches came back from the house we're in the process of purchasing and has flagged up with a Radon warning. Checked on the Public Health England website and some parts of the 1km grid square where the property is located are in bands of elevated radon potential. Maximum radon potential is greater than 30 %! :eek:

Now the house was built 9 years ago, so as it's a Radon affected area, one would assume that radon protective measures were incorporated in the construction of the property.

I'm going to get our solicitor to ask the question of the seller if they have had a 3 month Radon measuring test done and ask to see the results if so. Looking into it, we can agree a 6 month retention with the seller so that money for remedial work can be set aside. So we move in, measure for 3 months and then share results with solicitor. If levels are high and require action, we draw down from the cash set aside. If normal, seller get's their money back.

Just keen to read about anybody else's experience?
 
My friend is buying a house in which the surveyor stated it as a high Radon area. Hasnt put my mate off from buying it.
 
Skillmister said:
Without a mortgage yes he could always just get search indemnity insurance if they are going to be the delaying factor (which they are for most people now).

Most high street lenders have changed their policies and stopped accepting it though :eek:
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Yeah they're a cash buyer. Is it regular to get searches indemnity? I could pose the question to them but will see what they think. May seem odd for a seller to propose it mind you.

They say the solicitors they've contacted have carte blanche suggested they won't exchange in time but I'm not sure if thats a case of under promise and over deliver.

Theyve upped the offer to a level im happy with. Im insisting they come round for a second viewing before accepting just to ensure they're satisfied with the purchase and hopefully actually concludes unlike with previous buyers!

Thanks for your points!
 
Buffman said:
Yeah they're a cash buyer. Is it regular to get searches indemnity? I could pose the question to them but will see what they think. May seem odd for a seller to propose it mind you.

They say the solicitors they've contacted have carte blanche suggested they won't exchange in time but I'm not sure if thats a case of under promise and over deliver.
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Just suggest it, no harm in it at this point. It's not overly common but to be honest there isn't often a need to get it as searches have rarely been a delaying factor

Pretty sure every law firm in the country is advising people who start transactions now that they won't meet the deadline, mine including. Far better to expect not to and make it than the other way around. If I save people 15k who were expecting to pay it I'll be pretty damn bitter if I don't find a bottle of refreshing liquid land on my doorstep afterwards though :p there's going to be some ridiculous hours pulled in March if pre-Christmas was anything to go by.
 
GuruJockStrap said:
Lovely.

Searches came back from the house we're in the process of purchasing and has flagged up with a Radon warning. Checked on the Public Health England website and some parts of the 1km grid square where the property is located are in bands of elevated radon potential. Maximum radon potential is greater than 30 %! :eek:

Now the house was built 9 years ago, so as it's a Radon affected area, one would assume that radon protective measures were incorporated in the construction of the property.

I'm going to get our solicitor to ask the question of the seller if they have had a 3 month Radon measuring test done and ask to see the results if so. Looking into it, we can agree a 6 month retention with the seller so that money for remedial work can be set aside. So we move in, measure for 3 months and then share results with solicitor. If levels are high and require action, we draw down from the cash set aside. If normal, seller get's their money back.

Just keen to read about anybody else's experience?
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A good read my friend:

https://energycentral.com/c/ec/residential-radon-safe-not-scary
 
ChrisD. said:
Stamp duty extension to be discussed by MPs on Monday.
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Debate all they want - it's not going to happen.

Extend it by 6 months. OK. So what happens at the end of that 6 months? Extend it again?

It was there to stimulate the market after the lockdown effectively those already in the transfer process in the summer - everyone else is going to have to cough up.
 
Edinho said:
.

Extend it by 6 months. OK. So what happens at the end of that 6 months? Extend it again?
.
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Exactly. Just kick the can down the round, great.

It didn't even need doing in the first place to be honest with furlough being extended etc. Demand was already pretty high after the lull during first lockdown and they could probably do with the revenue to pay for COVID!
 
Buffman said:
Is that actually feasible before stamp duty at this point?

Just had one offer on mine but 20k below guide price so not going to accept, got a few more viewings this weekend.... Fingers crossed the third buyer won't be a time waster like 1st/2nd...
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Our solicitor seems to think so, no chain and a cash buyer, but the pressure is really on them, not me.
 
Edinho said:
Debate all they want - it's not going to happen.

Extend it by 6 months. OK. So what happens at the end of that 6 months? Extend it again?

It was there to stimulate the market after the lockdown effectively those already in the transfer process in the summer - everyone else is going to have to cough up.
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Skillmister said:
Exactly. Just kick the can down the round, great.

It didn't even need doing in the first place to be honest with furlough being extended etc. Demand was already pretty high after the lull during first lockdown and they could probably do with the revenue to pay for COVID!
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I've read a few interesting articles about this, the majority are saying that the money gets pumped into local businesses instead of direct to the treasury and it's meant to be really beneficial.
 
It will be great news for me if it does happen. My purchase looks like it is going to run a little too close to that 31st March for my liking.
 
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