The nervous wait to exchange....

  • Thread starter Thread starter noj
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Biz.Kid09 said:
Not sure if this is the right place, but just wondering if anyone here had a declaration of trust drawn up before they purchased their house?

We are considering at the moment, as it stands I am putting in the full 15% deposit and my partner is putting in 15k for legal fees, stamp duty and new furniture and all that malarky. I would be putting in 3.5x the amount for the deposit. Is it as simple as an agreement being drawn up to say what we both put in, should the house be sold then we just work out what % we get back each?

If we sold within 12mths for example we are unlikely to get our full amounts back and enough to cover the mortgage etc.
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All joint buyers putting in different amounts should do one but very few do.

About 15% of my caseload is people selling while splitting up from their partners and several of those are either messy or have someone getting less than they expected because they didn't do one at the time.
 
Skillmister said:
All joint buyers putting in different amounts should do one but very few do.

About 15% of my caseload is people selling while splitting up from their partners and several of those are either messy or have someone getting less than they expected because they didn't do one at the time.
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Yeah I think we are definitely going to do one, the solicitors we are using for the house purchase have quoted us about £200 for one, for that price its well worth it.
 
DampCat said:
We've started packing up to move everything into storage. I'm leaving a lot of shelves behind in the kitchen etc, but I'm taking some with me.

What am I expected to do in terms of wall repair? I can fill and sand and paint in the rooms with painted walls but there are some with papered walls. Am I ok to just leave holes in the wallpaper?

For example there's a big square cut out of the wallpaper where an old alarm console was removed. I just put a picture over and forgot about it but now I feel bad because I can't wallpaper over it, since the wall paper runs over 3 storeys.
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You're taking shelves? I'd leave anything screwed into the walls where it is. It's not like you can't get new shelves.

Have you signed your contract yet and declared what you're leaving and taking?
 
Unless it was some super expensive array of strings shelves or similar I’d be leaving them on the walls.

I’d expect your solicitor would be asking you to prepare a property info pack detail all things that are going to be left soon
 
In terms of fixings, I’d just leave the fixings in the walls and let the new owners decide what they want to do.

Within a month of moving into our current and previous houses I had redecorated from top to bottom.

Shelves are not really covered on those fittings forms, you would have to state you were leaving them and the buyers agree to accept them. I wouldn’t expect they were left unless they were a part of a wider integrated piece like a kitchen or wardrobe.

That said I doubt anyone would complain or ask you remove them if you said they were being left (or taken). It’s all about context at the end of the day, are they a £10 IKEA job or a £1000 bespoke feature that only fits that room?
 
Most shelves are staying as I say, but there's a book rack in my son's room that's attached to the wall, it's absolutely becoming with us as it was expensive.

Really I was looking for an answer regarding the wallpaper, not the shelves.
 
engee said:
I wouldn't worry about it. They'll likely decorate anyway.
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This, not your problem after exchange ;)

In all seriousness though, it’s 100% buyer beware. That means the buyer has to be happy with the condition of the property at exchange. It’s up to them to inspect it thoroughly. In reality most people just give it a quick once over and spend more money than they ever will in their live after about 10 mins considering it. Decor isn’t generally a concern as most people put their own personality on it anyway.
 
Anyone changed jobs/employers before moving house with a bigger mortgage?

Ive had a job offer and it's approx £5k more gross which I'm considering.

If I were to take it I'd be tempted not to mention it? The mortgage has already been accepted and I've can demonstrate I've been earning my current salary for 2.5years.
 
Buffman said:
Anyone changed jobs/employers before moving house with a bigger mortgage?

Ive had a job offer and it's approx £5k more gross which I'm considering.

If I were to take it I'd be tempted not to mention it? The mortgage has already been accepted and I've can demonstrate I've been earning my current salary for 2.5years.
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From what I have been told, could be just rubbish. Best to not mention it incase the mortgage lenders panic thinking you may be on some probation period at a new job etc.
I have just moved jobs in the middle of my application, same company but higher pay and different role. Haven't mentioned it at all.
 
Buffman said:
Anyone changed jobs/employers before moving house with a bigger mortgage?

Ive had a job offer and it's approx £5k more gross which I'm considering.

If I were to take it I'd be tempted not to mention it? The mortgage has already been accepted and I've can demonstrate I've been earning my current salary for 2.5years.
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As the chap above said. Mortgage lender will look unfavourably as you'll be on probation.
 
Buffman said:
Anyone changed jobs/employers before moving house with a bigger mortgage?

Ive had a job offer and it's approx £5k more gross which I'm considering.

If I were to take it I'd be tempted not to mention it? The mortgage has already been accepted and I've can demonstrate I've been earning my current salary for 2.5years.
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I was made redundant about a week before we moved into our new house which was taking on a bigger mortgage.

Did say a thing as I knew they would panic and pull the lending straight away.

Just carry on as normal, like others have said they may have a little panic in ration to probation periods etc.
 
Verbally reserved a new build today. Would have happily put money down but they want us to go through their recommended mortgage advisor to get an Agreement in Principle from them (even though I have one anyway...). Exciting times for us! If all goes to plan we should be completed by June/July!

Only reservations I have is because it's a new build a lot of lenders want 15%+ deposits, whereas we're just over 10% and would rather not touch the Help to Buy equity loan (first time buyers so could still utilise the post-March iteration too). Took a bit more searching than I thought to get an AIP personally, hopefully this advisor will have no issues. Time to cut down unnecessary spending I guess!
 
bJN said:
whereas we're just over 10% and would rather not touch the Help to Buy equity loan (first time buyers so could still utilise the post-March iteration too). Took a bit more searching than I thought to get an AIP personally, hopefully this advisor will have no issues. Time to cut down unnecessary spending I guess!
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Why do you not want to take it out? Would you get a better rate using HTB than 90% loans?

Im not too sure on it as I've never used it but know that for 90% Mortgages the rates are pretty terrible (c. 3.5%)
 
Buffman said:
Why do you not want to take it out? Would you get a better rate using HTB than 90% loans?

Im not too sure on it as I've never used it but know that for 90% Mortgages the rates are pretty terrible (c. 3.5%)
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It's not off the table entirely, I just dislike the idea of another loan. Granted it seems paltry in the grand scheme of borrowing 300k, especially if it does enable access lower rates.
 
I'm guessing there is no way to mitigate the potential for a sale to fall through? Found a house and after a few viewings we're looking to put in an offer. The current sellers have been quite honest with us and have said they are considering one property with a potential for a few others however if those don't go ahead, they won't be selling their current property.

Guessing I should just proceed as normal but be a little more mindful that it may fall through?
 
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